How to Create Multiple Streams of Income - Money Making Strategies for Women

“Patience, persistence and perspiration make an unbeatable combination for success." -Napoleon Hill

Insights from a Certified Money Coach:

Hello, powerful women!

If you’re reading this, you’re probably already on a journey to take control of your financial future. Maybe you’ve started to rethink your relationship with money, or perhaps you’re looking for ways to build more security and freedom into your life.

Either way, you’ve come to the right place. This blog is ALL about empowering women to leave behind a mediocre relationship with money and really embrace something new, powerful and dynamic.

Ah, the confidence and freedom that comes with being a financially independent woman. It's really something. And if that dream seems unattainable to you right now, because you've crunched the numbers and you know that your current income just isn't enough, then it's time to start thinking bigger. If your limiting factor is how much comes in each month, then maybe you need to allow more to flow to you.

Today, we’re diving into the exciting world of multiple streams of income - how to create them, why they matter and how they can help you find your way to the financial abundance you’ve been yearning for.

As professional women, you know it - I know it - we're charged with juggling ALL the responsibilities. We’re navigating careers, family life, personal goals and everything else that needs to get done. Is there time in there for a haircut and a manicure.... sheesh - it’s a lot!

But here’s the thing: when it comes to money, relying on a single source of income can be risky. We’ve all seen how the unexpected can happen - whether it's a job loss, an economic downturn or the dreaded sudden and unforeseen change in personal circumstances... The unpredictable has a bad habit of turning up when you least expect it. And when it comes, it can throw even the best-laid plans into disarray. It's happened to me, I'm sure it's happened to you but I am super motivated to show you a way to insulate yourself from it rearing its head again in your future.

It's all about creating multiple streams of income. This is such a game-changer. It’s about diversifying your financial life so you’re not dependent on one single source of income, which in turn gives you more security, freedom and peace of mind.

Come on, let's dive in - I am so passionate about this, I really hope you'll get excited with me!

Why Multiple Streams of Income Matter

I like to start with the end in mind. So before we get into the how, let’s talk about the why.

Why should you care about creating multiple streams of income?

Why am I so incredibly passionate about this topic?

The answer is simple: options and choices.

Which ultimately leads us to security and freedom.

Relying on just one source of income?

Well then, you’re putting all of your eggs into one, singular basket.

So what if something happens to that basket?

What if that basket - a permanent full time job, simply disappears during a routine downsizing?

What if your industry gets hit with a massive shock - like the way hospitality or travel was impacted during the pandemic...?

What then?

What if you become ill and can't show up to work and as a result, totally understandably you can no longer receive that salary.

What happens at that point?

If you're as heavily geared as most women or even just dependent upon that income for your day to day cashflow needs, then you're going to find yourself in a pretty precarious financial situation.

That may well be the moment at which you wish that you'd thought ahead, been prepared and made provision for this exact situation.

You see, when you have multiple streams of income, you’ve instantly spread the risk.

In the (not altogether unlikely event) of one stream drying up, you’ve got something (hopefully several somethings) to fall back on.

See, here’s the thing: creating multiple streams of income isn’t just about avoiding risk; it’s about creating opportunities.

It’s about giving yourself the financial flexibility to pursue your passions, take risks and build the life you want.

When you have multiple sources of income, you have the holy grail of OPTIONALITY! This means more choices, more freedom and more control over your financial destiny.

Shifting Your Money Mindset

OK, so now we're on the same page about why this is such a central part to the work I do, the woman I am and the life I'm encouraging you to design for yourself, let's move into the mechanics of it all.

Let’s start with your mindset.

As with most things in life, your mindset plays a crucial role in your financial success. I think you've probably heard me say that a few times, too! Am I right?

But what does that mean, exactly?

Well, if you've bought into the story that you can only earn money through your day job, then that’s going to seriously limit your ability to see opportunities for additional income. And trust me - there are many!

If however, you choose to adopt a growth mindset - one that’s open to new ideas, willing to take risks, and eager to learn - that's when you’ll start to see opportunities everywhere.

Ask yourself a couple of questions and give yourself the truthful, honest answers you deserve:

What are your beliefs about money?

Do you believe that money is scarce, or do you believe that there’s more than enough to go around?

Do you think that making more money requires working more hours, or do you believe that it’s possible to earn more by working smarter, not harder? 

Shifting your money mindset is the first step toward creating multiple streams of income.

You're going to need to start by challenging any and all of those pesky limiting beliefs you have about money and embrace the idea that there are countless ways to earn an income.

Just like there are countless dollars waiting for you!

Getting Clear on Your Goals

So what's next? Goals.

