5 Different Multiple Income Stream Strategies Shared by Readers
A month ago, I asked readers to share their stories about how they have created multiple diversified income streams by choice.
15 readers shared their stories in the comments and I really enjoyed hearing what others were doing. I am sure you will too, so I decided to provide some highlights and boil down each story into a ‘strategy-type’.
Hopefully it gets your creative juices flowing, as it did mine.
The “Best of Both Worlds” Strategy:
Rita quit her corporate job, but maintained much of the same clientelle on her own. Her income was roughly the same on much less hours. Rita didn’t mention this, but this is also a great way to diversify employers (instead of having one employer, she has a number of clients, distributing her risk of getting ‘laid off’).
With all of her new found free time, she started up a dog grooming and walking business because she loves dogs.
More freedom, time, passion, and diversification. What’s not to love about that?
The “Truly Diversified” Strategy:
Ginger, although not employed, has developed a number of income streams with her husband, including:
- Income from a rental
- Husband’s job
- Going back to school for future career
- Behavioral research surveys at a local university (I didn’t even know this existed)
I like it. Income from an employer, a side business (rental), income that can be earned in free time (surveys & blog), and planning for the future. Very well thought out and very diversified. Very inspiring, Ginger!
The “Concentrated Focus Diversification” Strategy
’20 and engaged’ diversified her income, while at the same time having a concentrated focus on web publishing. She has earned income through:
- Website development and design
- Affiliate income
- Blogging for other websites
Sticking with what you know and getting very good at it while diversifying at the same time can work very well.
The “Part-Time Freedom” Strategy
Vanessa brought up a rather brilliant strategy that I had not thought of before. While she is getting her bachelor’s degree, she holds 3 different well paying part-time jobs:
- At a Brinks-type company doing cash counting
- As a contract paralegal (works her own hours, from home)
- At her university filling printers with paper
Since they are all part-time she has flexibility with her schedule. She’s also building experience for her resume (essential these days for new grads). I don’t know for sure, but I’m guessing her student debt will be significantly less than most, if existent at all. The key to making this strategy work is to find jobs where you set the schedule.
The “Traditional” Strategy
Probably the most common tried and true strategy out there, Amanda is adding multiple income streams to her full-time income as an engineer. She has also started tutoring high school students in math because she loves math and teaching. On top of that she is earning income through dividend stocks.
There’s a reason why this strategy works time and time again – you have the security of a full-time job while further boosting income through doing what you love and passively through investing.
What’s your Multiple Income Story?
Thanks to all of the readers who shared their great stories!
Are there any other multiple income strategies that you can think of or you are already executing that you can share?