Listen to anyone who thinks they are qualified to give personal financial advice long enough and you will hear them say have multiple streams of income. While the idea sounds great and the advert sure looks inviting it’s not quite that enjoyable or glamorous especially at the early stages and depending on the income of the type involved. If you’re considering the idea and want to know what people have come across when setting up these multiple streams of income, read on.
Tiring
In the early stages, there are no two ways about it, you will invest a lot of time to set up multiple streams of income and that is tiring. Some people are built for it, some people aren’t but we can all agree that it takes a lot out of you to set up multiple streams of income. The tricky part is whether the income is active or passive going forward. Passive income is preferred because it will cost you less time going forward but we do not exactly live in a world where you just choose how the money comes to you.
Challenging
As if the time.it takes up wasn’t enough there is also the matter of teething pains. Simply put in most cases you have to learn and do new things to open up these other streams of income. And that’s not easy. Results will vary depending on your natural aptitude, exposure, time available and goals. Along the way stumble, fall.or outright fail and this not always easy to accept but is part of the process. Getting back up or trying something else after this sort of experience is never easy.
Uncomfortable
You are going to spend some time in uncomfortable spaces. Ok, a lot of time in uncomfortable spaces. To get something you’ve never had you’ve got to do something you’ve never done. The art of being comfortable in the discomfort is important. Being exposed to new things is always difficult and you will learn a lot about yourself in uncomfortable situations like these. Most will advise you to press on even in the face of this discomfort. While I certainly agree it is wise to have a system to measure if things are worth pursuing or not.
Organisation
You may think you work better in a spontaneous environment but this game doesn’t suit people like this well. Perhaps it is something in the school system that has prejudiced people against structure and routine. People have unfortunately extracted the wrong lesson from it. You hate having a routine forced on you, you don’t hate routines. Everything from writing down your goals, planning them, making your learning regular and more are essential when you want to create multiple income streams. What we all invariably learn is we cannot control anything else (namely streams of income) until we learn to control ourselves.
Long game
Contrary to what the Cryptocurrency or Forex trader in your inbox is telling you this is not a short term game with instant wins. You should stop talking to them because chances are high they are a catfish. Request a video call if you want to confirm this. Back to the point, as the name suggests you want streams of income, not sporadic droplets or spittles of income. So one of the things you will look at is setting them up for the long term. And this is where passive income again finds favour. The goal is to create a system that serves you in the long run.
Have you ever tried this or are you currently doing so? What have you learnt that nobody told you beforehand?
