Multiple Streams Of Income

One of my golden rules of becoming financially independent is to develop multiple streams of income.

Lets face it, we all have multiple streams of outgoings – Mortgage, Council Tax, Electricity, TV Subscriptions, GYM membership, Internet Connection, etc..

How will you deal with those unexpected bills?  Save a little and at some point you wont have any choice but to dip into those savings to pay for something unexpected.  How do you plan for the future when so many unexpected expenses crop up.

Multiple Streams Of Income

Ok so you have a day job, thats income stream number 1.  Why not invest some money in shares, or think about setting up your own business(s). Turn your hobby into a way of making money, are you considered an authority by anyone on a particular subject.  You can turn this into a business online by writing a blog about it.  There are so many ways to make money online.

The problem most people have is confidence and a presumed lack of knowledge.  Learn how to setup a blog free online, which is the simplest and quickest way to get  a webpage up, write about what you know, add some Google adsense adverts and you have got yourself a new income stream.  Do this for multiple subjects and you start to grow multiple streams of income.  Don’t set these up and sit back for too long because your long term success is in the hands of someone else – Google.

Think about developing new business ideas by providing services to others online.   How many website owners actually like and have time to write their own content.  Think about writing content for them and agree a fee, how many websites are there online – masses of potential customers for you.

This is just one of many ways to make money online and build multiple streams of income.

Comments

  1. says

    Solid advice there!

    If you have a hobby that you are passionate about then there is no reason you cannot create even a small income stream from it.

    Practically every passion in every niche will be shared by more than just a handful of individuals. Get out there share your passion and you’ll meet the people interested in the same hobby as you. That’s the start of your customer base or potential JV partners.

    It costs so little to get started and the potential rewards are so great that it’s just crazy not to give it a shot.

    Rob

  2. Gareth Davies says

    Spot on advice. With so much uncertainty in the JOB market, by the way I refer to JOB as Just Over Broke, there has to be a better way of making money to pay those ever increasing monthly bills. To have regular streams of income from different ventures is nowadays a must to survive the minefield of debt and despair. Having been involved in multiple streams of income for just about 10 years I enjoy still being paid month on month for work I did 10 years ago. You just have to take that leap of faith and success will follow with the right set up.

  3. says

    Hi Austin, nice to meet you!

    I do like this post – it has always been my founding wisdom since leaving school to ensure I have multiple streams of income. Now back then it was deliveries and canal boat cleaning and bar staffing but it all added up and if I lost one job I’d bounce back with the next whilst retaining the majority of my income intact. The scary “one job for life” scenario is wasted on me!

    Now I’m online and motivated by a number of interests including marketing but also success mindset, SEO, and a fair few hobbies I enjoy too! There’s something for everyone here and if you take the time to interact you can really meet some great folks and feel like you are adding value to people’s lives.

    I think it is still important to keep several baskets balanced so I also invest in some offline money making activities and investments too. I think receiving cash every day becomes rather addictive: I pity folks who scrape by on a meagre once-a-month salary!

    I create incomes from every interest I have by developing “how-to” content and also by earning money through the thing itself such as music and chess. Every little adds up!

  4. says

    Good to meet you too.

    Well done on turning your hobbies and interests into income streams. This is always the best and easiest way to create income streams because you are passionate about it.

    Too many people try to start by jumping on the latest trends, if they have no real interest in it or passion for it, they usually fail within 6 months due to lack of interest and through running out of things to talk about.

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