I want money, lot’s and lot’s of money…. Don’t be asking me why… But this is a blog where we peel back the layers and share the real stuff, so I’m going to tell you, even if you don’t really want to know (though you’re here, so maybe you’re at least a little curious). Alright. Let’s do this. Let’s talk about money.
Katie and I grew up in a lower middle class family in the 80s and 90s. We were a single-income family for most of my childhood. As an adult, I realized that our family was on a tight budget and my parents planned and saved for Christmas gifts and big purchases. Meanwhile, while I didn’t think we were exactly rich, I did think we fairly well-off. I always had everything I wanted and needed. We went on wonderful family vacations. We always had beautiful homes. Probably because we were on a tight budget and my parents meticulously planned and saved!
Money was never really an issue or a conversation growing up. I watched my mom balance the checkbook every week, I went through the drive-thru teller with my mom as she deposited money into our Christmas savings account, and my dad always exhibited an extremely hard work ethic. All of this taught me three things: work hard, save your money, and spend it wisely (usually on experiences and not things – unless that is a beautiful home).
And even though we grew up without money being a thing (at least to us kids – who knows what sort of fights my parents had about money behind closed doors!), as an adult, I saw that my hard work equated to money. And money for me means security, opportunity, and convenience. I want money, a lot of money, in my life in order to pay for experiences (travel, family dinners, hosting parties, purchasing a family vacation home, etc.) and convenience/leverage (house cleaner, meal prep services, first class travel, and expedited shipping).
I also believe in the concept of putting my oxygen mask on first when the plane is going down. I don’t think it’s selfish to want to make a lot of money. The more money I make, the more experiences I can give to my family and friends, the more opportunities I can create for others, the more money I can give to causes I believe in.
But, I’m no entrepreneur! I’m fairly risk adverse and I value a steady paycheck. I don’t have the sales acumen nor the interest to develop those skills. For those like me, it’s great to have a day job that pays the bills (and then some) and also fulfills you. I am lucky to have found that in my career as Chief of Staff – to an entrepreneur (while I’m no entrepreneur, I am very entrepreneurial!). I’m not here to advocate for building a side-hustle that you turn into your full-time gig. If that’s what you want to do, go for it! There are lots of resources out there about how to do that.
I want to talk about the value of keeping your day and still creating multiple streams of income. Why? Well, 2020 alone showed us the unpredictability of the economy. If you’re not in complete total control of your income, diversifying your income streams can be a valuable exercise. When one stream goes dry for a bit, you’ll have the other income streams to draw upon. One may end up turning into a new career when you are in a different season of your life (hello, kids!). And, as we talked about above, more money means more opportunities for all.
I currently have five streams of income (and actively working on two more) from the following sources:
- My full-time job as Chief of Staff
- Earned equity in two companies
- Profit share
- Coaching and training
- Speaking engagements
- Real estate referrals (in process)
- This blog! (in process)
Obviously, some of these income streams produce much more than others. And, let’s not discount the fact that we are a dual-income household. Neither my husband or I have any intention of leaving our day jobs any time soon, but we both see the value in diversifying our income and earning income from multiple sources. That profit share, while small, pays for our internet/cable bill. The earned equity allows us to invest more into our retirement account each year. Income from speaking engagements goes into our strategic giving fund.
As my husband and I embark on this next chapter of our life (kids – god willing!), having multiple streams of income will really start to pay off. I may work less at my full-time job, but ramp up my real estate referral income. I want options. And multiple streams of income gives me that.
Think outside the box. You don’t have to start a brand new business to reap the benefits of multiple income streams. Do you have a passion for restoring old furniture? Awesome. Make some extra cash and pay down your student debt loans faster. Are you really great at creating social media content? There are so many non-profits and small businesses that would love to outsource some of their social media work to a knowledgeable individual. And if you’re an expert in anything, right now is a prefect time to get a training course up online and begin to monetize your expertise.
While these sources of income may be small at first, as long as you’re enjoying the process and making a profit, who cares! You never know where one of those interests may lead.