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Let’s face it if we have learned anything over the last year it is that nothing is certain (thanks 2020).  In all seriousness though, it’s true.  I personally have found myself laid off, working again, back to laid off amidst all this craziness and the worst part?  I had ZERO control over that happening.  For someone who loves to budget (seriously, give me a glass of wine and a budget on payday and I’m one happy lady) being able to not control your finances just plain sucks.  

Luckily for me I’m not one to just sit and feel bad – I’m usually one step ahead.  I’ve been in the coupon clipper grocery line and I’m not going back.  So being ahead means finding opportunities that might be hard to uncover, but they are there.  This past year when I first got laid off I took the opportunity to focus on building a brand for myself online – you are actually reading off the site that was a direct result of Covid – 19. I then focused on figuring out how the hell I could make some cash in this world – pro tip: it is not a get rich quick thing! But nonetheless I worked at it.  I networked, I met an AMAZING group of women who showed me things I never knew existed and opened my eyes to so much more. 

One of the biggest lessons I have taken away from all this craziness is to be BOLD, work HARD, connect with like minded individuals and to create MULTIPLE streams of income.  One of the best things you can do for yourself is to start taking control of your life and honestly living costs money so in that end that means taking control of your money (eeekk, right!?). 

 

You must gain control over your money or the lack of it will control you forever – Dave Ramsey

 

By now you might be thinking – but Claire, how do I do this and why is this important?  I have a stable job, I wasn’t even affected by the pandemic so this doesn’t apply to me, right? WRONG. 

 

I was recently reading a book by Jen Sincero and she talks about riches and what it means.  Essentially, riches does not mean owning a porsche, with a cottage on the lake and a mansion in LA.  Riches are different for everyone.  Riches to some may mean being able to travel once a year, or maybe to have a fancy dinner out once a week or maybe to build your dream home.  The big takeaway – everyone’s definition of riches is different (and that’s okay!) In order to get to these stages though we all need to create an income to support that lifestyle and if that stable income flops, we aren’t left scrambling around cutting out those things that bring us enjoyment.  Because, what’s life if we can’t enjoy it.  

Anxiety & Stress

Having multiple streams of income first and foremost can help to reduce that constant thought of: what if I don’t work as many hours this week? Or even what if this business decides it doesnt need me?  What will I do?  You can easily fall asleep at night knowing IF something happened to fall through you can still continue to live and make a living. 

Unexpected Finances

I know as well as you do that even the best budget can have gaps.  Case and point, last year I thought I had my budget down, swapped on my winter tires for the season and all was good.  Until, my tires seemed to slide around everywhere and my car suddenly went from being able to drive up a hill to slide right back down.  I learnt I didn’t have snow tires (I know, I know, my fault) tires were something I DID NOT factor into my budget and I was left with not enough money to get them.  Had I had a second stream of income I would not have had the meltdown I did followed by the embarrassing ask to my parents to help with tires(mom and dad you know I appreciate you).  At 29 years old, you want to think you have it all together and by having multiple streams of income, you actually can! WIN!

Your future 

We can all get by and live in our “riches” life with the money we have, if we feel we are making enough but what about saving for the future.  I don’t know about you but keeping money is savings is HARD – especially when unknown expenses come up.  In the past we, as Canadians have done alright with savings but recently  “the savings rate for Canadians is 1.7% of household income in the second quarter of 2019. Assuming the same income of $50,000, that is only $850 saved every year.” (Canadians Lack Personal Savings) This is crazy! We work hard for our money and we want to think that we are going to have something to show for it years from now.  

 

Paying down debt

If you’re like me – you have wracked up some debt(okay fine, a lot!) It’s almost a way of life thought right?  We get credit cards, take out loans for cars, school, mortgages.  It seems we live in a society where we are all in debt and that’s totally cool. Let’s paint a picture here:  you get your paycheck, instead of deciding what debt it goes on you get to eliminate that all together and focus it on the present riches and the future savings (cool, right?) SUPER COOL.  This being all because your debt has been chipped away at with your other streams of income and in doing so you now don’t have to divide your paycheck 7 or 8 different way.  Talk about relief!

 

Cool! I like it! Sooooo…how can i do this!?

 

Well, lucky for you there are SO many different ways you can diversify your income.

 Freelancing 

Yes, you have probably heard this a lot.  It is definitely the hot word of the past few years.  Essentially this means – selling your services in exchange for the MOLLA! We all have value and think about what you are doing now.  Could you make a little side hustle now with that?  Maybe your an admin assistant – you could sell your services to companies all over the web! A Journalist? Yep – same deal.  Maybe you work in a trade..ever think about creating a course to help others get started and sell that? It isn’t always straightforward but dig deep and think about how you can provide VALUE to others.  

Stocks

Guys, I’ll be straight up with you.  This is not my jam, mostly because I don’t understand it.  But, I know others who do and it sounds pretty cool.  Maybe your like me and aren’t sure where to start. Guess what? Google is your best friend.  Start educating yourself and failing forward.  If you’re in a position with a stable income this could be great.  

Affiliate Marketing 

Think about this as referring products to others.  It takes a bit of work and time but this is an area you can grow to have income for years.  If you are someone who likes to create content, write and recommend products you love then this could be for you! 

 

Courses

Very similar to above but think about creating a course in your area of expertise.  You can put in the work to develop a course now and reap the rewards years down the road.  Think of what your industry really needs help with, what gaps are missing in the training you received. If you don’t know how to create a course – google it or there are many freelancers who are willing to help you.

Network Marketing 

Alright.. “pyramid scheme, not worth your time, you will spend more then you make.”” ALL things I’ve heard before but I think we need to consider the many different factors (I won’t get too much into in this post) for example: are you promoting a brand you actually LOVE and want to share with others? 

Who are you partnering with? Do they actually have the same goals as you? 

What are you trying to sell? Does it align with you? 

Cause GIRL – I’ve been there.  Partnering with anyone that would take me, falling into the “just message 100 people a day ” thing and it doesn’t work.  

Wanna know my biggest takeaway for NWM??……If you find YOUR tribe, whoever they may be…you WILL florish.  If you find ladies who have similar goals and dreams and are willing to work hard on them, don’t ever let them go.  NWM can make a huge impact on your life, maybe not right away (because no biz just makes a whole lottta cash right away, lets be real) but in the future – you could have things you never dreamed of.  Also – your connecting with your tribe and people who want the same things out of life as you do- how rad is that!!? 

 If you can find that sweet spot of connection, action, goals…You have it all. #trustme

There are many more ways to add onto your income but the key point here is to start thinking about it, start deciding that being reliant on one income isn’t enough.  Become obsessed with creating new stable income streams for yourself.  Cause – this world is crazy and we have to look out for ourselves.