deepstash

Beta

Get an account to save ideas & make your own & organize them how you wish.

STASHES TO GET YOU STARTED

© Brainstash, Inc

deepstash

Beta

Building a Career from Different Income Streams

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.

313 SAVES


This is a professional note extracted from an online article.

Read more efficiently

Save what inspires you

Remember anything

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.

SIMILAR ARTICLES & IDEAS:

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.

2 more ideas

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.

Where to live

As a freelancer today, you can work from anywhere.
New freelancers like to live in a city where it's easier to network or source new clients. They might like to choose somewhere where their mone...

Personal or Business Banking

Profits from your freelancing career can't simply be added into your personal bank account for the following reasons:

  • Mixing personal and business finances can lead to an impossible task at tax season.
  • You can be personally liable for lawsuits against your business.
  • You'll fail to build business credit.

When you go freelance, open up a business checking account and get a business credit card.

Accounting help

Keeping track of contracts, invoices, overdue payments, and tax can become a burden.

There are several low-cost and free accounting and business management software options to help you stay on top of your finances. During tax season, it may be useful to make use of a professional accountant.

2 more ideas