Should I Be Looking for a Job, or Income Streams?
We have all been trained to think having a job is safe, but it puts all your eggs in one basket. True story, a buddy reached out and let me know he was a part of his employer's last round of layoffs. I had written this article before he reached out, but his experience was timely and highly relevant. He was asking himself what every person asks when stunned by suddenly being out of a job. What next?
So again, should we be looking for a job, or should we be looking for income streams? It depends on what you're looking for in life. A job might be the way to go if you want stability and a steady paycheck. But if you're the type who values freedom and the ability to make money from anywhere in the world, then income streams might be more up your alley. Just don't expect it to be easy – building multiple income streams takes effort and creativity. And maybe a bit of luck, too. But nothing worth having ever comes easy, right?
So which is it, job or income streams? It's like trying to choose between a solid, dependable rock and a shimmering, unpredictable stream. Let’s start with the job. It's a solid choice, like beef jerky on a road trip. Jobs have been around for centuries and have proven their worth time and time again. They offer stability, benefits, and the comfort of a regular paycheck. You know what you're getting into with a job: a set number of hours, a set salary, and the security of a boss responsible for ensuring you get paid. It sounds exciting.
On the other hand, there's the allure of income streams. This is the new kid on the block, like avocado toast or craft beer (I won't mention Crypto Currency). It's all about flexibility, freedom, and making money on your own terms. With income streams, you have the potential to make way more money than you would with a job, and you can do it from anywhere in the world. This sounds more compelling
, but of course, I am super biased.
There are trade-offs with both options. With a job, you're trading freedom for stability. You're tied to a set schedule and location, and you have to answer to a boss who may or may not be like the guy in Office Space ("Yeah, we're going to need you to come in on Saturday."). With income streams, you're trading stability for freedom. You must be disciplined, creative, and willing to take risks to make it work. There's no guarantee of a steady paycheck, and you have to be okay with the ups and downs of entrepreneurship.
There is no right or wrong answer here. Both jobs and income streams have pros and cons, depending on what you value most. Having a backup plan never hurts. You don’t want to be caught in the rain without an umbrella.
As for my friend? He was understandably looking at job openings, but I got the sense this didn't inspire him. I advised him to start crafting a plan to develop multiple income streams. When you're laid off, you finally realize: "they never had my back." The only one who really has your back is you and, if you're lucky, your friends and family. If you haven’t already, it’s time to start putting your income into income streams. Use that hard-earned income to earn other income. Get that money working harder for you. Buy income streams.