Multiple Micro-Income Streams are Critical to Financial Self-Reliance
Multiple income streams are not a new idea. Throughout history most people had to do a number of different things to earn money to survive. Raise a crop, barter a handmade tool for something needed, gather firewood to sell, etc. You get the picture. Relying on a single activity to provide all the income for your chosen lifestyle is actually the (relatively) new idea. And kind of a dangerous one too, as it leaves you vulnerable if that one activity is disrupted. That’s where having multiple micro-income streams comes to the rescue.
Let’s define a few things first:
Multiple – More than one. Preferably as many as your time and interest can accommodate. The more you have making money, the less important any single stream is. Multiple small wins are just as effective as one big win. They are also more likely to occur.
Micro – Very small. We’re talking one-person operations with miniscule budgets and time commitments. Especially later on once you’ve built up the infrastructure and learned the ropes.
Why bother building micro-income streams:
- Job security does not exist
OK, you might have one of the few jobs where you don’t have to worry about being replaced, downsized, or fired. Jobs are temporary for the rest of us. Even if your current job isn’t being threatened, you may lose it due to illness or injury. And there sure isn’t any guarantee that you’ll find a similar job (or any) if you lose it. The economy may look like it is getting better but there are still a lot of people who can’t find relevant work.
- Retirement is not guaranteed
Just ask anyone who is back in the workforce after having “retired”. Investments can tank. Companies can renege on employee benefits (or just go under). Social Security may not even exist in a usable form in a few years. You need to have some ways to keep money rolling in while you’re enjoying your golden years.
- Easy and cheap to start (and stop)
Lots of possible income streams require significant expenditures of time and money. Many need special knowledge and/or licenses. Not micro-income streams. It’s a lot easier to get a stream to produce a steady $5 per day than it is to get it to $50 or $100. Micro streams are also a lot less expensive to start than many other options. And you won’t be financially crippled if a stream fails.
- Can build truly passive income
Many micro-income stream options allow you put in the effort once, usually creating and marketing your stream, and then move on while it continues to make you money. This is especially true if they involve the Internet. Some streams will even make you money while you sleep. It doesn’t get more passive than that.
- Time independent
Jobs tell you when to work. Clients tell you when to work. Owning a regular business takes over your life. With most micro-income streams, you work on them when you feel like it or when you have free time available. The more time you put in, the more money you’ll get out (usually).
- Location independent
Most micro-income streams involve working and/or selling on the Internet. If you’ve got a connection to the Internet, you have a way to make money anywhere in the world. That’s powerful!
- Find what you’re good at and/or interested in
Creating multiple micro-income streams allows you to try lots of different activities. Often at minimal cost. So try everything that sounds interesting. You never know.
- Have fun
Spend your time working on what interests you at the moment. Switch to another activity when you get bored. Pick it back up again when you feel like it. That’s not only fun, it’s freedom.
- Take control of your income
How much you make is largely determined by how much effort you put into each stream. Need more money? Build up one of your existing profitable streams. Or create a new stream. Need less money? Spend your time doing something else. Multiple micro-income streams are one way to financial Self-Reliance.
- Peace of mind
Not knowing what you’ll do if you lose your job or primary source of income can be a huge mental and emotional burden. Money coming in from other sources can make the world seem less scary. Plus, you’ll find your confidence growing with each stream you successfully build.
- Earn less, spend less, live better
Multiple micro-income streams can make your life better when implemented in concert with simplifying your life, living with your means (which you determine), and other strategies and tactics you’ll learn at Self-Reliant Network. Eventually, you might get to the point where your streams produce enough money for you to comfortably survive on. Then you’ll be in the enviable position of deciding whether or not you still need your job. Or you might decide to use your streams to boost some other part of your life.
There are many advantages to establishing multiple micro-income streams, even if you have a great paying job that you love. The disadvantages are few, mainly time and a small amount of money to start. Creating multiple micro-income streams will establish a firm foundation from which you can build your financial Self-Reliance. And they can be fun.