Now when you mention success, money is often close behind. In this blog you will find out why every woman should have more than one stream of income and how you can add more income streams into your life. Let’s get going.
When it comes to professional success, most people would say that money is used as a measure of success. Whilst I believe there are lots of different versions of success, and I encourage you to find your own version, there is no doubt that society as a whole using money as a measure of success.
I remember the first time I came across the saying
“The average millionaire has seven streams of income”
I thought seven streams of income. That is a lot! Now you might not be aiming to be a millionaire, but I would encourage every woman to have at least two streams of income. And why do I feel so strongly about this? Because it is about freedom!
When you an employee living pay cheque to pay cheque then losing your job is the biggest fear. And in business, if you are known for one thing you might feel restrained when making decisions because you can’t ruin that reputation.
The fact is if you don’t have copious savings and only have one income source you will feel restricted. That one income source becomes so important that you are careful with decisions because you don’t want to jeopardies that money source.
Having multiple income streams will give you more flexibility and freedom. You aren’t reliant on just one thing and thst means you can take risks. Also, if you can live off your main income source then you can use your additional income to save, invest or treat yourself!
Creating additional income streams
So what additional income streams could you have:
Affiliate marketing
Affiliate marketing is where you receive a commission for leading someone to buy something. For example, I am an affiliate for Denise Duffield-Thomas, founder of Luckybitch.com. After having led a session for PropelHer’s Book Club on Get Rich, Lucky Bitch I joined her Money Bootcamp in 2017 and loved it. It is the best money-making female community I have been a part of and given the connection between money and success, I became an affiliate as I knew I would be recommending Denise to the PropelHer community. I am also an affiliate for Amazon
Network Marketing Company
You can essentially have a company overnight and have access to whole range of products to sell. For example, Forever Living, Beachbody or Herbal Life.
Freelance
If you have a skill that people will pay for (and why wouldn’t they?) then why not do some extra work on the side. Depending on what your skill is you may setup your own company or just advertise your services on sites like UpWork, Fiverr and Freelancer.
Sell products online
If you are creative you could have an Etsy store or sell things on Ebay.
And much more
And if you have a bit more money then you can look at investing in companies, renting properties and much more.
That is just a few ideas to get you started, but honestly, the opportunities are endless. Take a moment to think how much time and money you have to be creating an additional income stream and then get started. Financial freedom is waiting for you!
Sandee
24 July 2017 at 12:22 pmI currently have two streams of income. During regular business hours I am a Financial Analyst/Auditor and during lunch, breaks and a couple hours in the evenings I work at learning about and creating my second income stream. I have partnered with selling/promoting a premium skin care line with Rodan + Fields.
I feel it is incredibly important to choose income streams that you are wholeheartedly passionate about. Passion breeds motivation. Some days it’s really hard to do what you need to in order to build your business. Passion will get you through those days.
Charelle
26 July 2017 at 10:03 pmHey Sandee,
Thanks for sharing that you currently have two streams of income. I am so glad to hear you have more than one. It is great that you have managed to find a second income stream that you are passionate about as yes there are definitely hard times in business and being passionate about what you do will help in those dark days.
Wishing you all the best in the future,
CHarelle
Kim Bernard
25 July 2017 at 2:48 amGreat article – thanks Charelle. I have changed my plan B into my plan A with a network marketing company second to none. My fiance and I are also looking at leveraging more time by utilising AirBnb as a way to make an additional stream of income. Easy to do even with just a tent in your back yard which my friend in Florida does. I’ve thought about affiliate marketing too. Similar to network marketing really – you’re just recommending a product or service that you believe in and getting a thank you for it from the company for the referral. We all do this every day anyway – great movie you saw or restaurant you went to – we just don’t get paid for it usually 🙂 My company has changed our lives and the future is now full of plans, not just dreams and I love being able to show other people that there’s more out there. Property rentals will be in the near future too.
Charelle
26 July 2017 at 10:09 pmHey Kim,
I’m glad you liked the article and I love even more hearing your income streams. It is great that even though you are working with a networking marketing company you are still looking at other ways of making money. With Air BnB, Affiliate Marketing and Property Rentals you will have money coming in from everywhere.
Good luck!
Charelle
Charli Hunt
8 August 2017 at 10:38 amHi Charelle,
I currently have two streams of income – a content marketing company and a startup marketing company. However, I’m looking to move into selling courses and ebooks online which is so exciting!
Having just read ‘The One Thing’ book for book club I just wanted to ask how you reconcile these two things? I’ve always loved doing loads of things at once, which is really motivational and something I love doing, however I know it can be my downfall at times as I have so many ideas I find it hard to focus on one. So just wanted to see what your tips were.
Love reading the blog!
Charli X
Charelle
9 August 2017 at 10:22 pmHi Charli,
Firstly, I would like to say I totally understand how you feel. I love doing lots of different things and having to choose one is so difficult. What I think is important to be able to maximise your time and energy. There is a period of time in the beginning where you really need to concentrate as much as possible in that area. However, as you build momentum and get to a level you are happy at you can then introduce something else into the mix. I would say it isn’t about having The ONE Thing forever, but having a ONE Thing for enough time to really build it to a level of success, before moving your attention elsewhere. This connects to the ‘Why You Need To Give Up Some Goals In Order To Achieve More Success’ post (If you haven’t read it check it out here. It is about working on as few a things as possible to increase impact/growth/success and then move onto the next.
Thanks for reading and commenting Charli!
Charelle x