When you think about the words streams of income, what comes to mind? Often we associate income simply as the money that we receive from our job/s or the work that we do. Although partially true, it is quite a basic and old-fashioned definition. You work, you make money, you spend said money, and then start all over again. Your streams of income don’t stop there. You could have lots more streams of income. Like so many other things, our mindset and perception of something can limit us from our full potential and hinder opportunities that we could be enjoying.
Similarly to the way we put a price on hard work and that our value as workers, employees, or business owners is defined by how hard we work. Money doesn’t equate to hard work and vice versa. Something that I dive deeper into in the “Money Vs Hard Work” blog. Both of these misconceptions are similar in their rigidness and the limitations they put upon us. I want you to take a look at your streams of income outside of your 9-5 and show you the importance of defining your income so that you can take full advantage of your opportunities. Let’s dive in!
Redefining Your Streams of Income
So, yeah, income can come from your job or work. I won’t be winning the Economic Sciences Nobel prize for this statement. We all know this as a fact. However, your streams of income don’t stop there. I like to define income as any money “incoming” and any money that is available to you to use. This certainly doesn’t cap us to just our paycheck. Abundance starts with our mindset. Let’s take a look at different streams of income that you could be benefiting from:
- Money in your bank account: needs no further explanation
- Money in your savings account: although we don’t want to see this as “spendable” money. It is important to acknowledge that this money is there and has a purpose
- Money in exchange for a service or good: we can always find ways to capitalize on our strengths, whether you’re a service provider or not. Can you offer your services and skills to boost your income?
- Money in exchange for labor: same principle as No. 3.
- Money you receive for no reason: your income includes gifts and any money that you’ve received outside of the above examples.
- Money in exchange for resources: such as loaning out your car, appliances, or any other commodity that you possess that may be of use to someone else.
- Passive Income: this income stream is growing in popularity. The richest people in the world make the majority of their income through passive streams of revenue.
Why Defining Your Income is Important
You can really hold yourself back by defining your income as only money made from your job or your work. It is so common to put these boundaries in front of ourselves that have no basis in reality. We so often are the ones in our own way and I think even recognizing and acknowledging that is the first step to squishing limiting beliefs.
If you tell yourself that you can only make money from you 9-5 or from working a nine hours workday… you’re going to do just that. I mentioned in my last blog post that money isn’t finite. Money is as much available to you as the next guy. Rewrite the narrative that there are limitations on how much money you can make so that you can create financial freedom and the life you’ve dreamed of.
We live in an age where our opportunities are endless. Do you ever look at someone online, a friend or a family member, and think “Gosh, they’re so lucky. Good things just seem to happen for them”. Could this be down to luck? Sure, but it could also be down to the fact that they have opened themselves up to the possibility of abundance and are actively seeking out new opportunities. Envy isn’t cute or productive. There is a slice of the pie for everyone if they really want it.
Using the Knowledge of Your Streams of Income to Your Advantage
Let’s get down to the nitty-gritty of it. How can you use income knowledge to your advantage? First, you need to nail down exactly where your money is coming from. Every single plus figure that comes into your account (or hand) is to be included. Once you have that down, you can explore new streams of income. Are you leveraging every aspect and asset that you have to bring in money in ways that make sense for you? There may be ways for you to make additional income that you never would have thought.
YOU are your biggest asset. Don’t forget that your value goes far beyond the number of hours you can work a day. Here are some areas to consider when figuring out your income streams.
- Physical items
How many of the above assets are you capitalizing on? You may only be considering your time as an asset right now, but as you can see from this list, there are so many other streams of income that you could be taking advantage of.
We have to be open in order to attract new possibilities and prospects. If you’ve been hanging around a while now, you’ll know I’m a firm believer in understanding the way our brain works and our mindset.
Are you sick of feeling frustrated with your budget? Are you ready to get that feeling of financial freedom you’ve been craving? Take the first step by downloading my Bulletproof Budget Template. Don’t be a stranger, catch up with me on Instagram if you have any questions about using the template. Or, just to say “Heyyy”.
Recommended Reading: Budgeting Common Misconceptions and Limiting Beliefs