Cherry, how do you juggle 17 income streams?
How is that possible?
I get asked this a lot, and no I am not a superhuman. I do not have a large team working for me and I also don’t have 25 hours every day.
I do not have any single full-time employee. I know I should get one – it is on my to-do list.
But here are seven tips I swear by when it comes to juggling and balancing my 17 income streams on top of a full-time career in finance.
Tip 1: Not every single income stream is active:
This means that my 17 income streams are not all jobs. They’re not all trading time for money because that would be pretty crazy so let’s go over my 17 income streams:
- youtube ad revenue
- corporate salary
- affiliate marketing
- online course sales
- one on one coaching
- group coaching
- interest income
- dividend income
- capital gains.
- merge sale
- rent income.
- designer handbag flipping
- selling my belongings
- bank account churning
- credit card churning
- getting cashback from apps such as ibotta, rakuten, and fetch rewards
So, looking at these 17 income streams you can probably see that a lot of them are passive. For example, affiliate marketing is for the most part very passive. RSU’s also very passive they are just investments that run in the background and of course, my online course sales, for the most part, is also passive. My interest income, dividend income, capital gains from the stock market, and real estate are totally passive income streams.
It’s just a link in my info box and there’s also my designer handbag flipping a lot of times. I just consign it to the store, and they do the selling for me so it’s also relatively passive.
You can see a lot of these are actually passive income which means I do not have to spend more time on top of my full-time career to generate these income streams. It just requires some time to set it up properly, but once it’s up and running you do not have to really dedicate that much time to maintain it.
Number two, is I sprint during energy bursts. For example, when I feel inspired, I’ll write out the entire content plan for the entire week or even the entire month in just one sitting and this is what happens when I get inspired I just do a lot of things all at once and then of course I can schedule my posts.
Tip 2: Flexibility and Freedom in Income Streams.
All the things I mentioned before gives me a lot more flexibility and freedom because I do have full-time responsibilities. If I can plan all my content during the weekend, I can then focus on my work during the week.
Tip 3: Batch film the content.
The third tip is that I batch film my content. You probably know that I upload around three times every single week.
Rain or Shine, no matter what happens and I’m really not filming one single video in one sitting. It is very inefficient and of course, it also takes me a lot to get in the zone and so for me to put on this full face of makeup, do my hair and all that, and even get in this filming mode. It actually takes a lot of energy just to get to this point so that is why I always like to batch film my content. This is also the reason why a lot of times you might see me rocking the same lipstick or outfit if you see it does not call me out on it.
Tip 4: Avoid Multitasking
Number four is along the same lines – I avoid multitasking. Every single time you switch from one task to another, what you are really doing is wasting a lot of energy on just the task switch. That’s why I really like to focus on one task at a time.
Just because I have 17 income streams does not mean every single day every single minute and second, I am separating my brain cells onto 17 different things. That is not true and that would be a terrible idea. I always focus on one thing at a time.
I try my best to not distract myself and not multitask. Because multitasking is actually a killer of productivity based on a lot of studies.
Tip 5: Create a not-to-do list.
Number five is I create a not-to-do list and white you have probably have heard of a to-do list – What is a not-to-do list? A not-to-do list consists of three components:
What are some tasks that you can delegate? For example, some youtubers like to delegate the actual editing of their YouTube videos.
When it comes to delegating, you really have to think about what your time is worth to you and how much do you want your time to be worth to you. If you can use that same time that you use for editing to work on other income-producing activities such as working on your course or working on your coaching program and you can actually generate more income by working on these other income-generating activities, then why are you still editing your own videos?
What are some things that you can automate? For example, I have really automated a lot of my systems. I have the smart home system. I also have a litter robot which is an automatic cat litter box so, I no longer have to scoop the litter on my own. I also have a vacuum robot which is really a lifesaver when it comes to a household with two cats, so these are some examples of the things that I’ve automated, and they are really huge time savers, especially in the long run when you add these little chunks of time together.
Third is delete. If you have thought about delegating and if you have thought about automating and they don’t really make sense to automate, or delegate think about whether or not you can just remove this task altogether. Is this task really necessary in your life?
For example, if every single day you have the habit of scrolling on your Instagram aimlessly and you’re not doing it for anything productive, you’re wasting your time. Is this a really unnecessary habit for you or can you spend your time more wisely when you do other things with your time? When you read a book or when you watch an educational YouTube video or read an informational blog, it is a better use of your time.
Tip 6: Surround yourself with like-minded people.
Number six is surrounding yourself with like-minded people especially like-minded hustlers. There is a huge difference between people who are just satisfied with just a nine-to-five income and people who want multiple income streams.
I know this because I am surrounded with both groups of people. A lot of people from my company are six-figure earners and they don’t have the need to create multiple income streams. Because they’re living comfortably with just their 9 to 5 income but at the same time I am personally someone who is not satisfied with just 9 to 5 income and I just want to create even more opportunities and income streams for myself.
To achieve more financial milestones and financial freedom, I also like to hang out with people who are like-minded and now I just want to give a shout-out to a community of like-minded nine-to-five hustlers, which is my Facebook group corporate to coach network. We are a group of hustlers who strive to create multiple income streams and achieve financial freedom. A lot of us share tips about personal finance income stream building, investing and entrepreneurship so to join it visit corporate to coach network.
Tip 7: Keeping yourself accountable.
Number seven is keeping myself accountable. For example, if you enroll in a coaching program, you can’t really slack off because you’ve already paid the tuition. Same thing if you are a business owner or if you’re a coach, you are accountable to your employees if you don’t work you can’t pay your employees.
You can’t feed them and maybe they can’t feed their families and so it’s really important to have that accountability. If you’re a coach you also have to be accountable to your coaches when your coaches have a question or when you have a scheduled coaching call you can’t just call it off.
So by keeping yourself accountable it also keeps you on track and helps you stay motivated and keep moving forward. If you have trouble keeping yourself accountable consider joining a program or especially one-on-one coaching, because it really helps you become accountable to an actual living human being who is going to monitor your progress and make sure you’re moving forward.
If you’re interested in hopping on a wealth call with me to see if you’re a good fit for my coaching program you can sign up by using by visiting my wealth call page.
So, here are my seven tips when it comes to juggling multiple income streams. What are your thoughts let me know in the comments below? I will see you in my next wealth-building blog. You can watch my YouTube videos related to income streams and wealth building. Go have a visit on my YouTube channel Cherry Tung – Finance & Fashion. Also checkout my other blogs here.
If all of this is overwhelming and you’d rather let an expert assist you, I’d love to be a part of your journey to wealth building.
I will work with you and set up a SMART (Smart, Measurable, Attainable, Result Oriented, Timely) plan to develop an investing strategy that is aligned with your goals.