How secure is your main source of income? Is it dependant on a good economy? What if the electric grid or the internet goes down? How about if you or your spouse get into an accident or get sick for an extended period of time? Would you still be able to provide for your family? Having multiple streams of income is an effective way to make sure you can do just that.
Why are multiple streams of income so important?
Having money coming in from several different income streams assures that you will still have money coming in even if you lose your day job for some reason. For example, let’s say you are a stay at home mom and your husband works full time. One day your husband gets injured doing work around the homestead. It’s going to be a couple of months before he can get back to work. You have an adequate supply of food in your food storage, right? But how are you going to keep the rest of the bills paid until he gets back to work? That’s where multiple income streams come into play.
Here are some things to consider when establishing your income streams:
Consider a grid down situation:
In the event the internet or grid goes down for an extended period of time, you will need to be able to make money without those resources. Think about selling eggs and chicks or laying hens. Or, how about a produce stand or farm stand. Do you or your spouse know how to build things with wood (be sure you have hand-powered tools)? You could make soap or candles. Maybe you know how to sew. Think about your hobbies and turn one of them into a side income stream. Don’t forget that knowledge is also valuable! You could offer gardening, baking or canning classes. The sky is the limit. Establishing a side gig now is important because you will have to rely on word of mouth for advertising if the grid goes down and it will help a lot if you have already made a name for yourself.
Consider an extended illness or injury:
In the event of an extended illness or injury, you may not be able to work for a while. This is where passive income comes in. Passive income is work that you do once and continue to get paid for over time without having to commit a lot more time or work to the project. Think about writing books or eBooks, starting a blog, renting out a room, renting out some kind of equipment, or maybe even renting out some of your land to another farmer. With passive income, you could be recovering in bed and still keep collecting money to help keep the mortgage paid.
Our multiple income streams at Goose Creek Homestead:
Here at Goose Creek Homestead, preparedness is a top priority so we both have multiple income streams. George works full time at the local lumber mill. He is also a carpenter, so he brings home free scrap wood from work and turns it into birdhouses, feeders, dog houses and other small woodworking projects that he sells by word of mouth and on Craiglist. He also runs a handyman service on the side for additional income. I own my own internet-based business, have several blogs, and also work remotely full-time for a digital marketing agency. I also raise chickens, so I sell farm fresh eggs, baby chicks, and laying hens. Every year I grow a large garden. I raise extra seedlings and extra produce, which I sell by word of mouth and at the local farmers’ market. Sometime soon, I plan to write some eBooks for additional passive income. I am also going to sell homemade jams and pickles along with my produce and seedlings at the farmers’ market this year.
Have you established multiple income streams in your household yet? If so, what are they? If not, are you thinking about it now? What ideas have you come up with? Please share in the comments below!
