Tips for Achieving Financial Independence

Perhaps you have a part-time job, are looking for more experience, need flexibility due to home life, or are trying to determine if a different field aligns better with your passions. Maybe your current job doesn't provide enough income. Use this moment to reflect and plan ahead for your financial goals.

What is Income Patching?

You may have heard the phrase, "Don't put all your eggs in one basket." This same principle applies to streams of income. Income patching involves creating multiple streams of income to support your family, lifestyle, and personal or business goals and increase your economic security.

By having multiple streams of income, you gain more stability in case something were to happen—loss of a job, family loss, personal injury, market trouble, you name it. It creates a safety net, ensuring that if one area of your income is affected, you still have stability in the other streams.

Many people feel stuck because they fear they won’t be able to make it another month, and they can't find the joy or energy to do anything else due to that fear controlling their emotional and physical state. It's all connected. However, with income patching, it helps many to step away from crisis by giving you the ability to create more income for yourself. You may now be able to save more than you typically would, which provides safety for a rainy day. It also challenges you to grow your skills and manage your time better. Maybe the project you’ve been putting off for years is finally feasible because you now know you have the ability to pay for it, or maybe even make some money on the side from pursuing it. Can you turn your hobby into an income generator? 

This may be a new idea for you and feels exciting but overwhelming. Where do you Start?

1. Assess Your Skills, Passions, and Hobbies: Are you someone who creates beautiful spaces, bakes the yummiest spice cakes, or makes leather bags? Do you specialize in mentorship, health, or other areas? Can you coach someone in those areas? The world is your oyster, but you have to start somewhere.
2. Evaluate Your Resources: Know your numbers. How are you spending your time and money?
3. Set Reasonable Goals: Identify what you want to achieve in 3 months, 6 months, and 1 year. Make your goals achievable to avoid frustration and ensure you see the fruits of your labor.
4. Once you Set Goals, Start: Taking action is often a struggle, like jumping into cold water, it may shock you at first, but soon you'll be swimming laps.
5. Find Accountability: Get a family member or friend to keep you on track. Use reminders throughout the day. Make your phone’s background a vision board of your goals. Wake up early and assess where you are at.
6. Be Open to Pivoting: Learn from your experiences and don't be afraid to make changes. Life is about testing and learning.
7. Invest in Learning: Take a class to upskill in one area if needed.