Income Streaming: What It Is And Why You Should Be Doing It
If today’s economy has taught us anything it is the harsh truth that one income is probably not enough to support yourself and your family. Many people are starting to discover that income streaming is a great way to fill in the financial gaps in their life and make their money dreams come true. If you are not familiar with income streaming and ways to make money on the side, keep reading to find out if this could be an option for you.
What Is Income Streaming?
Put quite simply, income streaming is the practice of earning income through multiple sources. Unlike traditional employment, with income streaming, you would not entirely depend on a job from one steady employer. Most income streaming is done through multiple sources. In most cases, each stream of income provides a fraction of the overall income needed. Most income streaming is done as an independent contractor. This means that you are not considered a regular employee.
Why Choose Income Streaming?
Income streaming allows an individual to bring in income from multiple sources. When income is coming from multiple sources you can actually achieve a greater amount of financial security. When all of your income is coming from one source and that source becomes compromised, you could wind up in a very precarious situation. Income streaming takes into consideration that none of the income streams are secure, so by having several at your disposal you can actually bypass the insecurity.
Income streaming also allows an individual to adjust their income according to needs. Most types of income streaming will allow you to make less or more money depending on how much time you are investing. This can come in very handy if you have an unexpected expense come up, an emergency or if you just want to make extra money for a certain amount of time. You have the flexibility to work more and earn more during certain time periods and then to work less and earn less during other time periods depending on your needs and your seasons in life.
Another great reason to choose income streaming is because it forces you to always be learning. This is very important in today’s workplace. A degree or a certification in one field may not be adequate to take you through your entire career. When you are income streaming you are always learning new marketable skills which can benefit you and earn you money later on. Overall, this increases your marketability and your ability to earn an income.
But What About Budgeting?
One thing that puzzles some people about income streaming if they have never done it, is how people budget if their income is always changing. This can get tricky, but it is not impossible. People whose income stream will sometimes devote certain streams of income to certain expenses. For instance, they may have one small side stream of income dedicated to their housing expenses for the month. Another stream might be their vehicle payment, and yet another may be what they use for all of their other expenses. This way they can set earning goals for each stream each month to meet those financial obligations.
Other people may have a “regular” job for their regular expenses and then a side stream of income specifically for savings goals or for fun money. If you have been accustomed to having a set income each month, setting up an income streaming budget may feel strange at first. With some practice and some time, though, you will discover that there is a lot of flexibility and greater possibilities with this type of financial planning.
What Are Some Examples of Income Streaming?
Income streaming can come in many shapes and forms. You could provide child care for others while you are not working, start freelance writing online, or do door deliveries or personal shopping. Even companies like Amazon will often hire independent contractors to help with deliveries. The possibilities are endless. The main thing is to find something you don’t mind doing. You also need to find something that is flexible to allow you to work when you want and then ease off working when you want to ease off.
Income streaming is here to stay. The sooner you learn how to use this helpful work method the sooner you can start making your financial dreams come true.