Multiple Income Streams, anyone?

"Formula4speed" (Formula4speed)
09/25/2013 at 12:06 • Filed to: None

Rumors of big layoffs have been looming at work. The standard defenses—it can't happen to me, I'm mission-critical, it's all just rumors—are wearing thinner and thinner. Sleep is becoming rarer and rarer. The prospect of being suddenly financially insecure again, even after so much work planning carefully and making all the right moves, looms large over your thoughts. What can you do? Surely living in fear isn't the only solution.

I've already survived one round of cutbacks, a furlough, and am rumored to be on the chopping block for another round. I realized last night that I flat can't live like this. One day I'm shopping for new cars, the next I'm scrambling to lay out a plan to cut back unnecessary expenditures. It's unhealthy and it's slowing my life down. I have been blessed enough that I won't immediately be on the street if things go south, but I'm still renting because I don't want to end up stuck under a mortgage. I'm pooling cash instead of investing, and pushing more and more "semi-necessary" expenditures back in case the house of cards comes down on me. I'm dodging commitment in relationships because I'm unsure if I'll be on the same coast, or even the same continent, six months from now. Just a little taste of stability would be nice, just for a few years, so that I can breathe. Time to activate multiple income streams.

The idea of multiple income streams is simple enough—if one job is good, why not have ten? But I can see there being a ton of issues with actually getting the ball rolling and ways that it could easily backfire and end up costing more than it benefits you. It seems like, most of all, any additional income outside of your main job should be a labor of love, or you'll feel like your life has been taken from you.

I've done some initial googling and have seen the standard answers—start a blog! Turn your hobbies into cash! And those are great, I am most likely going to take advantage of them as I think there are a couple areas that I can provide real value and information on—but does anyone out there actually have some unconventional cash flow going? If you do, what are you doing? What are the pitfalls you ran into that you would caution others against if they were to follow your path? Heck, wanna help me put together an ebook on the topic? Project size doesn't matter—every little bit counts. Let's see if we can't get a really good knowledge base together and help a lot of the younger guys and gals on here who are still in a financially fragile place come up with some good ways to augment their first few years in the workforce and dodge some of the dangers of the current economic climate.

DISCUSSION (16)

Nibbles > Formula4speed
09/25/2013 at 12:11

I was in your shoes a couple of months ago. I'm now at a job I'm not certain if I consider interim or not, bringing home 45% of my previous salary. It's painful. Hella painful. One day I'm looking to buy a new Charger, the next we're considering selling our horse just to continue making basic bills. This sucks balls.

Turn your hobby into profit? That's what we're working toward. The wife is a great seamstress (apparently a skill that is almost nonexistent now) and I'm good at designing, so we are working our skills together to sell some artsy craftsy stuff that the hipsters are into these days.

EDIT: Also I'd totes help you with an eBook. Totes McGrotes.

Tom McParland > Formula4speed
09/25/2013 at 12:17

I am a teacher, but because most teachers need extra cash I started my auto-consulting company.

Formula4speed > Tom McParland
09/25/2013 at 12:20

you were my first thought as I was writing this as I admire your service greatly. I'd love to hear more about how automatch is going as I think it's an excellent idea and wish I'd thought of it first.

Tom McParland > Formula4speed
09/25/2013 at 12:21

What would you like to know?

ddavidn > Formula4speed
09/25/2013 at 12:27

I'm not advising this, as I'm in a pretty stupid financial situation, but I took a "better" job with less pay. I cut back on stress, gained job security, and went back to my starting salary from three years ago. Haven't regretted it.

Again, finding jobs that pay less... not always the best idea. I also freelance on the side, and teach a few music lessons a week.

Edit: I'd also contribute to an eBook, though I likely have nothing useful in my brain.

Ilike_cougars > Formula4speed
09/25/2013 at 12:40

Same boat, I had a steady IT job working for the NY government, when all of a sudden I was told December is my last month. All my plans for the next few months are either on hold or cancelled, I have to buy a second car, and the budget for that has been completely cut looking for a beater now to go through the winter. I was supposed to go to Canada to see family, and that went on hold, until I can figure out what my next move is. Girlfriend doesn't know this is going to happen and dont quite know whats going to happen if I have to move. Dont have much of a secondary source of income, do some photography on the side, but that is something that I cant rely on.

KMarino > Formula4speed
09/25/2013 at 12:41

We are facing layoffs right now. While I am pretty sure I will keep my job, it is nice to know that I have a large emergency fund. I saved up almost half a years worth of pretax salary. Even with that large of a buffer it was very worry some when my wife was unemployed and I was facing possible unemployment. Makes me want to build that fund to be even larger.

NaturallyAspirated > ddavidn
09/25/2013 at 12:43

I did the same thing about 6 years ago. Money has been tight at times, but the short commute (14 miles from my apartment), wonderful co-workers, and understanding boss have really made it worthwhile.

ddavidn > NaturallyAspirated
09/25/2013 at 12:57

I actually lengthened my commute to 30 miles one-way, but gained those great co-workers and a boss that actually givesadamn about me. The money will eventually work itself out. Especially if my wife gets a job!

DasWauto > Formula4speed
09/26/2013 at 12:27

I've got an example of turning a hobby into a little money going. It's not a lot of cash but the bits it brings in never hurt. http://society6.com/DasWauto/print…

If you've got questions, fire away.

Frank Grimes > Formula4speed
09/26/2013 at 13:13

This is a great topic. I have many skills but never want to commit to just one and am a very creative person who struggles to turn my talents into a career or job. I have been applying to places steadily and have had two interviews and no job so far. I am applying at entry level minimum wage jobs and getting nowhere. Been in school and am a senior, but have no idea what I am doing and think I should just quit school and try to make a career myself of my own creation.

themanwithsauce - has as many vehicles as job titles > Frank Grimes
09/26/2013 at 14:27

Next thing you know when you finally do get a decent job, some lazy boob named Homer Simpson will come and ruin it all for you.

Matt Brown > Formula4speed
09/26/2013 at 14:38

There was a link in the Autoblog comments about how to make $1000 a day in your spare time. Also something about pills to make your dick bigger...

Frank Grimes > themanwithsauce - has as many vehicles as job titles
09/26/2013 at 16:05

LOL

Yowen - not necessarily not spaghetti and meatballs > Formula4speed
11/01/2013 at 09:04

Just saw this post, I know it's old. But I wanted to add, I run two blogs in addition to my daytime job and have added 16% more income every month. It wouldn't replace my day job at this point, but it certainly gives me more financial freedom and more importantly, it gives me the confidence to know that I could run my own business if I increased my efforts by, let's see... *7.5 (to match my current income, haha).

Formula4speed > Yowen - not necessarily not spaghetti and meatballs
11/04/2013 at 06:50

That's awesome man! I need to make a follow-up post on this to get more info from guys like you that are successfully diversifying their income sources, but don't want to waste your time with dumb questions so am going to do some thinking and studying before I do so.