I strongly advocate for diversifying your income – I believe that it’s the trend of the future. In light of recent events, I can’t imagine relying on a single paycheck or income source. It’s said that the average millionaire has seven different streams of income. Although my husband and I have roughly seven sources of income, we’re not yet millionaires – though I feel we’re going in the right direction.
It’s critical to know that having seven income streams does not imply you should have seven different jobs. At present, our income is primarily active, but we aim to include more passive or semi-passive income sources soon. Here’s a description of our seven income sources and how we manage them while living a comfortable life.
1. FREELANCE WRITING: This is one of my primary income streams. Its flexibility and good pay make it enjoyable for me. You don’t need a fancy degree or outstanding writing skills to start. With my hectic schedule, dictating my own hours is advantageous as long as I can meet deadlines. I have multiple freelance writing clients whose number can change, causing income fluctuations. Despite this, I’ve found that my freelance writing income, which started in 2015, has been fairly steady and growing.
2. VIRTUAL ASSISTANT WORK: Apart from freelance writing, I also do virtual assistant jobs. It is another profitable way to make money from home and provides a change of pace from writing. I spend on average about 5 to 10 hours each week doing VA work.
3. AFFILIATE MARKETING: Having a blog allows me to earn via affiliate marketing. I earn a commission for recommending useful products and services to my readers. This income source can be passive once the content with affiliate links is set up.
4. SPONSORED POSTS: Through my blog, I also get paid to write about specific topics often highlighting a product or service. I am particular about who I work with and only agree to sponsors who align with my brand and audience.
5. DIGITAL PRODUCTS: Other income streams from my blog include selling digital products. Creating and marketing products that can improve people’s finances is fulfilling. This year, I plan to start an Etsy shop and design some printables to sell in a completely different niche.
6. MY HUSBAND’S FULL-TIME JOB: Earlier this year, my husband landed a job in the sector he’s been studying. The certainty of a weekly paycheck and the promise of a growing salary with experience is quite reassuring.
7. HUSBAND’S PART-TIME JOB: On weekends, my husband works a part-time job. This job supplements our income and assists us in achieving our savings goals.
MAINTAINING A BALANCED LIFE WHILE MANAGING MULTIPLE INCOME SOURCES:
To successfully balance our seven streams of income, organization and planning are key. We both stick to a set schedule and plan our free time as well. With the flexibility of our income streams, we can work ahead and avoid constantly racing against deadlines.
Incorporating more passive income sources is another thing we’re focusing on to gain even more flexibility. We’re considering options like real estate investing or perhaps room rentals through Airbnb.
Ultimately, it’s about being purposeful with time and making the most of opportunities. Despite having several income streams, I still cherish time with family, traveling, and catching up with friends. Have you considered diversifying your income? Or perhaps have a side hustle? Let’s discuss!
