Multiple Streams of Income

One of the principles I encourage people to apply is to always be on the lookout for ways to generate additional income. Just because you have a job doesn’t mean you have to limit yourself to that job’s income.

At last count I think I had earned money in over 35 different ways since earning my first pocket money doing odd jobs around the farm where I grew up.

Talk about multiple streams of income! I always asked the question “What else is possible?”.

I think the only time in my life since I left school when I did not have at least two ways of generating income at the same time was when I was dating my wife and when I was at teacher’s college.

I would work my day job and then after hours I would go and earn extra income. E.g. I played in a band, I made furniture, I fixed cars…. When I was at college I delivered newspapers and did door to door marketing during my holidays.

Ideally I reckon you should look for ways to turn your passion into an income stream (like playing in the band for me), but obviously you might need to take whatever comes along at the time if you think it has potential to grow into an opportunity not to be missed or will solve an immediate cash shortage (which is how I ended up door knocking).

Simply Budgets began because I discovered I had a passion for helping people fix their finances and I figured I could earn some extra money doing that. That was almost 20 years ago and 12 years ago I gave up my day job to go full time. That would not have happened if I had not been always on the look-out for an opportunity.

Earning some of those incomes before Simply Budgets came along was hard yakka and I didn’t last long; others I really enjoyed at the time and some I still engage in to this day as a side line.

Start thinking outside the square and look for opportunities to generate multiple streams of income.

That’s all for now
David Wright