Yup, that's right. It's all about your goals.

If you've been hanging out with me for a while then I'm sure you've heard me bang on about getting crystal clear about your goals a LOT. That's because it's SUCH a hugely important part of making this all work!

Ok, so before you go and take the big dive into creating new streams of income, it’s essential to get clear on what it is you actually want to achieve through this process.

Again, honestly answer these questions:

What are your financial goals?

Do you want to pay off debt?

Save for a big purchase?

Build that long, overdue nest egg for retirement?

Fund your children’s education?

Are you yearning for the financial freedom to pursue that long buried passion project?

Do you want to see all those sights you've dreamt of and travel the world?

Whatever your goals, it’s important to be specific.

Make them clear, measurable and achievable. Give them a deadline and then create a plan to reach them. My Map the GAP workbook is a great (and FREE) place to start with Financial Goal setting so grab yourself a copy here.

Your goals will be the guideposts that influence your thinking and ultimately the path you choose as you explore all the different income streams you can choose from.

Exploring Different Income Streams

So now, let’s get to the fun part: exploring all the juicy and exciting ways you can go out there and create those additional streams of income.

There are countless possibilities - nobody can tell you what to pursue. The best path for you will depend on your skills, interests and those goals you defined in the step above.

But, since you asked, here are a few ideas to get you started:

Side Hustles

Side hustles are one of the most popular ways to create additional income.

Unless you've been hiding under a rock, I'm sure you're down with the definition but I will throw one out here for you:

A side hustle is any work you do outside of your primary job to earn extra money.

Anything.

Any. Thing.

It could be anything from freelancing, consulting, or selling products online, through to offering a service like tutoring, dog walking, or house cleaning.

The beauty of a side hustle is that it allows you to leverage your existing skills and interests to generate income on your own terms.

Plus, it’s flexible - you can work as much or as little as you want, depending on your schedule and financial goals.

So what are you waiting for? Start brainstorming side hustle ideas right now.

What do you love?

What are you good at?

What would you like to do more of?

What do others tell you that you seem to have a natural gift for?

Don't overthink it, just brain dump all the ideas that come to you and cull the list at a later date.

And..... GO!

Investments

Investing is another powerful way to create additional income.

When you invest in assets like stocks, bonds, real estate, or even a business, you’re putting your money to work for you.

Over time, these investments can (and ideally will) generate passive income - money that comes in without you having to actively work for it.

So many women feel baffled about where to begin with investing and I've written several blog posts on this as well. Check out the books I recommend for getting started here and Investing 101 for Women here.

Of course, investing comes with risks, so it’s important to do your research, make sure you understand everything, move slowly, consider all the options and possibilities and seek professional advice if needed.

But when done wisely, investing can be a key component of your overall financial strategy.

Rental Income

If you own property, renting it out can be a great way to generate additional income.

Providing a home for someone via a long-term rental is a fantastic way to contribute to the betterment of society as well as providing you with a steady stream of passive income.

And have you considered the short-term vacation rental market? There is a lot of money to be made, listing a spare bedroom, part of your home or even a whole house to travellers and holiday-makers. You'd be surprised how lucrative this can be, even if your location doesn't scream "tropical beach-side getaway" or "downtown chic". There are people needing a clean, comfortable and well equipped home-away-from-home in all sorts of places, so give it a try - you may be surprised at the demand that exists!

If you don’t own property, consider other rental opportunities - these days there are ways to rent out all sorts of gear: cars, caravans, tents, baby equipment, even your under-utilised garage space.

Online Courses and Digital Products

Do you have expertise in a particular area?

Why not create an online course or digital product?

Whether it’s an eBook, a webinar, or a full-blown course, selling digital products can be a lucrative way to share your knowledge and create a new stream of income.

Yes, I'll admid, there is a bit of a learning curve but once you've mastered the tech side of things and you're on your way, students are out there and the dollars really do exist in this space.

So once you've nailed your idea and you've become a creator, the best part of all is that its evergreen and will continue to generate income with minimal effort on your part.

How's that for broadening your thinking?

Affiliate Marketing

Affiliate marketing is a way to earn money by promoting other people’s products. When someone makes a purchase through your unique affiliate link, you earn a commission.

This can be a great way to generate passive income, especially if you have a blog, website, or social media following.

The key to successful affiliate marketing is to promote products that align with your values and that your audience will find genuinely useful.

Do you have friends selling essential oils, water filtration systems, diet shakes and supplements? Chances are they are in an affiliate marketing program so you could always reach out and get the scoop from them.

Dividends from Investments

If you’re investing in stocks, consider focusing on dividend-paying stocks.

