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Building a Career from Different Income Streams
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Portfolio career
Multiple income streams can add up to be equal or more than a full-time salary.
Your career does not have to be a linear journey to be successful, nor do you have to be confined to just one type of work.
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Diversify the way you work
The full-stack freelancer has proven to be a new kind of stable where the smart thing to do is to have a diversity of income streams.
You don't have to use the same skill set in all the work you do. You can mix and match the different ways you want to work, how you want to spend your time, the clients you prefer, and the frequency in which you want to get paid.
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Your business model
- Ensure you have a stable income stream before you take attention away from it.
- Let your audience, customers, and fans tell you what they want. If you can understand when your market wants something from you and if they are willing to pay for it, creating other revenue streams will naturally develop.
- Testing ideas is essential.
- Not all projects should be monetized. Some will pay you back in other ways like creatively energizing you or letting you experiment and fail, that may be valuable.
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Create an “income pie”
Working hard and a lot to make more money is a myth. Each pool of income requires different amounts of effort, and the income can fluctuate from year to year.
Creating a pie chart can help you see where to put more energy into the work that aligns with your goals.
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The quest for passive income
The idea of a diversified portfolio is to have different kinds of active and passive income.
Passive income is investing time and money up front to help earn money continually even while you sleep. It can take many forms, including digital downloads, e-books, selling stock imagery, licensing your artwork. However, passive income sources still require varying levels of upkeep.
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From full-time to multiple income streams
- When you're fully self-employed, you'll need to earn more because you'll need to pay both employer and employee taxes, pay your own health insurance, fund your retirement, and cover your operating overhead.
- You can find incremental ways to make the transition to self-employed. Negotiate with your employer to go part-time or remote for some time while taking on a side gig or creating content.
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SIMILAR ARTICLES & IDEAS:
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Boosting your savings
While frugality is undoubtedly important in personal finance, boosting your savings can also be done by earning more money.
Whether you're self-employed or working for somebody else...
The More You Learn, the More You Earn
Your education has a greater impact on your earnings than other influences such as age, race, gender, and location. According to the U.S. Bureau of Labor Statistics, the average college graduate earns twice as much as someone whose education ended with high school.
If you can't commit to college, you can still improve your knowledge and skills with self-directed life-long learning. The best time to pursue education is at the start of your career. The next best time is now.
Work More. Work Better
Your pay is also based on the quality and quantity of your work. If you've been making forty sales calls each week, find a way to do fifty.
The quickest way to boost your income is to increase the number of hours you work. It can be done by working full-time, working overtime, or finding a second job.
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How you can invest in yourself
The foundation for every personal pursuit in life is to invest in yourself. It can take years. How you can do it:
- Learn to build something. If you can create something valuable w...
Income generation
Once you have ideas, you want to put your ideas to work. If you do that, you can start creating value. When we create value, we generate income.
During the pandemic for example, most restaurant owners had to focus on other ideas to generate income. Building wealth is not easy. We need a constant supply of ideas.
Asset investing
It is anything that will increase your wealth without personal labor.
- Businesses. This is a broad asset class. You can buy dividend-stocks on the market, and then the companies will pay you a share of the profit. You can start your own business. You can buy into other private businesses.
- Bonds. When you invest in bonds, you collect interest just like your bank is collecting on a mortgage.
- Books. A good book will generate cash for a long time.
Assets that don't generate cash, but might increase in value.
- Land. A piece of land generates cash when you rent or lease it.
- Collectibles such as art or watches.
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Defining "Success"
“Success” isn’t just having lots of money.
Success is continuously improving who you are, how you live, how you serve, and how you relate.
Putting "first things" first
Start the day with your #1 priority.
Getting up early isn’t enough. You need to put first things first. When you put your top priorities first, then you ensure they make it into the bucket of your day. After your main priorities have been completed, the rest will fill the gaps.