Jason Leong

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499 appearances 2 recordings 1 series first heard Aug 2021 last heard 29 Jun

Jason Leong’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · How to juggle multiple jobs (and incomes) on a budget · 26 Aug 2021 podcast

And it's not just in terms of income, but happiness and personal satisfaction and personal development.

The challenge, though, with multiple incomes is that we need to be now more financially skilled because instead of one steady paycheck, as you mentioned earlier, easier to budget for.

we have to manage multiple and possibly variable paychecks.

And if we don't handle this well, we could end up in the worst financial situation, which just makes the whole thing a lot less pleasant.

Well, the biggest challenge with that non-traditional model is the unknown, right?

So there are bigger risks when you don't have a single predictable paycheck for one job.

So it's important to have a system to keep things organized.

I think there are three golden rules for how to approach unconventional finances, and I'll list them here and I'll expand on them.

So the first one is to separate each income stream into its own bank account.

The second one is to track everything.

And you'll find that this is a bit of a theme for what we're going to be talking about today.

And the third one is to make a plan.

So the first one, keeping a separate account for each income means that you can easily track the balances and the transactions related to each of those hustles.

So what we're doing is making sure that both the incomes and expenses related to the hustle are all in one account.

And right off the bat, you'll be able to check on the health of each of your hustles.

If we don't do this, when everything is lumped in together, it's much harder to untangle the activity.

And it's also harder to understand what's doing well and what's not.

So secondly, tracking everything.

I think it's already important to do this for your regular finances, but it's even more important when you've got multiple incomes.

So because you want to understand which expenses relate to which incomes, so you know at a basic level whether or not you're earning more than you're spending for each income stream.

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