Principles of Bullishness #2: Cultivate Multiple Income Streams

Cultivate Multiple Income Streams

When you invest, you don’t put all your money in one place. You also don’t want all your money coming from one place. That’s risky, and makes you dependent. Being dependent makes you a weak negotiator. Corporations depend on that.

You want multiple income streams. That could be a side gig, but make sure you’re not just giving yourself a low-paying part-time job – can you start a business on the side that’s scalable, that can provide passive income, or that can grow to be a large enterprise? Can your expertise be turned into products, such as ebooks or video courses? Can you be a consultant? Think about the vendors your employer regularly uses – could you start a firm that would replace one of them?

Starting a side business in a different industry from your main gig means that you may be able to receive support from your coworkers – a lot of people would hire their company’s graphic designer as a wedding photographer, for instance.

If you’re just starting out, it’s okay to focus on getting a job and developing one major income stream. But once that’s in place, don’t get soft. You need multiple income streams.