In today’s issue…

We’ll be discussing everything having to do with diversifying your income. Including…

• Why you should
• How you can
• And what could happen if you don’t!

So buckle up, and let’s chat…

Why are we talking about diversifying?

Diversifying your income is a topic near and dear to my heart as I’ve mentioned this many times in the past. Even recently in my blog post on building generational wealth. And the reason I bring it up so much is because I believe it’s vital to your financial success.

It all goes back to the age-old saying, “don’t put all your eggs in one basket”. If you rely on only one source of income, and that income falls through… where does it leave you?

An example of what failing to diversify can look like…

One relevant example of how someone’s income could be wiped away in a single moment is the potential TikTok ban in the US at the moment. As I’m sure you know, many influencers rely heavily on TikTok nowadays. But what if the proposed ban goes through?

Well… any influencers who haven’t diversified their income could suddenly be left without any funds coming in. Which is a scary place to be! Plus, if they aren’t active on other platforms then they’ll lose the majority of their following as well. And when they do transition to another site, they’ll have to start almost from scratch.

And even if you don’t lose all of your income, failing to diversify your income can affect you in other ways.

For instance, have you noticed that some months your income is noticeably lower than others? Maybe so much so that you struggle to pay the bills on occasion? This could be a sign that you need more streams of income so that if one dips below the norm (because ups and downs are to be expected) your other streams could pick up the slack!

Or maybe you feel like no matter how hard you work, you’re never able to save any money. This could be because you only have one source of income!

Three tips to help you diversify your income!

So now you may be wondering… how can you actually go about diversifying your income? I’m glad you asked… Here are three tips to help you do so!

Tip #1 –

The first tip has to do with the first step of building new income streams, aka choosing which stream to focus on! And my advice is to try and find something passive.

Passive income streams are great because they can survive without you, and continue to give you funds for the rest of time with very little effort required. So if you want to focus on your main business for the most part but you still want the benefits of side hustles, passive income streams are the way to go.

Examples of passive income streams are…

• Ebooks
• Online courses
• YouTube videos

Tip #2 –

My second tip is that you should learn to outsource! Because as you start to add more and more income streams to the mix, it will eventually become impossible to manage them all without stressing yourself out unnecessarily. Plus, by trying to control everything on your own… you’ll essentially be capping your earning potential.

So don’t be afraid to hire people to manage social media pages, write content for you, handle customer service, etc… Trust me, all CEOs have to outsource at some point.

Tip #3 –

My last tip is for those of you who want to keep things as simple as possible, and it is to coordinate as many income streams as you can within the same brand. This way, they can all feed into each other and it simplifies things for you as the one who runs it all.

For example, let’s say that your main income stream is your coaching business. And then you write a book that’s about your journey as a CEO. That’s a step away from your usual content, and it’s a separate income stream. BUT those who read your book might want to check out your coaching and vice versa.

The bottom line about diversifying…

To sum things up, diversifying your income is a great way to build your wealth and avoid leaving your future to chance. And it can be simple to do, as long as you follow the tips I listed above. Choose passive income streams, try to coordinate them under your main brand as much as possible, and outsource if you find yourself becoming overwhelmed!

Three extra resources for all my Bossables!

Now, as a bonus for those of you who made it to the end of this newsletter, I want to share three resources I feel could benefit you in your business journey!

🤑 If you’re really serious about building your wealth, this video by Ali Abdaal has a lot of great info as he talks about the 4 ladders of wealth.

📃 And this article posted on the Netwerk Movement is perfect for anyone looking to make some mid-year goals!

💰 Finally, this podcast interview with Barbara Corcoran (the woman who turned $1,000 to $1Billion) is extremely motivational for us ladies in business, so be sure to check it out on Diary Of A CEO.