The model for the typical American career path has changed. The “gold watch” no longer symbolizes loyalty and longevity, but instead opportunity gone undiscovered. In order to secure financial futures, folks are less inhibited when it comes to job changes, and more willing to develop multiple streams of income. Pinyo Bhulipongsanon, founder of the personal financial site www.Moolanomy.com, lets us in on the basics of multiple income streams.

The model for the typical American career path has changed. The “gold watch” no longer symbolizes loyalty and longevity, but instead opportunity gone undiscovered. In order to secure financial futures, folks are less inhibited when it comes to job changes, and more willing to develop multiple streams of income. Pinyo Bhulipongsanon, founder of the personal financial site www.Moolanomy.com, lets us in on the basics of multiple income streams.


Q. Why do you feel that the career model sought after by other generations no longer works in today’s society?


A. I think things just aren’t the same anymore. Our parents used to spend their lives working for a company and these companies used to be much more loyal to them. Now, CEOs do not even flinch when they have to cut a few thousand jobs to make their numbers -- employees are commodities, not assets. Secondly, technology changes quickly and you have to constantly stay on top of it to keep your knowledge fresh and skills relevant. If you stay in a job too long, you become stale. Combined, it simply makes sense to have a secondary income as a safety net.


Q. What are the biggest advantages to creating multiple income streams?


A. I think the biggest advantage is the comfort of knowing that you have something to fall back on … and that's not all. There are many other benefits. The extra income is a nice way to make your life a little better. It could help you pay down your debt faster or save more. It's also nice to know that every ounce of effort you put in is for you and you alone. You might be one of the few that manage to grow your secondary income to the point where you could quit your job (if you want to). When you're at that point, life becomes a lot more enjoyable because you have the freedom to choose.


Depending on what your source of secondary income is, you also get to meet new people who are like-minded and passionate about what they do.


Q. What are your best tips for starting from scratch and finding success with multiple income streams? 


A. I think the most important thing is to find something that's commercially-viable that you enjoy doing now, and think that you'll continue to like a few years down the road. The worst thing to do is pick something that you don't like -- you don't want a second job. The extra money is not worth it if you don't like what you'll be doing.


The Internet certainly opens up a lot of opportunities, so be sure to look around and gather ideas. Try to have a few things lined up. There are many things you could do that don’t cost a lot of money. You can try a few of them and stick with the ones that you like the most.


Molly Logan Anderson is a freelance writer who lives in the western suburbs of Chicago with her husband, Mike, three kids and two labs. Join Molly on her family’s journey of living a frugal life and making financial freedom their reality in her columns and on her blog, www.butterfliesandmudpies.blogspot.com.