The average millionaire has 7 streams of income. Good for them, right? You may be struggling to make your schedule work with your 1 stream of income! Trust me, I know the struggle. To take on multiple streams of income requires a different kind of motivation, and a very good accounting of your time! But, guess what? It can be done! If you haven’t been able to add more income streams to your repertoire, I’m here to help! I’m sharing 5 ways to add more income streams to your busy life, so you can start reaching those financial goals!
5 Ways to Add More Income Streams
#1 Get clear on how much extra you want (or need) to make
It’s one thing to take on multiple side hustles for a short period of time, it’s quite another to take them on with a strategy. If more income streams are in your indefinite future, then you’ll want to get clear on what your goal is for them.
When do you need to add more income streams? What goal are you trying to reach? When you know what you’re working towards, it helps you keep fighting through. More importantly, when you know what goal you’re trying to reach, you can get clear on how much you need to make. This will help you time your additional side hustles.
For example, if your goal is to save an extra $250 a month so you can take a trip, you would want to earn $65 a week. When you put your goal into digestible amounts, it makes taking on more income streams a lot more bearable!
#2 Take an unbiased look at your calendar
After you’ve determined what you need to make every week or month, you can start planning your time accordingly. If you’re an Uber driver, you’ll need to take about 10 rides a week to hit your $65 per week goal. How can you factor those 10 rides into your calendar? Will you do 5 rides 2 times per week? How does that align with your schedule?
The point is that you want to do your best to manage your time from an unbiased perspective. You’re probably already very busy, so I want you to be as neutral as you can be when planning your week. Where do you have blocks of time to focus on your additional income streams?
As tough as it may seem, you can make it all work. The best way to do so is by planning your time accordingly. I personally live by my Emily Ley Simplified Planner, along with my iPhone calendar. Nothings is always smooth, but the more organized you are, the better. Read 6 Ways to Use a Planner to Stay Organized for some great tips.
#3 Mentally prepare to be disciplined
Once you have your financial goal determined and your calendar mapped out, it’s time to get your mental game right. It’s easy to feel overwhelmed when you’re adding more responsibilities to your plate, so mentally preparing yourself is key.
Reminding yourself of your goal can help you fight through the overwhelm and keep you disciplined. That’s why allocating what you need to make to reach your goal is so important. When you know what you’re working towards, you can see it. It’s definite. When you don’t have a goal set, it seems so far away to get where you want to go.
Also, remember that this season of your life is temporary. You won’t always need to add more income streams to your situation, but you’ll need to do it to get ahead. That’s okay. You’ll get where you want to go faster by bringing in more money. There’s no doubt about it. Stay the course and you’ll see the results.
#4 Level set with the people in your life
Nothing is more frustrating then your partner, friends or family giving you grief for turning down an invitation to hang out. Instead of constantly feeling like a disappointment, level set with them. Let them know what your plans are – what you’re working towards and why. Make sure they understand this season of your life requires you to focus on getting ahead.
If your friends and family want the best for you, they’ll understand. It’s when we’re not clear with our loved ones about our intentions that they feel the need to complain. That is our own fault. We should be honest with what’s happening and welcome the support. What’s better is that when you reach your goals, you’ll have people who can’t wait to celebrate with you!
#5 Take time for yourself in between the grind
My final tip for adding more income streams to a seemingly-busy schedule is to make sure you find time for yourself. Even if you have to add it to your planner or calendar, give yourself time to unwind and relax. Give yourself time to do the things you enjoy. We all need a break from time to time. If you want to beat burnout, you’ll need to make sure you’re giving yourself relaxing breaks.
I like treating myself to a movie after a long couple of weeks of grinding. I also go months working hard to enjoy a nice vacation. I try to take 3-4 trips a year, with 1-2 of them being international. Knowing I have a trip coming in the future helps me stay focused to work hard. The unwind time I get on vacation fills my battery up for another stretch of work.
Everyone’s situation will look different, so don’t feel like you have to take trips to unwind. Just make sure you’re giving yourself time to do what you love and mentally recharge. You won’t be disappointed for taking care of yourself, especially when you’re reaching your goals in the meantime!
There’s no denying that we all need multiple streams of income to keep up with the cost of living. Prices are going up, and magically, salaries aren’t. That means taking matters into your own hands. If you feel like you can’t add in a side hustle, the tips above can help. It’s going to take dedication and discipline, but anyone can make it happen! Have you been contemplating a side job? What’s holding you back? Share your feedback in the comments section below.