Multi-Income -Individuals
A Mii is anyone who has more than one source of income stream. Quite simply, he or she is a Multi-Income- Individual.
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You probably didn’t realise, but in 2023 there were more than 20 million multi-income- individuals in the UK and by 2025 this figure is expected to increase to 25 million.
It’s not just the the rising cost of living why people have more than one income. Some people just want to learn new skills and make a bit extra from their hobby or passion.
Then there are others who hate their jobs and desire to be their own boss, and of course, others just want to improve their circumstances.
Some people in their 50’s and 60’s who took early retirement during Covid are now going back to work part-time to ensure their dreams of a life of leisure don’t wipe out their savings, and the same applies to pensioners.
Whatever the reason, having a second income stream is becoming the norm and the stigma that used to be attached to doing so no longer exists.
Multi-income-individuals are on the rise!
Since millionaires apparently have seven different income streams, it doesn’t always mean people who have more than one job are struggling for money.
There’s a lot to be said about not putting all your eggs in one basket and being a multi-income-individual, or mii as they are often referred to, helps support the economy and contributes millions of pounds to the nation’s coffers.
The Problem with Being a Multi-Income-Individual
There is one big problem about being a mii though and that’s there are only 24 hours in the day and you have to eat and sleep during some of them.
If you trade your time for an hourly rate it means there’s a ceiling to how much you can earn., but for those able to earn residual income, the sky’s the limit, which is why being a multi-income-individual is becoming far more desirable.
Check out our Linear v Residual page to see the difference!
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