Dividends are regular payments made by companies to their shareholders, and they can provide a steady stream of income.

Over time, reinvesting those dividends can also help your investments grow.

Freelancing or Consulting

If you have specialised skills - whether in writing, graphic design, marketing or a stack of other areas -freelancing or consulting could be a great way to earn extra income. The demand for freelancers is high and many companies are looking for experts to help them with specific projects.

The advantage of freelancing is that you can set your own rates and work on projects that interest you.

The disadvantage may be squeezing the work in around your existing commitments. But with clear communication around deliverables and expectations, this really can work.

Royalties

If you’re a creative professional, consider earning royalties from your work. Whether you’re an author, musician, photographer, or artist, you can earn royalties when your work is sold or used by others. This can be a great way to earn passive income over time.

One of my colleagues in a corporate marketing job I had a few years back was a composer as a side hustle. His music was used in computer games, in promotional videos and in real estate footage. He made a tidy amount on the side and was able to indulge his passion for creativity. So if you have the right skills and background, this can be a great pathway.

Planning and Strategy: Setting Yourself Up for Success

So it's all exciting to spitball ideas and imagine all the ways you can explode your bank account but if you want to get this right, you're going to need to do some serious thinking.

Creating multiple streams of income requires careful planning and strategy.

Shooting off in a thousand directions at once will wear you out. You want to get clear on a plan and execute it once.

It’s not just about jumping into the first opportunity that comes your way - it’s about being completely intentional and aligning your income streams with your financial goals, in a way that complements your lifestyle.

In order to get it right, the first time, here are some steps to help you plan and strategise:

1. Assess Your Skills and Interests

Take stock of your skills, interests, and resources.

What are you good at?

What do you enjoy doing?

What do you have that others might find valuable?

Use this self-assessment to identify potential income streams that align with your strengths.

2. Start Small

When you’re just starting out, it’s easy to feel overwhelmed by all the possibilities.

Start with one income stream, and build from there.

As you gain experience and confidence, you can add more streams.

3. Diversify

Remember the importance of diversification.

Don’t put all your eggs in one basket - spread your income streams across different areas to reduce risk.

For example: if you’re investing in the equity market, consider adding real estate or a side hustle to the mix.

4. Stay Organised

Managing multiple streams of income can be challenging, so it’s important to stay organised.

Keep track of your income, expenses and time commitments to ensure that you’re making the most of your efforts.

If you are neurodivergent, be aware of your limitations and what you can handle and what might bring you undone. Then, plan accordingly.

5. Be Patient

Building multiple streams of income takes time and effort.

It's like the planting of a seed. You cannot expect the plant to emerge and bear fruit right away.

Don’t expect overnight success.

Be patient, stay focused on your goals and keep pushing forward.

Overcoming Challenges: Mindset and Self-Worth

As you embark on this journey, it’s important to recognise that challenges will arise. Possibly often.

You will may face setbacks, self-doubt, or fear of failure.

That is completely normal and proves that you are, indeed human!

That’s where your mindset and self-worth come into play.

How to win when you're feeling overwhelmed?

Embrace a Growth Mindset

A growth mindset is the belief that you can learn and grow through effort and experience.

When challenges arise, view them as opportunities to learn and improve.

Remember that failure is a natural part of the learning process, and it’s okay to make mistakes.

Build Your Confidence

Creating multiple streams of income requires confidence in your abilities and decisions.

Take time to build your self-confidence by celebrating your successes, no matter how small.

Surround yourself with supportive people who believe in your potential.

Practice Self-Compassion

This is a big one and few women have nailed it, so I'll say this part slowly to make sure it sinks in...

It’s easy to be hard on yourself when things don’t go as planned.

Self-compassion is your key to becoming and staying resilient.

Treat yourself with kindness and understanding, and recognise that you’re doing your best.

PS: Ready to Take Control of Your Financial Future?

Creating multiple streams of income is a powerful way to build financial security and take control of your future. But remember, you don’t have to do it alone. If you’re ready to redesign your relationship with money and create a financial strategy that works for you, I’m here to help. My coaching services are designed to support you in achieving your financial goals and building the life you deserve. Let’s chat about how we can work together to create the financial future you’ve always dreamed of!

While you’re here, be sure to snag my free workbook, Map the Gap.

It’s designed to make money goal setting a breeze - so easy and effective that it’s perfect for building into your regular routine. Even if you’re just dipping a perfectly polished toe into the world of Money Coaching, you’ll find it simple to dive in and get started. Trust me, the results will be so fabulous you’ll be amazed!

There’s nothing to lose except your fear of failure, so go ahead and grab your copy here.