Passive Income Challenge
Whether you have your own business, perform contract-based services, or work for someone else full time, the fact is having multiple streams of income is the best way to build some financial security into your life. Think about it, when one income source dries up, you have the others. Not only that, if your work depends on you performing a task, what if you get sick? What if there is another lockdown? Then what? That is why I am hosting this Passive Income Challenge.
Thankfully, when you are working online, there are ample opportunities to build multiple streams of income to build your net worth, provide income security, and create a safety net you can fall back on during difficult times. In fact, one could argue that as of 2020 there really is no job security – no matter what you do. So, my advice, regardless of what you do, you should seek to find ways to create more than one stream of income.
Everyone has a lot at stake. There is rent to pay, school fees for your kids, insurance, simple living costs, and I am sure I don’t need to mention that others are relying on you for their basic needs. Make no mistake: it’s not having a business that is risky, it’s having only one source of income.
Most jobs don’t last for 30 plus years anymore, and if they do, the pay doesn’t rise to match the cost of living. That is why creating multiple sources of income will alleviate a lot of stress you don’t’ even realize you can alleviate. The stress and fear of another pandemic lockdown, of being laid off, the fear of losing that one big client, without these hanging over your head, you are able to relax a little with your working life.
If you look at the “rich and famous”, they do not rely on one source of income either. Even if they inherit money from a parent, they usually take that money and invest in several business opportunities so that they can earn a little money from each venture and not worry.
For example, Kylie Jenner – she was born into money, a LOT of money. Yet, she started her own company, she models, she has tv shows and I am sure there are a lot more streams of income than what the public is aware of.
By diversifying her investments, and income generation, and by spreading the risk out so that she won’t suffer if something goes wrong. Now, I am no Kylie Jenner and I am sure you are not either – so if something goes wrong for us, we will be put in a more difficult situation.
That is why I am doing the Passive Income Challenge!
As you are going through this challenge with me, remember the Dragons on Dragon’s Den, who are already rich and are investing money in small business owners, entrepreneurs, and inventors. It’s not because they don’t already have enough money. It’s because they’re hedging against something happening to their original source of income with the other streams so that they’ll never be without. Because when you have many streams of income, you have options.
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You have the option not to take just any client on to feed your family. You have the option not to work at that 8 to 6 job (face it, there are no 9 to 5 jobs), and if you’ve kept your expenses low, you may even have the option to just ride out another global lockdown, depending on the other sources of income without too much sacrifice. Creating passive income can change your life completely.
In this challenge, that’s what we’ll explore because there is no security in one income stream. You need many different streams to create an environment where you will not be ruined if just one of those streams should end for whatever reason.
P.S. Sharing is caring! So be sure to share this with your network and help fellow female entrepreneurs kick 2021 in the arse!