I recently saw a report by Sharon Epperson on CNBC on what they’re calling a new phenomenon of “income stacking.”
Apparently around 5.2% of the workforce, which equates to about 8.4 million people, now have multiple jobs, typically one primary job and one additional stream of income through freelance or gig work (Uber driver, etc.).
When I was younger, I always had two jobs. One primary job which was in an office – good benefits, stable paycheck – and another more creative outlet. I worked in clothing stores at night and on weekends, I did color consulting and personal shopping for awhile. I lived in a place where the cost of living was high, so in addition to two jobs I lived with roommates until I got married, when we had two household incomes.
Even today I derive income from more than one source, as does my husband.
According to Sharon Epperson, this is not just a passing fad but a cultural shift in how we view work.
One of the main things Changing Course has focused on over time is multiple streams of income. There are many reasons for what they’re now calling “income stacking,” including:
- You want to do something more creative but it won’t pay the bills on its own.
- You’re afraid you may be laid off and you want to start something now so you can hopefully rely on it later.
- AI is coming for your job and you want to be ready to pivot quickly.
- You’re approaching retirement age and you want to easily transition to something enjoyable to stay engaged and relevant.
- Your cost of living has increased dramatically and you need more income.
- You can’t find a job at all, or one job that pays enough to support your lifestyle.
You may have different reasons, but the concept is sound:
We need to think about how reliable our source of income really is.
Larger corporations are undergoing rapid change in how they view employees and there’s good reason to start planning for a future without abundant available jobs with benefits, much less employment security.
If you’re considering income stacking, multiple streams of income, or full-on career change, the Changing Course method and Thinking Outside the Job Box can help you choose a direction that will feed your soul as well as your bank account!
