Here’s Why you need Multiple Streams of Income After Your Breakup
When you have multiple streams of income you are not financially vulnerable. After a breakup more women find themselves financially vulnerable. You find yourself dealing with the breakup, as well as the financial aftermath of the breakup. Which is not pretty for many. You’ve gone from a shared financial life to a single financial situation. It is almost like you had two breakups. The breakup itself and then the breakup with each other’s finances. Now you’re responsible for your own finances. You have no one else to rely on or fall back on. It’s all on you.
Some argue that you have more income after a breakup because you no longer have another person to consider. But the truth is you now only have a single income. Hence the reason you want to have multiple streams of income beyond the income from your job. Because you can lose your job, and then what? The only financial stability comes from the one you create.
Reason 1: Your Breakup Shouldn’t Break You Financially
Real talk 1 in 4 people have SEVERE financial difficulties after a relationship breakup according to a UK based study. They found that over half a million, yes 590K had financial challenges after their relationship ended. It is no wonder when you think about it, especially if you were in a live-in situation and sharing expenses or if you were relying on the other person financially. The truth is breakups can devastate you not just emotionally, but financially. Honestly, regardless of your relationship status you should have multiple streams of income. It necessary. Your job doesn’t give you true financial security. It gives you a job! That’s it! And your job status can change as quickly as your relationship status. The point is, you need multiple streams of income as your plan B, C, D. You get the idea!
Reason 2: Having a Side Hustle after Breakup is Your Best Security Blanket
Nowadays your job is not enough. You have no control over what happens at your job. Things can change with your employment situation in a heartbeat. According to Dr. Phil most people are one paycheck away from disaster. Wow I just quoted Dr. Phil. Living paycheck to paycheck is no way to live. Banking from Breakup™ is about creating your own financial safety net. I believe everyone should have a side hustle/business even if they have a job. Your job can’t be your only source of income. It’s a gamble. I speak from personal experience. That is a story for another time.
Reason 3: Your Finances are 100% your responsibility
No one owes you anything. So when you expect other people to take care of you, you give up your power. The only person you can truly rely on and trust is yourself. True financial empowerment is about making your own money, on your terms, your way. So, when you have your own money, you have options. Having money to do the things you love puts you in control. You are not dependent on a job or anyone else for that matter. In today’s financial climate and unstable economy you have to create your own financial security. It is just the times we are living in.
Ways to Create Multiple Streams of Income
There are many ways to create multiple streams of income with knowledge and skills you already have. Your life’s journey, education, experience and expertise are all potential streams of income. People pay for knowledge they don’t have every single day. So, if you have knowledge or skills that another person doesn’t have you can create your own multiple streams of income. Some examples of low-barrier-to-entry ways to create multiple streams of income are:
- Coaching (Life, Personal, Career, Business, Fitness, Health, Wellness, Personal Development)
- Consulting (Business, Technology, Software, Social Media)
- Freelancing – providing services that you are good at (writing, photography, video editing, graphic design)
- Tutoring/Teaching – helping people to upgrade their knowledge and skills (any topic, any subject)
- Virtual Assisting – providing administrative, technical, creative or social support remotely to others in varying capacities (odesk, elance, fiverr, freelancer)
- Blogging/Vlogging/Podcasting – creating our own blog, podcast or video channel where you can share your knowledge and promote your own products or other people’s products (Blogger, Wix, Weebly, Squarespace, WordPress, iTunes, Vimeo, YouTube, Affiliate Revenue, Ad Revenue, Sponsorship)
- Affiliate Marketing – promoting other people’s products for a commissions (Commission Junction Affiliate, ClickBank, Amazon Associate, ShareASale, eBay)
- Selling – you can sell clothing, furniture, electronics, books, jewelry (Amazon, eBay, Craigslist, Kijiji, Never Liked It Anyway, PoshMark, Letgo, Decluttr, OfferUp, Facebook Buy and Sell Groups)
These are just a few ways. All of these can be done with knowledge and skills you already have. And no two people will share their knowledge in the exact same way. I will be diving into this topic in more detail in future blogs.
So, When You're Ready
Here is what you want to do next, you want to make a list of all the knowledge, skills, education, experience, expertise, gifts, talents etc you have that you can use to create multiple streams of income. If you are not sure, look at your resume for starters. The key is to identify what you’re already good at that you can use to help other people.
The Numbers Don’t Lie
The knowledge/information industry is valued at $766.5 billion according to Outsell in 2015. The personal development industry is pacing to be a 13.2 billion dollar industry by 2020. And the online education/eLearning industry is pacing to 325 billion by 2025. Bottom line is that people will pay for knowledge and information they do not have.
Banking from Breakup Works If You Do
Banking from Breakup™ is not just about money. It is not a “show me the money” get rich quick scheme or magic bullet that will make all your financial worries and stress disappear with the snap of a finger or a wave of a magic wand. Banking from Breakup™ works if you do. Here’s the thing, you deserve to be financially independent, stable and secure. You deserve to have the financial future that will exceed your needs where you do not have to worry about money or rely on someone else to take care of you and to have it all! Your way and on your terms.
At the end of the day your financial future is 100% your responsibility. Don’t leave it to chance or circumstance. Your breakup shouldn't break you financially.
If you lost your main source of income how would you survive? Sound off below in the comments.
