In last week’s column, I wrote about multiple streams of income, the concept of earning money from more than one source, rather than relying on a single, full-time job. That resulted in questions from readers: Could I be more specific about some of the money-earning ideas?
Indeed I can. Following are five categories of income-producing activities. Most of these can be conducted in addition to a full-time job if you are currently employed, or in combinations that can replace full-time employment, if managed well.
Seasonal work. First, remember that every day is part of someone's "season." Tax preparers are busy in early spring, landscapers work crazy hours all summer, retailers gear up in the fall, and winter road crews burn the midnight oil clearing snow or laying asphalt, depending on their location. Decide which season you want to work and what you might do, then simply contact likely employers. For best success, reach out one or two months before the season begins.
Part-time jobs. As year-round positions that take anywhere from four hours a week to 30, part-time jobs can be the linchpin for a multiple-stream-of-income lifestyle. Look for something close to home with a schedule that won't interfere with other pursuits. Part-time positions can be white-, blue- or pink-collar, not to mention whatever color we call health care.
Selling things. Whether you make these products, distribute them for someone else, or repurpose scavenged items, this concept is age-old and simple. Charge more than you're spending on materials, and pay attention to sales tax. If you keep your overhead low, you'll make money. And if you're enjoying yourself, you won't be inclined to use hourly wage as your measure of success — which is good, because that number rarely comes out well.
Earning interest on something (investing). The "interest" could be rental income, reaped from your investment in a property or even your spare bedroom. More commonly, investment refers to income derived from financial products. However you slice it, investment is a tricky way to earn money. But if you risk no more than you can afford to lose, it can make a nice addition to your overall income.
Side gigs. Everyone has something they can do on the side: setting up websites, cleaning houses, being a DJ at weddings, walking dogs. Try different gigs to see what flies the best. Then see how far you can take it.
As a final note on this subject, I want to add my take on current labor market statistics, which can weigh heavily on job seekers’ minds. The numbers that have my attention right now are those tracking underemployment and labor market participation.
While not wishing to disregard the realities of underemployment nor of discouraged job seekers, I’d like to present another aspect to the puzzle. My daily contact with clients, readers and workshop participants has given me a front-row seat for three decades to this reality: Not everything is measurable, and not everyone really wants a full-time job.
I’ve got files full of job seekers who would answer yes to a survey asking: Do you want full-time work? and yet tell me in private that part-time work is fine. They can stretch their finances and they want to spend more time on family issues or creative pursuits.
Likewise, I’ve got more files full of job seekers who have seemingly dropped out of the labor force but who are working cash jobs and side gigs; others have started sole proprietorships. While some of these folks are discouraged, most are simply building new lives.
My advice is to decide what you actually want, rather than what you think you should want. Then, ignore the statistics and move forward.
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