I’m really in love with the idea of diversifying your income streams.
And I don’t mean “diversifying” as a means to survival – i.e. the single mother who NEEDS to work three low paying jobs to pay rent and feed her kids. It’s a shame that there citizens in this country that have to do that when there are others who live so extravagantly. But… we’ll save that discussion for another day.
I want to focus on diversification out of choice.
In other words, you have revenue from multiple sources, not because you need to. Rather, you want to.
Multiple Income by Choice
…Maybe you work a full-time job that more than pays the bills, but you’ve started up a small business that you work full or part-time on in the evening in order to scratch your entrepreneurial itch or with the future goal of making it your full-time gig.
…Maybe you left your day job and are a full-time freelancer and get your income from 2, 3, or 4 different avenues. No single creative endeavor can tie you down! You diversify because you have a ton of interests. I get that.
…Maybe you dabble in real-estate rental properties or in flipping homes.
…Maybe you have a marketable hobby or two that you make a few thousand a year on. You took something you loved and turned it into an income stream.
…Maybe you’ve amassed enough savings to actively invest and get a steady income from.
Whatever it is, you’re juggling a few different endeavors because you really wanted to.
Whatever your Story is, Please Share it!
Not only are these types of stories inspirational to everyone, but in today’s economy, they are a way to recession proof yourself. To be 100% reliant on your employer in a work climate that does not value employer loyalty is a big risk to take.
I’d love to hear stories about how you have diversified your income streams.
Please share your story and inspire us in the comments!
This is a great discussion topic. So I quit my corporate job and now do two things for income:
1. Consult with some of my old clients from previous jobs.
2. Groom and walk dogs.
The first is really for a decent revenue stream, but in cutting out the middle man (my employer), I have been able to make just slightly less than I was making while working half as many hours and with much fewer clients.
The second is because I love dogs. It also allows me to meet a ton of people in the community.
I’m making more money, I’m happier, and I have more free time!
Love it! thanks for sharing, Rita. I have a feeling that there will be a whole lot of dog walkers out there in a few years. Good thing you’re getting an early start.
My fiance and I are diversifying our income. We have a rental plus his job. I am working on my blog in the hopes of some day turning a profit on that as well. Right now I am not working, instead trying to get into grad school which will in the future create another stream of income. We also are trying to invest so in addition to our retirement savings we also have at least enough invested to pay our rental when it is not rented. I will be unemployed for at least two or three year, and having enough invested will take about ten to fifteen years but every little step helps along the way.
Also, I am a research subject for behavioral research at the near by research university. I get paid $10-$15/hr to fill out surveys (much better than online) and I have also gotten food for some of them. This brings in a little money for my EF that I would not have otherwise.
The great thing about blogs is that profits are easy to turn (very little expense). Getting people to visit so there is revenue in the first place… that’s the hard part.
You sure have that right. I am starting to have a stable though small amount daily but I seem to have trouble getting people to comment. Maybe once I get a larger daily group people with comment more. Any idea on how to get people to comment?
Content that engages.
I seem to be starting to have a bit more comments in my blog recently, which is amazing. I seem to be getting a few people coming from here so thanks :).
I’ve attempted to diversify my income by offering multiple services. One is website development / design (getting people on WordPress). I’ve applied for multiple affiliate programs, and hoping that works for passive income. I also blog for other websites. I try to diversify without diluting if that makes sense.
Makes perfect sense. Keeps things fresh and diversified without having to learn a completely different craft b/c they are all somewhat related.
Like some of the other I have a blog, which makes a few dollars, but Im trying to increase that.
I invest in dividend stocks, and I am trying to build up my portfolio. Right now I reinvest, but at some point in the future I will take the dividends as income.
I’m in the same boat. Don’t have enough saved up to make it worth taking dividend payouts now, but down the road, that is definitely the plan.
I have done a ton of different things. I work full time as a graphic designer and have done some freelance graphic design. Last year I made a good amount of money, but since I didn’t withhold the freelance income, half of it is going to go to Maryland state taxes this month.
I used to paint and sell paintings. That’s something I plan on doing again in the immediate future. I also want to learn more web design to where I feel comfortable doing those jobs.
Maryland is taking half your income? That seems excessive!
Diversification is super important in my books!
I’m doing my bachelor’s now but have three decent-paying part-time jobs.
1- At a Brinks-type company, cash counting
2- As a contract paralegal (work my own hours, from home)
3- At my university filling printers with paper
The three jobs give me the freedom and flexibility that I need as a student but also allow me to not stress about potentially losing me job :)
That’s an interesting strategy. So, if I understand correctly, your goal in having the diversity is to be able to tell them the schedule you want and if they don’t like it, you have other opportunities – vs. – relying on one job with a fixed 40 hour schedule. Does that sound right?
I did something very similar in college. My “main” job was for a drugstore stocking their hallmark cards. I worked 12-24 hours a week just doing that and I mostly set my own hours around classes each semester. Since exams and set ups for major holidays didn’t really coincide, I was usually able to work less hours during exams too. For a while I worked an additional office job that paid more for 8 hours one day a week doing some administrative busy work. In the summer, I picked up extra work with hallmark doing “resets” where they switch up the standard card display.
I basically patchworked together my income to have greater flexibility which is great for a schedule that changes a couple times a year. This technique works MUCH better when you have control of your hours. Working retail where the store sets your hours is much more difficult to coordinate multiple jobs. It’s usually hard enough to just get them to not schedule you during classes!
I’m a single mom working as freelancer doing ghost writing and I love it. It’s helping me to pay some bills and support my family. Also I have more time for family since I work from home.
I think owning and maintaining a rental is my next endeavor. My family has done this in the past and it’s a steady income stream as long as you have someone interested in renting. Right now, My only other side income stream is blogging, which isn’t making much now (only 6 months in) but long term, it will grow to 1000/month easily. Does anyone else consider free 401k money from employers as a another income stream? I know I do!
I wouldn’t consider a 401K match an additional income stream just because you can’t really use that money now, it’s for a future date.
And if you lose your job, you also lose the match so that is not diversified.
I am an engineer at a large company (good money, lots of hours on a salary).
I have started tutoring high school students in math. I love math, and most of them have been told all their lives that math is hard, and you shouldn’t like it. It’s a great way to make $50 here and there.
I am also starting to put small amounts of money in dividend stocks.
I am an engineer as well and just started working for a large company too. I am also considering tutoring. The majority of my stocks are dividend stocks as well. Are you familiar with REITs?
I recently started my own business to diversify my income. I work full time for a Commercial Bank in Manhattan so there is really no time to take on a part time hourly job with the Corporate hours I work. A friend of mine introduced me to a network marketing Company called Arbonne International. It’s an amazing Company that sells vegan skin care, cosmetics, and weight loss management products. The compensation structure is very fair, the initial investment was reasonable, and the business can be built on 10-15 hours a week. I think network marketing is the perfect way to scratch the entrepreneurial itch and get your feet wet with owning your own business without taking on a huge risk. What’s even better is that you can build your business along side a full time corporate job and profit from having both streams of income. Plus for me its just fun to do something where I am out meeting people since I spend my whole day infront of a computer.
It was interesting to read the comments. Yes, having a diversified income is a comfortable trend! Thanks for asking people’s stories about this!