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On multiple streams of income

On multiple streams of income

Lots of people talk about having multiple streams of income. I can see the appeal, because I have multiple streams of income myself. (Chief of which is my job.) It’s always nice to have money coming in from different sources, even if sometimes that just means adding 7 cents in interest from an online savings account.

Some examples of multiple streams of income are:

  • Regular jobs
  • Side jobs or part time jobs
  • Interest payments
  • Ad revenue from different sources
  • Investments
  • Businesses
  • Yard sales & ebay sales
  • Hobbies

Usually you’ll find people talking about multiple streams of income in terms of how to use it to hedge against potential loss of income. The whole thing boils down to not wanting to put all of your eggs in one basket, which of course is a good idea.

Bloggers do this a lot when they worry about how wise it is to count on the All-Knowing-Google to continue sending them payments.

“How can I quit my job?” they ask, if they’re thinking of blogging full-time.

“What if the algorithm changes and my ad revenue dries up?”

Those are valid questions.

I wonder sometimes though why people don’t think it’s as equally risky to just count on having a job as the sole source of income.

I think the answer is the same regardless: continue to seek out multiple streams of income, and depend on your ingenuity, creativeness, and persistence to come up with more if any one source dries up.

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