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Building a Career from Different Income Streams

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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IDEA EXTRACTED FROM:

Building a Career from Different Income Streams

Building a Career from Different Income Streams

https://99u.adobe.com/articles/67288/building-a-career-from-different-income-streams

99u.adobe.com

6

Key Ideas

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.

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.

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.

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.

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.

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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Time is not money

Time is not money

Even if these two share some connections, time isn't money. Time is energy, money is a thing. And they each have power over our lives.

Money is infinite but time is...

Disrupting the time-money relationship

Investing and passive income disrupt the time-money relationship.

To make money without having to trade any of your time frees up your time to ultimately do things that are more important to you.

The best investing strategy

  • Make as much money as you can
  • Keep your expenses low
  • Invest the difference
  • The more you invest, the faster your money will compound and bring you more money
  • Sit back and earn money with no effort. You are no longer trading your time for money.

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Increase Your Income

Formal education, practical experience in your field and doing a good job is important to earn a high income.

Most professionals see their incomes increase over time. If you can gain high ear...

Save and Invest

You’ll only build wealth if you save a reasonable percentage of those earnings.

  • If your employer offers a 401(k) plan, increase your contribution.
  • Automatically send a portion of your money to your savings or investment accounts before you can spend it.
  • Purchase a home instead of renting. You'll get your house payments back in the form of equity.
  • Pay off anything you owe to avoid paying interest.
  • Maximize the interest earned on your savings.

Cut Wasteful Spending

Periodically evaluate your spending and look for sources of savings.

  • Invest in more sustainable technology for your home. For instance, if you watch cable, buy only the channels you are watching.
  • Improve the insulation of your home to reduce the amount you are spending on electricity and gas.
  • Consider buying in bulk.

Using the right vocabulary

Using the right vocabulary

When switching from being an employee to a freelancer, you should pay particular attention to the way you express yourself, the words you choose.

For instance, integrating words such a...

Name your business right

A very important step when starting to work as a freelancer is to actually call your business as what is: a ‘freelance business’.

These kind of words encourage your clients to perceive you as being trustworthy while giving you a better feeling of ownership.

Avoid using ‘ I need..’

Whenever we hear the ‘I need…’ words, we all tend to get a bit irritated by this way of being requested to provide something that always seems of the most utter importance.

On the other hand, there are expressions which could easily replace the ‘ I need…’ while giving the other person the impression that everything is under control.

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