Multiple streams of income (MSI) are very important for financial independence. It helps you become more stable in the event of one stream of revenue ending with a layoff or resignation. They say you should look for a steady job that brings you stable income. That’s cool and all, but it’s not so stable when you randomly get laid off.
Then you’re screwed because you have no money coming in and you have mouths to feed and bills to pay. Having one, steady job is not stable. I’ll repeat this. Having a steady job, even if it’s full-time with benefits, is not stable if it’s your only income.
Excerpt from the Simply Minimal book.
⬜ Start a side business such as an online store, online tutoring, or blogging.
⬜ Create an information product like a book, an online education course, or an informational blog.
⬜ Learn to code and create a bootstrapped startup.
⬜ Freelance your skills like website development, writing, graphic design or virtual assisting.