Building a Career from Different Income Streams - Deepstash

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Portfolio career

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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