In August 2017, following more than five years of consistent effort, both my spouse and I unexpectedly lost our combined internet employment. This was a significant loss, as this job provided a generous income while allowing us the flexibility to manage our homestead, educate our children at home, and pursue other projects.
Suddenly, it vanished, just like that.
The immediate response for many when they lose their job is anxiety. The weight of bills, mortgages, possibly supporting children through college, or keeping up with car installments bears down on them. The typical reaction? A hurried update of their CV and the often discouraging task of searching job advertisements or sharing their credentials online, hoping for a new employment opportunity.
But, other avenues exist.
Starting Our Freelance Journey
In 1993, when we transitioned from our city jobs to rural living, we assumed finding work wouldn’t be an issue. We were mistaken. Out of necessity, we initiated a wholesale woodcraft venture. This enterprise, built on determination and economical living, sustained us for three decades.
However, our income wasn’t limited to woodcrafting. We explored multiple areas over the years: freelance writing, website management, selling farm products, authoring digital books, and various other innovative projects. All these side hustles, when combined, formed our “freelance lifestyle.”
Interestingly, our online job began as a side project and evolved into a full-time role, overshadowing our other sources of income. Its reliability led us to phase out the woodcraft business and some side projects. Then, it abruptly stopped.
Instead of panicking, we simply readjusted, revived the woodcraft venture, reignited other projects, and sustained our long-standing frugal yet comfortable living. This underscores the “multiple strings to one’s bow” approach to livelihood. The premise? When one source dries up, you have several others to rely on. This way, even if primary employment is lost, there’s no financial ruin. Instead, focus can be shifted to enhancing other income channels or finding a new primary job.
What Sort of Employment?
It’s one thing to advocate for diverse income streams, but what jobs should one consider? I can’t provide a direct answer as it depends on an individual’s abilities, passions, qualifications, and commitment. I won’t promote vague promises or dubious ventures.
However, a key takeaway is to seize any legitimate opportunity.
Modern thinking often restricts people to the idea of a traditional 9-5 job. But in reality, many juggle multiple roles. From individuals who manage machinery, pilot helicopters, and breed animals, to those who clean homes, craft items, and work as temporary teachers – there’s a myriad of possibilities.
Maximize Every Opportunity
Diversifying your income streams requires tapping into all past experiences and skills. The digital era offers countless remote job opportunities. Whether it’s online tutoring, website maintenance, or writing gigs, the possibilities are endless. On the more tactile side, skills such as baking, carpentry, tutoring, and painting can become profitable ventures. However, these usually remain part-time engagements.
Balancing Part-Time Jobs
It’s crucial not to be trapped in the belief that all income sources need to be full-time. Part-time opportunities can add up, creating a substantial combined income. And there’s an added bonus: a varied workday keeps monotony at bay. Additionally, self-employment has its perks, such as self-imposed deadlines and self-determined clientele.
Time Management
If an existing job doesn’t leave much free time, the goal should be to find equilibrium. It’s all about balance. Free moments can be utilized more productively by investing in side hustles, ensuring a safety net for the future.
Handling Financial Instability
The unpredictable nature of freelance income can be unsettling for some. While traditional jobs seem more secure, they can end unexpectedly. But freelancers must be aware of tax obligations and ensure they declare all their incomes honestly.
The Foundations of Freelancing
For those considering a freelance lifestyle with varied income sources, it’s vital to manage expenses. A combination of everyday thriftiness and major expense cuts is essential. Adopting a cash-only lifestyle can also help in keeping spending in check.
Navigating Challenges
Undoubtedly, debt poses the most significant challenge to freelancing. It’s imperative to minimize debts before delving into a freelance lifestyle. Yet, freelancing can be approached in stages. Regular employment can cover primary expenses while freelancing can be used to offset debts and create savings.
Finding Genuine Home-Based Opportunities
While researching, I encountered countless dubious online money-making schemes. Relying on these won’t support you long-term. It’s crucial to identify and nurture your own skills and resources.
The Ideal Approach
Upon losing our job, my spouse and I revisited and enhanced our various income streams. We learned that diversifying income sources provides more security than a single high-paying job. One source’s loss is manageable, while the loss of a sole income can be catastrophic.
How diversified is your income? Share with us your strategies and experiences.
