My income sources & goals for 2024

The thing about coaching is that one gets to learn about lots of things from their clients. For me, one very important thing I learned is about income sources. Specifically, about the need to frame and diversify our income sources in three categories:

• A predictable income source: This is the most crucial of the three, as predictability ensures stability. Predictable income covers essential needs like bills and living expenses. Examples include a salaried job or consistent passive income, such as renting out a spare room.

• An unpredictable but flexible income source: This type of income acts as a safety net during challenging periods, such as job loss. With effort, it can even evolve into a primary income source if it grows significantly. Examples include side gigs, freelance work, or dividends from investments.

• An opportunistic income source: These activities help fill free time and may occasionally generate income, though not consistently or significantly enough to rely on. An example could be selling potted plants grown as part of a gardening hobby.  

This framework resonates deeply with me, as it shifts the focus from jobs to income sources, offering a broader and more flexible outlook. Reflecting on my current activities, I’ve mapped them to these categories:

• Training & renting out of my spare room: Training engagements, though somewhat unpredictable, is totally within my direct control and thus I framed it as a predictable income source. I just need to give the companies time for the administration and onboarding etc to be completed. Similarly, room rental is contractual and thus predictable.

• Coaching: This aligns with the second category. While coaching opportunities depend heavily on client initiation, referrals, and word of mouth - factors outside my direct control - investing in building a client base can increase its predictability over time.

• Other activities: Dog sitting align with the third category as they are adhoc and not related to income streams per se.  

This clarity has helped me manage earlier frustrations and focus on what I can control. My immediate priorities should be:

• Preparing for my coaching exams: Passing the credentialing exams is essential to affirming my credibility and contributing to expanding my coaching opportunities.

• Honing my training delivery skills: This includes mastering face-to-face and virtual formats, staying updated on emerging learning technologies, and adopting tools like generative AI to remain competitive.  

I’ve embarked on a journey to reinvent myself this year, and I’m still on track. Next year, my priority will shift to generating sustainable income while giving myself the time and space to achieve this. Push on!