The problem with multiple income streams

Is having multiple income streams just a way to hedge your bets so you never really fail? 

When I started my career, I was obsessed with the idea of setting up multiple income streams. I wanted to have a freelance social media management business, and also grow that to become an agency, and also make finders fees for jobs I referred to other people, and also sell digital products online. Looking back, I can describe what was going on with two words: fear and distraction.

I was afraid to go all-in on one thing, and then fail. If I tried really hard at something, and it didn’t work out, what would that say about me? 

I let myself get distracted from my main goal (a sustainable freelance business) by chasing shiny new income streams. If they didn’t pan out, that was okay, because I only spent a little bit of time on each one. 

Building second and third income streams only makes sense if your main income stream is humming along like a well-oiled machine. Before that point, they’re just a fearful distraction. It’s okay to try really hard at one thing, and then fail. That’s how you get your main income stream to a good place.