In most of the financial blogs I read, their owners have multiple income streams. They don’t always share specific numbers, but they all talk about their various streams of income. I want part of the action! Which is why I’m looking at multiple income streams.
The most obvious reason for this is that I don’t rely on just one income, which is a salary paid by someone else. Whilst the benefits of this are that it is steady income and tax/pensions/student loans are all sorted at source, so I don’t have to worry about that. However, I’m also reliant on that one income, and should anything happen to that, life would be very different pretty quickly.
The genius with different income streams is that there is no limit to how many you can have! Your income per month can be whatever you want it to be, provided you work for it. Another bonus with income streams is that they can arrive on various days during the month, so you don’t just have one payday, you can have several. Who doesn’t want that?
The income streams I’m looking at are:
– Dividend payments – I haven’t actually taken the plunge into investing as yet, purely because so many places warn about losing money and it scares me slightly! But, I think that when I do, I want to be a dividend growth investor. More on that in another post!
– Online income – whether this will be writing posts, managing blogs, advertising, social media management or something else, I think this would be a very exciting journey to go on. I don’t think I’m anywhere near ready to start this journey (just yet) but I’m excited about the challenge whenever it arrives.
– Tutoring – as a musician, I’ve been looking into teaching instrumental lessons privately. Again, I haven’t done anything about this, but there are people who live nearby who make a decent living by doing private teaching.
– Write an ebook – this is a secret dream of mine to write and sell an ebook but again, I don’t think I’m quite at the stage where I’m ready for this. I have a few ideas and I’ve started one, but this will probably be a long term aim for me.
– Interest on savings – now, this is such a small amount of interest on our savings at the moment (think pennies!) but if our savings grow, which they should, then interest on savings will eventually be another source of income.
These are the various income streams I’m looking at, though at the moment, I have not started on anything! But, I’m hoping to change that sooner rather than later, so that we can meet our aims more quickly. I will have to look at the tax implications and get my head around those before I start, but I’m looking forward to the journey ahead.
Do you have multiple income streams? Are there any that I’ve missed? I’d love to hear from you!
Follow me on: