This blog post is a little later than usual, and not on the subject I had planned to cover (which has been moved to next week, and I’m very excited about it!). This week I had to deal with an unexpected crisis, a word I do not use lightly in this case. Suffice to say, I had to be there for someone who is a big reason Designsbyhall.me exists.
The truth is that life isn’t always smooth-sailing. Stuff happens when you least expect it, and there’s nothing you can do about it. It’s a scary thought when you’re a freelancer, or running any business where you have no employees. You basically have to shut down everything until whatever event it is passes. There’s no such thing as paid personal days because, unless you’re fortunate enough to have built a passive income source, no money is going into the business if you’re not working.
Diversified & Passive Income
One thing I’m a strong believer in is diversified income. So many people rely on a single source of income, wether that be a job, or doing freelance work. The truth is nothing is guaranteed, and even the most stable work could become unstable overnight. Another reason for having multiple income sources is for these emergencies that life can throw our way, but often times these emergencies can put a stop on any income that’s not passive. For example, I have a part-time job on top of my freelance work, but I had to take time from both which means no money coming in, and an added stressor.
That’s where passive income, which I mentioned earlier, comes into play. It can take a lot of work upfront, and it can take some time, but if you find yourself in a situation where you can’t devote the time needed to sustain active income sources it’s going to be worth it. While I don’t have any passive income at the moment, it’s something I am very much working towards. Fortunately, I’m in a position where I could afford to lose out on 3 days worth of income, but it’s still difficult and stressful.
Passive income is something that doesn’t require any involvement. It’s something like selling an icon set, a Teespring shirt, or a video class. Essentially, selling anything that involves you doing the work upfront, and the product is distributed digitally or by a third party.
Once the event is over, you will have to settle back in to your routine. Even if you have a passive income that could sustain you for awhile on its own, it’s healthy to go back to routine. Taking too much time is only going to make things harder down the line, even if you’re doing something you’re immensely passionate about.
Coming back after an extended period of time can be stressful though, because you have several things that piled up. Emails. Project due dates. To-do list items. So much that it can really become overwhelming, but take it slow and prioritize. I came home tonight to a few dozen emails, but they can all wait until tomorrow because it’s very important to me to get a new blog post out on a Thursday (even if it is much later than usual).
It’s ok to get stressed out, because there’s no avoiding it when you get thrown a curveball. The important thing is that you put yourself in a position that will minimize the stress when something does happen, and pace yourself when catching up when things begin to settle down.