By Sahara A. Sheikh
Once, while at a seminar discussing employments, a country manager at a company expressed how she could never stay at one company for more than two years. Reason being? She gets bored of the routine and thus needs to see new adventures.
A millennial she was! Just like her, many other millennials find themselves getting “bored” of regular jobs and start seeking for adventures that are fulfilling for them. Although the ultimate goal is to live a comfortable life while doing something they love, the journey is long and tough.
And by tough, I mean financially tough.
The solution? Multiple income streams.
With the age of technology, it is not that difficult to find different sources of income while still working your 9-5 job. Is it challenging? Yes, it is. Nonetheless, it is still doable. I have seen individuals transition from their day to day job and move on to fully pursue their passion while still making good income.
Job Security
I have probably emphasized this several times before but job security is the top reason for having multiple streams of income. Working for a large corporate company doesn’t guarantee your income. If anything, in times of financial crisis, they are the first ones to lay people off.
So while driving to your 9-5 job, thinks of ways to make income. Instead of being stressed about if you will be fired tomorrow, what will happen, you can invest your energy in sourcing for ideas to generate income.
Many people underestimate the small business and how much income they can generate. I know of a friend who decided to venture into the baking industry and guess what? Right now, she is a full-time baker. It is exciting being your own boss. At least that is my own thought.
Pay your Debt
If there is anything that I try to avoid at all costs is debt. The thought of having any kind of debt, even 10 shillings gives me a migraine. But let’s face it. Sometimes, we cannot avoid it. Especially, when that is the only option we have.
While some of us are blessed with parents who help with expenses until at least we finish universities, some people have to cover the cost themselves. By taking help loan or bank loan.
Financial stress starts to kick in when they finish university and the job they get barely covers their rent. How are they to pay the loan while still maintain their daily living expenses? Seek for other jobs. Mostly online jobs because during the day they are at their full-time jobs.
Social medial has created a great platform for businesses. You don’t have to own an office while starting your businesses. For instance, you can sell your writing services online, kitchenware or even makeup for those who are into it. Your studio apartment can serve as your storage until your business makes enough for you to move to a spacious place or even rent a storage unit. Go ahead millennials! Pay your debt with that multiple income streams.
Luxury Life
This might not sound like a good reason to have several incomes but with our materialistic world, trust me, living a luxurious life is an ultimate thing for many people. Sad reality.
Luxurious life means different things to many people. To some, it means living in big mansions with several cars; to some, it means being able to afford healthcare, while to some, it just means being financially healthy.
Because majority of human stress is money, it is only logical then to solve this money issue. By having multiple income streams, at least one is able to not only sustain themselves but also their family and have less stress money wise.
I personally don’t believe there is anything wrong with working hard and acquiring all the finer tastes in life. However, I always pray that those who get their life do not stray away from the grantor of all wealth: Allah (SWT). So, while you are working hard to acquire your wealth, remember to always pray and give and give some more.
Moral stand
Many jobs these days, mostly corporate, might place you in a dilemma where you have to maintain your virtue or quit. Every individual has something that they cannot do. It is their limit. Personally, I don’t like work that stray me away from my religion. For others, it is work that breaks their moral values.
Millennials, unlike the older generation, lack the patience to endure such mistreatments. Compared to the older generations, millennials stand up to bosses who treat them harshly or disrespectfully. The fact is that there are actually horrible bosses out there. And standing up for yourself is the only way to maintain your virtue. This might not always end right and one might lose their jobs. After all, they are the bosses.
Nonetheless, if you have other sources of income, you don’t have to worry about being fired for standing your ground. It might actually be an opportunity for you to pursue your passion and practice your virtues at the same time.
Multiple income streams have many other benefits aside from the one that I have listed above. Just think about how many things you can do if you have enough money and those things are the reasons why you should have multiple incomes.
Everybody is talented in various ways and have something they are passionate about. It is natural to be scared but I promise if you take the first step, you won’t look back. Look for online jobs, start your own online business, be a consultant, or even teach others something you are good at. You don’t need a teaching certificate to teach your skills.
For instance, you can teach others how to do their makeup. This is actually a lucrative business and it is something that will never go out of style. If anything, the demand is becoming more and more.
So, millennials, I hope you are starting to think of ways to start your side income. Don’t limit yourself. Nothing is too little to start!
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Sahara A. Sheikh is a business management consultant, full-time mama to twin boys, and an ardent believer in being empathetic towards people. Follow her on Instagram @Zahra (z.a.s.y) . For consultations contact her on email at sahara.abdikadir@gmail.com
