Chances are you were raised to believe you should go to work from 9-5 your entire life and that was it. You probably were taught that you should focus on your career and nothing more. What if I told you that you are missing out on opportunity after opportunity to make additional income outside of your typical career path?
It may sound like a new concept and that’s normal. Thinking outside the box like this is abnormal in our American society. Go against the grain just one inch and boom, you are considered a “rebel” or an “outsider.” Well I say ignore the crowds and pave your own path!
Look, I’ll be honest with you. Your job may feel comfortable, but it’s really not. Your job is not secure and your job will not be there once you hit retirement age. It’s prudent and wise to seek out alternative income streams and achieve financial freedom that most people only dream of.
So, what does it take to create income outside of your day job? It would be a cop-out to simply say that hard work will get you there. Hard work will get you to a certain point, but other factors will propel you further.
Let’s dive into the top four factors that I believe will make or break your goals of alternative income:
1. Don’t settle, do what you love.
You’ve heard it before; doing what you love will more often than not create an easier path to greater income. For example, if you hate finances and work as an analyst, you probably won’t move up as fast as other people because you’re not passionate about the subject!
2. Patience is a virtue.
Patience is a Biblical virtue for good reason; it usually leads to some pretty cool things. Another quote I think about is “great things come to those who wait.” A great example of this was when I started my first blog, Free Money Wisdom. I was in the negative for 6 months before I turned a profit. Did I get discouraged? Sure I did. But with a long term viewpoint, I kept my eyes on the ball, which was years down the line.
3. Diversify, diversify, diversify.
You wouldn’t invest in only gold would you? Of course not! Chances are you invest in broad markets and try to spread your retirement savings out so if one market goes down, the other goes up. This is the simplest form of diversification. Just like your investments, you should diversify your income. Don’t rely solely on your day job because one day it may not be there anymore! My personal rule of thumb is to have three income streams.
For me, my current income streams include my day job, my blog income, and compound interest from my retirement investments. I love my day job and I love blogging, so these came naturally to me. The key here is to find a couple things you love and learn how to make money off them.
On your quest for additional sources of income, you WILL FAIL. I failed, I have friends that have failed, I see strangers fail, and it’s just inevitable. The real issue here is how you will response to this adversity. Will you throw your hands up in the air and just give up? Or will you get back up after being beaten down and keep going. It’s all about how you react. If you can develop perseverance, I’m confident you will succeed in developing additional forms of income.
Are you up for the challenge?
I want to recap and challenge all of you to press on and create alternative forms of income. Stop sitting around and wondering why nothing is changing. Take action this next week. Brainstorm some ideas or things you are truly passionate about and put all your effort into it!
Are you looking for ways to make extra money? What have you found that works? Meet us in the comments!