Five Advantages of Being a Multi-Income Individual

As the expenses of daily life continue to soar, more and more people in the UK are discovering the benefits of having multiple sources of income to soften the blow.

What does it mean to be a multi-income individual, and how does it function?

A multi-income individual, lovingly referred to as a ‘Mii', is someone with not just one, but numerous streams of income. For instance, someone who juggles a primary job and a side hustle, or perhaps even several side hustles.

According to a report by Utility Warehouse (UW), there are currently over 20 million Miis in the UK. This marks a significant increase from five million in 2017. However, society may still attach a stigma to having multiple income streams.

In truth, Miis not only strive to better their own circumstances, but also play a pivotal role in driving economic growth. A recent article by Forbes outlined five ways in which entrepreneurs benefit from having multiple income sources. Here are five additional reasons why becoming a Mii could be the ideal choice for you:

Table of Contents

Flexibility and Autonomy

Before the onset of the pandemic and the concept of ‘the new normal', the idea of being able to work from any location and take breaks as needed seemed like a far-off fantasy.

However, since the days when office-bound employees were compelled to work remotely, it has become evident that productivity can actually thrive without the daily commute, office lighting, distractions, and micromanagement. In general, people are happier working remotely.

Being a Mii in particular grants you the freedom not only to conduct your business from home if you desire, but also the flexibility to work from virtually anywhere in the world. As your own boss, you have the liberty to decide both the duration and location of your work.

Financial Stability and Assurance

Being a multi-income individual is not just about mitigating the impact of rising living costs; it also provides a means for individuals to establish a financial safety net in the event that a primary income source falters.

Given that some sectors are more secure than others, many individuals are turning to multiple income streams as a contingency plan. According to UW, nearly half of individuals employed in the education sector in the UK (such as teachers) already have additional income sources, totaling 1.5 million adults in this category alone.

Enhanced Earning Potential

Aside from providing a buffer against the cost of living crisis, having multiple income streams can also empower individuals to save more and potentially increase their spending capacity.

There are numerous unconventional ways to boost your income as a Mii, beyond the realm of traditional employment. Whether it involves monetizing a hobby, taking on shifts with platforms like Uber and Deliveroo, or offering handyman services through TaskRabbit, there are increasingly innovative methods to generate additional income streams.

Personal and Professional Development

Beyond the opportunity to earn more money, having a secondary income source, such as stock investments, can also open doors for career advancement in the future.

Employers are increasingly valuing diversified CVs, indicating experience across multiple domains rather than one narrow specialization. By embarking on your own business or side hustle, you demonstrate initiative and gain hands-on experience in diverse areas.

Enhanced Work-Life Balance (Eventually)

Let's be honest – managing multiple income streams can be challenging, especially in the early stages. As a multi-income individual, even if you love your work, it can be tough watching colleagues sign off for the day while you ‘sign in' for additional work.

Yet, with passion and perseverance, your side hustle could ultimately match, or even surpass, your primary job in terms of success. When you're no longer reliant on a single income source, you can choose to scale back. With dedication and a touch of good fortune, you might even find yourself in a position to retire early.

Contemplating the initiation of another income stream of your own? What unique skill or hobby could you leverage to generate additional income?