Multiple Income Streams

The vast majority of people in the western world are funneled through the public schooling system where they are taught that they should select a specific skill, hone this skill and then become a contributing member to their respective workforce as best they can. From there, it is up to them to exceed in this role and subsequently increase their earning capacity through a natural progression of their employment.

There is nothing wrong with this system per sé. After all, a capitalist system requires a workforce and generic schooling provides such a platform for its establishment. However, putting aside what we are taught and what the majority put into practice, there are no laws governing you to comply with this general standard.

This brings me to one of my critical advice offerings for all PYT readers: Get yourself a second income stream!

I'm not talking your typical advice of "save for twenty years and build a diversified portfolio for passive income." Everyone should save and look to do this, but it's not really going to earn you financial freedom if you're tucking away 10% of your graduate level salary that increases by CPI each year.

I'm talking about earning a second ACTIVE income stream outside of your typical 9-5.

This could include contracting work after hours on weekends, or possibly starting your own business during this time. It's hard and it takes time, but if you want true financial freedom it's one of the better ways of going about getting it. Relying solely on the income from your day job not only sets you behind in relation to earning capacity, it also exposes you to high risk. Should you lose your job, your income vanishes completely. You are also at the mercy of your employer who essentially has all the bargaining power in the relationship if you only maintain the one source of income.

Over the next few weeks I will be discussing the different strategies you can use in order to establish an multiple income streams in order to attain the financial freedom available and minimize your exposure to the risks of having a single income. For now, feel free to reach out with any experiences you have in building additional active income streams.