Zimbabwe is a perfect example of our discussion in this article. Most Zimbabweans lament the weakness of the local currency. Most Zimbabweans lament their paltry salaries. These issues are pertinent in Zimbabwe due to the fragility of the operating environment. That is why the need for building multiple income streams is a no-brainer. The subject of multiple income streams is not confined to Zimbabwe only. Building multiple income streams is a universal principle even underscored by the world’s wealthiest people. Multiple income streams can only pave the road to wealth. However, you need to know things before building those multiple income streams.
Best If They Are ‘Passive’ Income Streams
If you are going to juggle several income streams effectively, they must be ‘passive’. This, of course, is based on the assumption that you will have one active income stream. Let us get something out of the way through. I have touched on the subject of passive income before. We established that there is no such thing as passive income per se. The term ‘passive’ is indicative of the income being income one gets with limited active participation. Otherwise, passive income is not purely passive; it is crucial to appreciate that bit. Anyways, multiple income streams are easier to handle if they are passive.
That way, you can juggle more than one without any issues. You will be inundated with pressure if your multiple income streams are active. This can significantly compromise your ability to juggle them all productively. You must major in passive income in your choice of multiple income streams. If they require maximum active participation, burnout will likely happen soon enough. Plus, you will not be operating them all optimally. Focus on passive income streams. In fact, if you look at examples of income streams, you will notice most of them are passive. Examples are equity, stocks, bonds, and mutual funds.
Quality Over Quantity
Be Guided By Quality
There are several different types of multiple income streams. This can tempt you to take up many of them. Understandably, the operative word is ‘multiple’. However, never lose sight of how important it is to focus on quality over quantity. It is good to have as many as you can. Just do not emphasize quantity as the foremost thing. Consider the quality aspect as the principal thing. Is it sustainable? Is it bringing good returns? Is it passive? These are some of the questions you can candidly ask yourself.
You Should Scale Over Time
Another way of doing it is to scale over time gradually. This means you can pick 2 or 3 income streams for now. You can set a time frame to focus exclusively on just those. In that time span, you will assess how they are performing. Then once the period is done, you review whether or not you should add on other income streams. Think of it as someone who seeks to run a 100m race. No matter how much you stretch your stride, it cannot cover the first 50m at once. You must take things step by step lest you overwhelm yourself and not achieve anything. Start small, then scale or pivot as time unfolds.
Add More Only When Current Ones Overflow
It reminds me of a chat I had with someone. I was talking about how at times, it is unwise for a church denomination to open numerous new assemblies prematurely. If you have one main assembly, build it till it overflows. Once it overflows, you can figure out where most overflow comes from. It is those areas or areas where you can work on building another assembly. Then you repeat that process over time as informed by overflows. Though a somewhat unrelated subject, the principle really is the same with multiple income streams. Do not rush to build multiple income streams prematurely. If you do, you will have a misleading sense of having multiple streams.
Assign Purpose To The Income Streams
You can enjoy lots of revenue inflows if you properly execute your multiple income stream regimes. That, if mishandled, can lead to unchecked expenditure. It can also lead to a lack of financial planning for the future. Let me use an example many of you can relate to. Let us suppose the type of work you do involves regular windfalls. For example, you have a job that involves travelling every week. There might be travelling allowances you get, which can be significant. For some, this can translate to several hundreds of US dollars a month. This essentially becomes an additional income stream.
However, it is not surprising to find someone spending this money anyhow. Why? They would not have assigned purpose to that income stream. That same dynamic can occur for anyone with multiple income streams. Let every income stream have a definite purpose, so you do not waste it. You can even make your income streams interdependent. For instance, part of one income stream can cater to the costs of sustaining another. You can assign purpose to your income streams in many ways. You will spend your income wisely if there is a purpose.
This is what you need to know to streamline your journey. We live in a world full of opportunities. The mere fact that there are tonnes of challenges means opportunities are limitless. No one can validly say they cannot build multiple income streams. You all can, and in 2023 make it a point to build them. It does not even have to start off big. Go for it if you can find a legal and ethical way to make an extra dollar. Keep building more layers to it; before you know it, there will be perpetual income. Get on it starting now!