Make Extra Money with Multiple Streams of Income

the importance of multiple streams of income

I remember the first time I lost my job. The recession was already knocking but hadn’t quite taken up residence within the economy. My boss had summoned me into his office and asked me to take a seat. “We won’t be able to keep you on,” he said.

“But I haven’t done anything wrong,” I thought. As he rambled on about the looming crisis, the words rang louder in my head and I wanted to scream them at him but I couldn’t open my mouth.

It didn’t matter that I didn’t do anything wrong. I wasn’t essential. I was disposable. I was a casualty in the coming recession, which dealt with me in several more ways before it was over.

When my life started to come together 2 tumultuous years later, one of the things I realised was I had to figure out a way to make myself invulnerable to job loss; to remove the power of whether or not I could pay my bills and feed myself from the hands of another human being and put my fate in my hands.

multiple-streams-of-income

Why Multiple Streams of Income is Important?

 – Expect to achieve financial freedom in your lifetime

– Start making a real plan for early retirement if that’s what you want.

– Pay off your debt faster than you would with a single source of income.

– Save faster for a project down the line such as self-employment, education, etc.

– Take charge of your financial life. You’re not at the mercy of some guy in an office on the top floor.

– Insulate yourself from sudden loss of income in the future. There’s always one source generating money even when another one slows down.

What Classifies as Multiple Streams of Income?

ideas-for-making-extra-money

There are many options for multiple streams of income out there even within your specific skill sets. From my experience, here are the best 5 multiple streams of income:

Writing

Content creation, copy writing, copyediting, proof reading, sales letters, white papers, e-books, ghost writing, etc. all fall into this category.

Affiliate marketing

If you can find a way to attract people to a product that offers value, you will make a lot of money as an affiliate marketer.

Online Marketing

Blog management, site management, social media management, online reputation management, SEO, marketing strategy, PPC, etc.

Creating Courses

If there’s something you’re incredible at that you can teach and people want to learn, you can create simple courses out of it.

Creating Products

Depending on the industry, you can create a product for customers. One resource that’s very useful for learning how to do this is The 4-Hour Work Week by Tim Ferris. I created and launched a beauty product through one of my sites without touching any inventory (more in future articles).

Do not stop at this list though. Whip out a flip chart and tap into your imagination. If you can find a way to deliver something affordable that makes people’s lives easier or better, you have a winning idea.

Best Tips for Setting Up Multiple Streams of Income

best-tips-for-multiple-streams-of-income

Focus

Don’t try to learn and do everything that catches your fancy. You will spend all your time learning and never set up anything. If you do manage to set up, it will be very difficult to keep track of everything and make it work.

Be Choosey

Pick 1 – 3 skills and develop them. What’s new out there? Update those skills. Be the best you can possibly be. Don’t have any skills? Find something you think is interesting and learn how to do it.

Follow Your Passion

Do what you’re passionate about. It takes a lot to set up multiple streams of income and keep going until it pays off. My first month of running one of my blogs, I made $5 but I loved the topic and stayed with it. I’ve come a long way since those days. If it’s not something you’re passionate about, you’re likely to give up along the way.

Less is More

Choose streams of income that are as passive as possible meaning you set it up and it will continue to generate money for years with minimal input. 

Create Value

Differentiate yourself. Don’t follow the herd. You cannot replicate someone else’s idea. You can only learn from it and use that knowledge to carve your own niche. 

Multitasking & Time Management is Crucial

Become a boss at multitasking and time management. You’d be amazed how much time you can fritter away sitting in front of a computer thinking you’re working then realize at the end of the day you actually achieved nothing.

It’s easier to start setting up when you’re still employed. That way, you can test out your ideas and see if they’re viable without having to worry too much about where money is going to come from. I did this with three websites and eventually wrapped up two of them and focused all my efforts on one.

I am currently compiling all I’ve learned and some of the best methods for setting up multiple streams of income in The Passive Income Method: Make Money While You Sleep. You can learn more and sign up to be notified once the course is live HERE.

The Passive Income Method is a step up from The Simple Road to Riches. It’s the next thing after paying off debt. Sign up below if you want to be notified as the articles are uploaded.

{{Privy:Embed campaign=404712}}

More about Anna Fani

Anna gave up her 9 – 5 in September 2014 to implement her life plan after paying off over $40,000 in debt. She currently channels her creativity and passion through her own businessShe has been featured on HuffPost, YouQueen & Fitnancials. When she’s not working, she’s reading, letting her imagination run riot in her fiction writing, working out, travelling or chomping on chocolate; not necessarily in that order. Get started on your journey with the free mini course 12 Step Guide to Getting Started on Your Freedom Journey.

7 thoughts on “Make Extra Money with Multiple Streams of Income

  1. Making Sense of Affiliate Marketing for Newbies to Affiliate Marketing ($28 Off Till April 16)

    […] is a continuation of Making Extra Money with Multiple Streams of Income series. If you are currently in debt and trying to figure out your way out of it, I recommend […]

    Reply

  2. Anna

    This article has some great advice and I’m impressed with how bold you have been to take control of your own destiny. I’ve recently read the 4 Hour Work Week and found it very inspiring. It can be intimidating to take a risk, but the lifestyle you get from being your own boss is like nothing else!

    I look forward to reading more 🙂

    Reply

    1. annafani

      Thanks for visiting namesake. 🙂

      It is a fantastic feeling. All the failure and success is yours but I believe with that in mind, you’re even more motivated to make your breakout a success!

      Reply

  3. How to Start a WordPress Blog in 30 Minutes or Less for Beginners

    […] is a continuation of the Make Extra Money with Multiple Streams of Income series starting with installing a WordPress blog in 30 minutes or less for beginners, which will be […]

    Reply

  4. Book Review – Quitter by Jon Acuff

    […] job while working on getting to the dream job at the same time. How do you do this? By starting something on the side and building it up to a point where you are able to walk away from the job sucking the soul out of […]

    Reply

  5. Increase Your Blog Income with Google Adsense Program

    […] is a continuation of Make Extra Money with Multiple Streams of Income series. You can view the full series at Earn Extra Income; a comprehensive guide with actionable […]

    Reply

  6. Make Money Online Through Affiliate Marketing – Amazon Associates |

    […] is a continuation of the Make Extra Money with Multiple Streams of Income series. When I started blogging in 2012, Amazon was one of the first affiliate marketing programs I […]

    Reply

Share your thoughts