My 4 streams of income as a music producing IT auditor
Covid-19 has hit the world hard and impacted every single individual in one shape or another. Most people have had their entire lives turned upside down and I thank God each day that I have been, in all sense of the word, “spared” by Coronavirus and its health and economic impact.
One thing I have realized is that you cannot rely on your 9 to 5 job for your entire income and livelihood. Also, by not putting all your eggs into one basket and building various streams of income, you can eventually become financially free.
I am currently in the second year of my working career. I am an IT auditor for one of the big four global auditing companies. Yes, I have my boring and stressful days but, all in all, I get paid well, find balance in my life and enjoy how much I am learning. Given this, I am still focused on building multiple streams of income.
Before I talk about my income streams, I want to differentiate between income and wealth.
What is the difference between Income and wealth:
Wealth refers to the cumulative worth of your assets.
Income refers to the amount of money you earn from your salary and what is reported on your income tax return.
There are 3 main ways to build wealth:
- You trade your time for money. This would be your job for example.
- You spend less than you earn.
- You save and invest your money.
This article will explore point number 1. It will look at various ways I am aiming to build my active income (work I perform in exchange for money).
The other two points will be discussed in a later article.
Why have multiple streams of income:
The answer is simple. Multiple streams of income lead to diversification in sources of cash flow coming in. This allows you to easily move to another income source in the case that one is no longer available. In addition, it helps reduce the financial knock you may take during troublesome times.
In addition to my 9 to 5 job, my 3 other income streams are:
- Ghost Production
Music is my passion and I have been producing for over half a decade. In addition to releasing my own music, I offer a service to make music for other people.
The term “Ghost Producer” refers to a professional who is hired to create a song for a DJ, band, or artist anonymously. Ideally, I produce a full record for someone who will then release that song as their own, without any credit given to me. Ghost production was never something I planned on doing but, about a year ago while scrolling through Instagram, I got a direct message from someone saying the following:
“Hi there. I heard your latest release on Spotify and I am impressed with your quality of music and taste. I am looking for a co-producer to help me with a song. I am willing to pay you.”
I was intrigued and wanted to know more so I messaged back. It quickly moved from the need for a co-producer to a request for me to produce a full record. We eventually agreed on a price and I got started on the song. The process went fairly smoothly, with only a few adjustments here and there.
Once I saw the money paid into my PayPal account I realized that this could be a good niche avenue to make some extra cash. Since then I have produced several records for other artists and DJs, both big and small.
2. Running a business
The second stream of income comes in the form of a business I run for my dad. The business deals in custom made picture frames and mirrors and is something he has been trying to get off the ground for around 6 years. It is a little project for me to help him grow it the best way I can. I hope to give an update on its progress in the coming months.
3. Medium
The final stream of income is writing articles for Medium. I am not focused on making money and more so, I enjoy the articles I get to write and the stories I get to share. Also, apart from making music, it offers me an avenue to be creative which I love. I love writing as it offers a platform to document what is going on in my mind and share my thoughts with the world. I have been writing articles for years and it is something I am passionate about and enjoy thoroughly. If it allows me to earn some money on the side, that would be a bonus.
A big thank you to https://medium.com/illumination for being the first publication to feature my work. You can find that article over here:
Furthermore, a special mention should be given to Timothy Key for giving me my first claps. Thank you Sir.
The above 4 streams of income are not the end for me. I believe that diversification of investments and income coupled with a lifestyle of financial minimalism is a way to true financial freedom. My goal is to share more on digital and financial minimalism and why that lifestyle is imperative to my money journey.
There is absolutely nothing special about me. If you are a creative individual and can deliver a product or service of value to someone else then you have a side hustle going. It is as easy as that.
I hope this article has helped enlighten you to the possibility of earning from various income streams. I wish you well on your financial journey.
