In today’s job market, multiple streams of income, or “side hustles”, are becoming increasingly popular. While searching this term might lead to some questionable advice, the core concept is valuable: working multiple part-time jobs instead of relying on a single income source can provide flexibility and financial security.
Many people, particularly those in middle age, are now earning a full-time income solely from side hustles. This lifestyle, often referred to as “multiple streams of income,” might involve working harder than in traditional jobs, but it can lead to greater happiness and fulfillment.
However, this approach isn’t for everyone. Those with young families needing steady income and benefits, or those with career aspirations requiring long-term focus, might find it unsuitable. For those who no longer find a 9-to-5 job appealing and have some financial flexibility, here are two reasons to consider multiple streams of income.
Less Dependence on One Resource
If you love your job, sticking with one employer might be best. But if your career has stalled and you need to balance various priorities—family, health, personal dreams—a single demanding employer can make life tough. Having multiple part-time income sources offers the flexibility to quit any one job without losing your entire income.
Flexibility to Explore Opportunities
Full-time jobs often consume your time and energy, making it hard to explore new opportunities or train for different careers. Part-time work frees up your schedule, allowing you to network, attend training, and pursue new opportunities that wouldn’t be feasible with a full-time job.
Words of Caution
Part-time work can mean irregular hours and initially low pay. Starting a new career often requires “paying your dues,” such as attending unpaid training or working for minimal pay. If you maintain a full-time job while starting part-time gigs, consult a tax advisor to navigate potential tax implications. Also, be prepared for mixed reactions from those around you and give yourself time to adjust to any career changes.
Bonus Tip
Consider viewing your multiple part-time jobs as “one job with multiple clients.” This mindset helps manage the chaos and keeps you sane while working for several different companies.
