As the cost of living crisis continues, more and more people across the UK are becoming multi-income individuals to help take some of the sting out of it.
What’s a multi-income individual, and how does it work?
A multi-income individual (or ‘Mii’ for short) is simply someone with more than one income source. For example, someone who has a ‘main’ job and a side hustle – or several.
According to this report by Utility Warehouse (UW), there are over 20 million Miis in the UK right now. That’s a huge increase from five million Miis in 2017. But for some, there’s still a stigma around having more than one stream of income.
In reality, Miis do an excellent job of both working hard to improve their lives and helping to drive the economy. Forbes recently released an article detailing five ways having multiple sources of income as an entrepreneur can benefit you; here are five more ways being a Mii could be the right choice for you, too:
Flexibility and independence
Before the pandemic and ‘the new normal’, being able to work from wherever you are and take breaks whenever you needed seemed like a pipe dream.
But since the days of office workers having no choice but to work from home, it’s been shown that productivity can actually improve without the commute, fluorescent lights, distractions and micro-management. And that, in general, people are happier working remotely.
Being a Mii in particular allows you not only to operate your business from home if you choose, but also the opportunity to work from literally wherever in the world you want. Because you’re your own boss, you get to decide for how long and from where you work.
Financial stability and security
Being a multi-income individual isn’t just for helping to balance out the effect of rising costs everywhere. It’s also for people who want to create a financial safety net in case one or a main source of income falls through.
With some sectors feeling more stable than others, many are turning to multiple sources of income as a ‘just in case’ plan. According to UW, nearly half of those who work in the education sector in the UK (for example, teachers), already have an additional stream of income. Just this group of people alone equates to 1.5 million adults.
Increased earning potential
As well as providing a cushion against the cost of living crisis, having multiple sources of income can also be an opportunity to be able to save more, and even to spend more.
There are lots of different ways to increase your income by becoming a Mii that don’t involve having to juggle two traditional jobs. Whether it’s monetising a hobby, doing a few shifts with Uber and Deliveroo or offering handyman services on TaskRabbit, there are more and more creative ways to create extra income streams.
Personal and professional growth
More than the opportunity to earn more money, having a second income source (or a few) could also open more doors in your career down the road.
More and more employers are valuing a diversified CV – meaning a CV that demonstrates experience in more than one narrow field. By starting your own business or side hustle, you’re demonstrating the ability to take initiative on your own projects, as well as gaining hands-on experience in different areas.
Improved work-life balance (eventually)
There’s no sugar-coating it – having more than one income stream can be hard work, especially at the beginning. As a multi-income individual, even if you love what you do, it can be hard watching your colleagues log off at the end of the day while you ‘log in’ to another type of work.
But as long as you have the passion and patience to continue, your side hustle could eventually bring success that matches your ‘main job’ – or even surpass it. When you’re no longer tied to one source of income, you can choose to scale back. And, with enough hard work and a little extra luck, you could even find yourself able to retire early.
Thinking about starting another stream of income yourself? What special skill or hobby do you have that you could start making money on?