Comments on: Building Multiple Income Streams As A Career

By: Paul

Paul — Tue, 22 Dec 2009 14:47:28 +0000

Great post, and something I totally agree with. Having been made redundant twice in the last 10 years (the last time being 3 years ago) its something I have learnt the hard way. After my last redundancy (which was particularly brutal) I decided that I had to begin earning additional income for myself.

Three years later and I’m regularly generating between 40% and 60% of my monthly salary as passive income. Its been hard work and I’ve had to overcome my own fear of trying new things – but it’s the best thing I’ve ever done. To anyone out there who’s thinking of doing the same my advice would be to just do it. I’m not where I want to be yet, but I’m on my way to getting there – and its comforting to know that if the axe does fall again at least my income will not drop to zero.

By: Deborah Aldridge

Deborah Aldridge — Mon, 28 Sep 2009 23:22:35 +0000

Great ideas! I’m working on this right now, and having a ball discovering all the possibilities. Building a residual income is time consuming, but it’s well worth it in the long run.

By: MoneyEnergy

MoneyEnergy — Thu, 23 Apr 2009 01:21:30 +0000

This is even more true today with the latest stats that supposedly almost 500,000 Americans are now making some income from blogging (with only 2% of those being able to live off it full time) – as many almost as there are lawyers in America. So the trend would seem to see those numbers growing. I also like Pat’s idea above that growing some of your own food is a type of income since you don’t have to spend for it.

By: The Bright Side of the Recession

The Bright Side of the Recession — Tue, 03 Mar 2009 04:25:55 +0000

[...] by diversifying our income, something we had never thought much about in the past. Last summer, Moolanomy featured a post about this very topic. He even went as far as to say that building multiple [...]

By: The one number to beat if you want to retire early

The one number to beat if you want to retire early — Thu, 08 Jan 2009 14:05:13 +0000

[...] working at 70. If you want it enough, you’ll find a way (I’d suggest creating a second income stream is an ideal way to [...]

By: Steve

Steve — Wed, 29 Oct 2008 17:00:23 +0000

I like what you are saying, and that has been my key focus over the last two years. It’s a great mindset to have, and I totally believe you are spot on when it comes to the way we need to be in the 21st century. Any articles on managing time wisely without becoming too scattered?

By: Pat

Pat — Mon, 04 Aug 2008 14:36:27 +0000

@Curt, I agree, I have the same feeling, creating multiple sources of income, you need also time and if you have a busy job, do some sport or other leisure, little time is remaining. Unless you try to create passive income streams, like a friend of mine, invest in solar energy, after 10 years, when he paid his debt, he has a passive income (government is paying an amount for produced energy).

@Sam, how small seems the world, I have the same issue, a software firm, but loosing a lot of time and fuel to get there 100 KM (50 up and down).

Nevertheless I believe multiple stream of income is the way to get more welfare. Some Ideas, what is income, I myself, I have a garden with vegetables, I do not earn money from them, but save on expenses for food.

Secondly, I am member of a local exchange trading club, it saves me also money.

By: How to Make Your Income More Passive | Frugal Dad

How to Make Your Income More Passive | Frugal Dad — Tue, 29 Jul 2008 11:00:47 +0000

[...] most people have given up on the idea of “job security.” With all the uncertainty, creating multiple streams of passive income is a great way to hedge against the risk of [...]

By: Tropper

Tropper — Mon, 28 Jul 2008 13:33:09 +0000

This is one of the most important lessons we, as financial bloggers, should be expressing to our readers.
Building alternative income streams is the truest secret to financial success. In simple terms: Take the money you have earned at your job and make that money work for you by making more money.

Investing, generating royalties, and patents as listed above are the best forms of alternative forms of building income streams.

There are many other ways to build income streams like taking a second job or a work from home hobby.

By: Patrick

Patrick — Mon, 28 Jul 2008 02:10:11 +0000

I wouldn’t say a career is entirely dead. But the traditional career like many people in our parents’ generation enjoyed is a dead concept in the US (outside of government or military service). Pensions are also on the same path… disappearing.

It is becoming more and more important for each of us to search out ways to be financially secure on our own. Be it a side job, investment income, rental income, or something else. Alternative income is becoming an important part of financial planning. That’s why I’m working on it…