I have written repeatedly about what one client call toll booths. Receive small reliable income streams from multiple sources. I still think that this is a great idea and am always looking for income streams to enhance my wealth.
Now that we have again entered uncertain times, with mass layoffs and record unemployment. It seems more relevant than ever to bring up the need for everyone to have several income streams that can be relied upon.
If you are married and both work; then you are starting out with two income streams. If you have a reasonably large investment portfolio, you may have a third available with dividends and capital gains. Some clients have a fourth stream with interest income from CD’s, money markets or savings accounts.
If you set up a side hustle it may be still making you income in the current environment. Unless you were running an Airbnb or something like that. An Airbnb currently is not a reliable income stream and may not be for quite a while in the current environment.
I have an e-commerce business that has been more active this year than the previous during the current time frame. But it is not a reliable source of income. It is an infrequent source.
I have ideas for other businesses and broad outlines for how they would run. But, a number of them I require partners with specific skills and have yet to find the right people for these industries.
What are you plans? Do you plan on creating a side hustle? Or what streams have you already created?