Have multiple streams of income

In this economy the idea of having just one job doesn’t make sense. First there is much competition for a single job. Second, once committed to just one job, independence and flexibility is taken away. The best strategy in this economy especially for those over 40 is to have multiple streams of income. This gives one the best sense of security. If one stream of income doesn’t work out, there are many others to turn to. I suggest the number five as a target to aim for. Why? No scientific reason other than you can keep track of them on one hand. This approach, of course, takes a whole different thought process.

One of the best ways to start is to search on the various job sites under part-time work. I recommend indeed.com. Also start to look at sites like guru.com and elance.com which give people the opportunity to bid on work and offer themselves and their talents.

Align all work around a central theme

It is important for focus, energy, and momentum to look for five sources of revenue which all relate to one another. For example, I had a client who was a high school teacher and decided to leave because of new stress on teachers. She still loved to teach. Today, she helps high school seniors to discover what they want to do in their life and to find the best colleges for them. She has a coaching business helping high school students who are struggling with grades. Her third source and core business is developing training programs for teachers as part of their in-service training days teaching them how to communicate with students better. Her fourth and fifth sources of revenue are working part-time for others. She is a substitute high school teacher for 3 districts 3 days a week. She likes the challenge and no longer has the state testing pressure. Her other part-time job is working for a text book company selling textbooks to high school teachers. This keeps her close to her target audience and customers. Her overall revenue after 2 years of developing is slightly higher than she made as a full time teacher. Now she has to pay private health insurance and she gave up her “retirement”but she is happier now with no need to ever stop doing what she loves. Recently she told me that she was considering a sixth source of revenue which is assisting teachers on the path and process to teach overseas.

Establish You.inc

Like the example above, this same opportunity is available to you. First, you must think through which abilities and interests align the best. This is where you should focus. You will surprise yourself with the ideas you come up with. It is much easier to get 5 sources of revenue and customers then just one traditional job which lock you into a time, place, and a salary! So outdated for those over 40!

Establish a niche

I have one client who loved working with old classic cars. Fast forward today and he has multiple streams of income around this passion. He organizes downtown shows of old cars. He actually fixes other people’s old cars. He acts as a broker helping people to get the spare parts they need for their vintage cars. He works one day a week at a junk yard. He likes being outside and this also gives him access to new parts which come in. He works 2 days a week changing tires at a local shop. While this doesn’t relate directly to his love of old cars, he knows how to fix tires and this part time job keeps him around cars!

Find new ways to work

Start with a business card. What would you call yourself? What would your tagline be? What would your marketing flyer look like? What products and services could you develop and sell to others. Which part-time jobs could you combine in similar areas?

It all starts with a sense of purpose and path

Focus in areas where you feel deep interest. It is very important especially after 40 when you start feeling a sense of urgency around your work and what you do.

Over 40 the OLD way of looking for just one job no longer makes sense. The new way is to create multiple streams of income. This is important in mid-life as the need to explore, to travel, and to be creative rises to the surface. Getting just ONE job is hard work- Getting five is much easier!

I’ll be cheering you on as you go

Craig Nathanson