Multi-tasking in a multi-income world

Multi-tasking in a multi-income world
06 June 2013

We are increasingly told to be more responsible and take care of our own retirement planning, but across the developed world incomes are stagnant whilst inflation nudges up a percentage every year. How can financial stability be achieved when it seems we are paid less but the cost of living is higher?

The majority of people who have attained wealth and financial stability have done it through having multiple streams of income.

Multiple streams of income

Multiple streams of income come from many sources. CEO and executives of large companies supplement their salaries by becoming board members of other corporations. Professors increase their stipend by publishing books, being advisors to businesses, speaking engagements and so on. We may not all be high flying executives or professors,  but we all have some ability to increase our income stream.

Remember all those guitar, piano or dance lessons you took at school? How about teaching others to play the guitar, play the piano or dance? Or what about the black belt you got in Judo? Running a couple of classes per week would be a good additional earner. Maybe you can even rent out cameras. Do you speak a foreign language or live in a foreign country? Perhaps you could use your native language to teach others. There are many schools always looking for native speakers to have conversations with students, and the extra income can come in very handy.

See – it’s looking more positive already.

The point is we all have some talent that can be used to help us achieve financial stability, and multiple streams gives us the extra inner security just in case the worst happens and we lose our job, or main stream of income.

Make it happen

Get organised Look around your environment is it cluttered and messy? The saying goes a cluttered environment equals a cluttered mind. Start by cleaning up and keep your environment cluttered free.

List your top three goals Writing these down will help you identify where to invest your time and allow you to create daily, weekly, and monthly goals.

Create an activity log Write down everything that you do during a typical workweek. This will help you identify time wasters and take steps to eliminate them. It will also help you refocus your work to meet the goals you identified and see what you’re already doing that will bring you closer to your goals.

Determine when you’re most productive Do you do your best work in the morning? In the late afternoon? Knowing when you are most productive will help you organise your time so that you do your most important work when you have the most energy and you save less important tasks for other times

Avoid multitasking

As strange as it sounds, working methodically is the best way forward – and not trying to literally do two jobs at once because scientists say the brain cannot multitask. It may seem as though you’re accomplishing more if you do two or three things at once, but you will be more productive and produce higher quality work if you give your undivided attention to one task at a time, especially if your tasks require thought or real problem solving.

When your life is organized you are able to be more productive and more productivity should lead to more income. Do you have multiple streams of income? Share your tips…

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Author
Head of Behavioral Finance
cashy
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