Diversifying Your Income – Having More Than One Income Stream
You’ve probably heard it before that you should have some diversification in your income generation strategy…or more than one income stream.
There’s a reason why many successful people (especially entrepreneurs) do NOT just rely on one source of income and that reason is security.
If one particular income source were to “crap out” for any reason, you have more options to fall back on, more flexibility and more diversification.
It blows my mind how many people just rely on their 9-5 job to get by, without even considering the consequences of putting all your eggs in one basket.
Nothing against 9-5 jobs as I still work one myself…
However, I have multiple streams of my income that help supplement this.
Let me ask you a question, what if you lost your job?
What money would help keep you afloat?
How would you pay your bills?
If I can give you one tip, it would be to never rely on one source of income.
In this short post I want to provide you with a few concrete examples of my diversification strategy to maybe get your gears turning and motivation flowing.
Please note that this is what I do and that you will have to find your own income generation methods…but maybe this list will help catapult you in the right direction.
My Current Income Generation Strategies
1.) Solo Ads– If you’ve been reading this blog for anytime now, you may be familiar that I run a solo ad business. Solo ads have helped provide me an extra source of income for almost 2 years now.
2.) Blogging- Although this blog is still fairly new, it does generate a little bit of income for me and also for my solo ad business. I also expect this blog to organically grow with the more content I produce and exposure it gets, resulting in more income down the road.
3.) Affiliate Marketing- I’ve been doing affiliate marketing for years now using ClickBank, which has been an excellent extra stream of green. I started out with small niche websites/YouTube, and now have transitioned into other marketing techniques.
4.) My 9-5 Job- My day job is a consistent paycheck with benefits and helps me invest more into other income generation methods. Jobs can actually be really valuable if you use them as leverage instead of relying solely on them.
5.) Investing in the Stock Market- This is my favorite strategy for building long-term security and independence. I invest a percentage of my income every single month into the stock market (specifically through Vanguard). If you start as young as possible and are disciplined enough to ride out the volatility of the stock market, the results (especially because of the power of compound interest) can be amazing!
I also have a few other projects in the works…My main focus being E-commerce (more to come on this) 🙂
However, I highly recommend not putting too much on your plate to start.
It’s important that you focus on only one income source at first until you feel comfortable enough to attempt something else.
What income sources do you currently have?