Not so long ago, the idea of having multiple income streams was often considered strange or even disreputable. The main job, traditionally held from 9 to 5, was considered the "right" way to earn a living. The idea of making money on the side was often seen as a sign of a lack of money or loyalty to your employer. But times are changing, and in today's working world we are seeing a shift away from this outdated notion.
It's time to break the taboo around part-time work and deep dive at the benefits and opportunities from multiple income streams.
The new reality of work
In today's digitally connected world, the nature of work has changed dramatically. The traditional idea of lifelong, secure jobs is no longer the norm. Instead, temporary contracts, freelance work and project-based work are on the rise. These changes in the world of work have led to many people looking for alternative sources of income.
Why multiple income streams?
There are many reasons why people seek multiple streams of income. Here are some of the most important:
Financial security: income diversification can help spread risk. If one income stream dries up (e.g. due to job loss), another income stream can provide financial security.
Increasing income: Additional income streams can help to improve overall income. This can be used to pay off debts, save or invest.
Flexibility: Part-time jobs often offer more flexibility than traditional full-time work. This is particularly beneficial for parents, students and people looking for a work-life balance.
Passion and talent development: Side hustles allow people to pursue their passions and talents. This can not only be financially rewarding, but can also bring personal fulfilment.
Crisis preparedness: In uncertain times such as we have experienced recently (e.g. during the COVID-19 pandemic), an additional income stream can serve as a hedge.
The growing acceptance of part-time jobs
Attitudes towards part-time work have changed considerably in recent years. In the past, sideline activities were often seen as interfering with the main job. Nowadays, they are often seen as a way of promoting professional development and ensuring financial stability.
The variety of sideline opportunities
The opportunities to earn extra money are now more varied than ever. Here are some examples:
Freelancing: Freelance writing, graphic design, web development, and many other industries are widely available.
Online selling: Online trading via platforms such as Amazon, eBay and Etsy allows people to sell their products.
Part-time jobs: Many people take part-time jobs in areas such as retail, catering or education alongside their main job.
Investments: Investing in stocks, bonds, property or cryptocurrencies can create additional income streams.
Education and training: If you have expertise in a particular area, you can offer training or courses.
Statistics on the part-time economy
According to a survey by the McKinsey Global Institute, 20 to 30% of employees in the US and Europe had alternative forms of employment in 2016, such as freelance work or part-time work. This trend is expected to increase further.
In the USA, the proportion of people with a part-time job has increased since the turn of the millennium. According to the Bureau of Labor Statistics, around 4.8% of employees in the US worked multiple jobs in 2000. In 2019, this proportion rose to 5.9%