Tribute n. 1. something said or done or given as a mark of respect or admiration etc.
Such is the definition provided by my paperback Oxford dictionary anyway. The concept of tribute is an ancient one, that remains persistently present in our modern world preserved in such forms as the musical tribute, whereby a great artist is honoured through a recreation of their work. Historically, tribute was paid to a ruler or nation as a sign of loyalty or dependence. In each case, those paying tribute acknowledged the greatness or superiority of those being paid tribute, and that is how the word made its way to the river. Large rivers form as smaller streams from across a drainage basin join together on their path downhill. Certain channels will emerge as powerful rivers, into which all smaller currents flow, each one bringing its tribute to the primary watercourse and being subsumed by it, and thus, these smaller streams are known as tributaries.
Streams of Income
In the same way that rivers begin at a primary source and are fed and supported by smaller tributaries as they make their way to the sea, our finances have a main source (generally our primary occupation) but can be supplemented by additional income as they make their way to our next payday. While they may operate on a more personal scale running out of money can be as devastating for an individual or family as a river running dry could be for an entire community or geographical region. In both cases, tributaries can help stave off disaster.
As a freelancer, my primary income is from the writing jobs I do; that is the source of my income river. However, that source is often inconsistent, flowing freely and steadily one month, then running at the barest trickle the next. It is not uncommon for me to wonder if it will have what it takes to flow all the way down to the ocean called "costs of living" and that is what lead me to explore the various tributaries available to me.
Side Hustle
There are some important considerations when examining your options for income tributaries, as it is very easy for secondary pursuits to cross the line from help to hindrance if they begin to detract from your primary pursuit.
Three things to keep in mind are Time, Skills, and Reliability:
If it leaves you with insufficient time to focus on your primary goals, your secondary pursuit will, in fact, be impeding your progress. Rather than supplementing your income in order to give you the financial security to pursue your aspirations, it will be crippling your ability to develop in that area by siphoning off time to a less important area. If that is happening, it's time to drop this "support" for something that leaves you the freedom to stay on track, or else decide if you want to make this your primary focus. If it's taking up the majority of your time, it needs to be bringing in the majority of your income, otherwise, it's not an income source, it's a hobby and while there is nothing wrong with hobbies, it would be foolish to think of them as your breadwinner.
Think about what skills this secondary stream will make use of. Will it allow you to develop skills that will aid you in the pursuit of your primary goal? Will it allow you to practice the skills you need but struggle to exercise? Will it use skills you are already well versed in as a result of your primary occupation? Asking these sorts of questions is a great way to maximize the value of your secondary streams and ensure that they are aligning with your primary aims, rather than detracting from them.
Finally, reliability is an important consideration to bear in mind, as the main reason we are cultivating these secondary streams of income is to provide us with a reliable support when our primary source falters. If our secondary streams are equally inconsistent, then it would probably be a more worthwhile use of our time to focus on finding more work in our primary field and cultivating that initial source, especially if our secondary sources bring in less income for the amount of time spent m, as is often the case.
To use an example from my own life, I work as a tutor part-time. This is an excellent secondary stream for me, as the sessions are generally short, only an hour at a time, which leaves me a flexible schedule to fit in my writing and other obligations. It makes use of skills I already possess such as communication, teaching, and research, and I can rely on the fact that I will have my regular weekly sessions, and that there will always be a market for this work.
Everyone Swims
Over the years, I have known friends and classmates who have explored a myriad of possibilities for these financial tributaries. The list encompasses such professions as Uber driver, acting extra, hair modelling, voice recording, busking, construction work, waitering, and even managing social media accounts.
The last one is another personal reference, although not from my time as a freelancer. Rather, it was a way for me to make some money while studying with little available time, and no work experience to speak of. I mention this to raise the point that while freelancers may find themselves in need of secondary income more than most due to an uncertain primary income, these extra streams are by no means restricted to freelancers. There is value in cultivating further income sources, no matter what your primary profession may be. One must always guard against the possibility that these sources may distract from your primary focus, but if one can bear that in mind, the benefits go much further than the purely financial.
These secondary pursuits educate you in a way that your primary source won't. You will gain experience in tasks and interactions that would have otherwise passed you by. You will interact with people who would have never crossed your path. And you will likely be more inclined to take risks, which is definitely a good thing. Rewards don't come without risks, but when you only have one well, you can't risk doing something that could cause it to dry up. You are forced to play it safe, and your horizons are limited by this inability to take risks. Having access to other sources enables you to try things that previously would have been the height of foolishness, and this opens up a world of possibility
So, I encourage you to think about your own financial river, and what sort of tributaries might serve it best. Who knows, perhaps you'll discover that should have been the main focus all along.
Stay creative
Michael
Comments