Create Multiple Streams of Income

Many of us are living from check-to- check because quite simply we weren’t taught financial literacy. Black Americans were brought here for free labor for hundreds of years, in many instances forced to buy their freedom, and then once freed built a life from literally nothing. We can add all the other hurdles thrown into the mix (job availability, wage discrimination, prices and/or availability of goods and services [ie. cost of insurance, higher financing rates or refusal of financing], etc.) to fully understand our financial history in America. This long-standing practice, that still exists to this day, has created generations of families merely fighting to survive. Today is the day to change this awful phenomenon. You can build wealth, even if you’re starting from a negative net worth (debt). I’m here to empower us all to get the most out of the life we’re living.

First thing’s first: get rid of the idea that you’re gonna get rich quick and that you’re gonna get rich by doing nothing or even the least. Prepare to WORK, WORK, WERK, WERK!… (but, really… why do people want to exist to do nothing? Seriously, why?) The sweet spot is doing work you enjoy. Of course none of us want to work 40+ years doing something we have no interest in, or worse, hate!… Right?? (think about it) Can you see the irony? We typically burn out after spending the majority of our lives working this way only to enjoy the 2 days a week we have off. Let’s change this habit. You can absolutely earn a wonderful living doing something you love!

I know, I know! Come back to reality, Makeda. Living requires money. So… you have your regular job that is your main source of income. If it’s not something you love, there’s still hope. If it is, good for you (eye roll just kidding)! Here’s where positive thinking comes in to play. It’s great to have the means to live, and you’ve already read my earlier post so you’re living below your means, BUT now it’s time to create multiple streams of income. What can you do that won’t take much of your time, but can supply additional income? What skills do you have that can be turned into profit? If you cut your own hair and people often comment on your haircut, offer to cut other people’s hair. You may first have to do it for free to gain trust. Then offer to do it for less than a traditional barber. People will appreciate getting a great cut for a fraction of the price and you have just put more money in your pocket. Be creative with your ideas. Start small and build. How can you be of service to others while doing something that you enjoy in your spare time? Remember you’re not adding other streams of income just so you waste it on things that depreciate. You’re building your savings so that you don’t have to live check-to-check forever.

The transition from working a job that’s unfulfilling to your dream career means for a period of time you’ll have to work both until your passions match your income of your unfulfilling job. Then you can quit your job, knowing you will be able to survive. You’ve managed to earn as much money with your passions as your job only working in your free time. Imagine your earning potential when you devote ALL of your time to your passions!

Photo by Kelly Sikkema for Unsplash