6 steps to diversify your income sources
You may be able to pay your periodic obligations and pay your monthly bills by generating your income from one source. However, this will not help you achieve your financial ambitions and aspirations for a better future. If you want to reach an advanced level of financial liberalization and live according to the style that you like, then it is necessary to think about diversifying and increasing your income sources and not being satisfied with one source of income.
Although many may think that this is difficult or even impossible to achieve, the reality indicates the exact opposite. Many people were able to succeed in achieving this goal, and arrived at a situation in which they became independent and financially free. But you have to bear in mind that success in diversifying income and creating new sources for it requires a clear plan and a specific future vision, along with perseverance, determination, persistence and hard work. In this article, we present to you a six-step roadmap that will help you diversify sources of income and create additional sources of income.
6 important steps for creating multiple and diverse sources of income
1. Set your goals
Any action without purpose is nothing but futility and a waste of time and effort. So you should define – from the start – the goal you are seeking to achieve through getting a new source of income, and what are the things that you will do when you achieve additional income; Will you use it to pay off your debts? Or do you want additional income to expand your spending to buy products or services that you have always wanted to own? Will you save what you get to invest at a later time? Or are you planning to earn money to leave your current job, become financially independent and enjoy financial freedom? The answer to these questions will help you set realistic and clear goals for what you will do next, it will also guide you to the path that you should take, and it will give you energy, enthusiasm and motivation to achieve them.
2. Maintain your primary source of income
As you are on the way to finding new sources of income, you must preserve your primary source of income, and never risk it. The importance of maintaining your primary source of income stems from the fact that it will enable you to fulfill your obligations and pay your monthly expenses and bills. Therefore, you should treat your primary income as a priority, even if you do not like the job that generates that income for you; Without it, you will not be able to continue in your life. The most important thing is that you need to start saving part of it in order to invest it later in order to generate more income from other sources. We advise you not to be calves; The day will come when you decide to leave your job and devote yourself to doing what you love.
3. Think carefully about the alternatives available
Now that you have set your goal, you fully realize what you want to do when you get a new source of income. You have to think carefully about the alternatives available to you. For example, you may think about doing additional work besides your current job, or contributing to a project, participating in a friend’s project, or creating your own project. Your thinking may also lead you to invest part of your savings in buying stocks, bonds, and other income-generating financial assets. These are just examples of how many alternatives are available to choose one or some of them.
Whatever alternative you choose to create a new source of income, you have to choose the alternative that suits your desires and capabilities, and you have a specific plan, clear vision and thoughtful practical steps that enable you to translate the idea into reality. And as you take a step towards your goal, you will know that you are moving in the right direction, and that you are gradually getting closer to achieving your dream of earning money and increasing income.
4. Specify the amount and time required
Perhaps you know very well that your goal will not be achieved overnight; It takes patience and enough time, and money as well. Therefore, you have to determine the amount of money and the time that you will invest in creating a source of your passive income, and you have to answer yourself honestly and transparently to a number of questions in this regard; For example: Does the real desire to find a new source of income exist for you or not? Does your current potential allow you to start your investment? Can you take on the financial risks that could occur? And what is the earliest time you expect to achieve tangible financial returns on your investment? What is your reaction if the time for achieving the desired financial results and returns is delayed? The answers to these questions are important for you to make your decision about whether to continue pursuing your goal or to stop and reconsider.
5. Pick one idea and focus on it
You may have a good set of ideas for finding a variety of income sources, and your enthusiasm might prompt you to think about implementing them all at once. Except that we tell you to wait and not to rush; It is better for you to choose one idea that you think is most appropriate to your desires and potentials and focus on it, and devote all the energy, time and money you have to translating it into a tangible reality, reaping its fruits and enjoying its long-term results.
6. Add another source of income
Now, after you have chosen a specific idea and spent the effort, time and money it deserves, and stayed up for long nights until it paid off and generated additional income for you, visit your list of ideas again, choose another idea and follow the same steps that you took in implementing your first idea; So spend your energy, devote your time, and allocate to her the money she needs in order to generate new income for you. Thus, continue in this process and expand the circle of sources of income, and be proud of yourself because you were able to do something that guarantees you earning abundant money that will provide you with a bright and promising future, and give you the financial freedom that many seek to get rid of the bondage of employment.
In conclusion, allow us to give you some advice that will enhance your ability to create more new sources of income, the first of which is: Do not try to follow short and quick ways to make money. Although this may bring you additional income, it will be for a short period only. Second: Never let your enthusiasm push you to search for multiple sources of income at the same time. Because that will exhaust you, and it will make you lose the ability to cope, distract you, and reduce your productivity. Which leads you to lose everything. And the last advice we offer you is, stick to the idea that makes your enthusiasm for its implementation greater, and do not try to pursue ideas that you are not enthusiastic enough about, so that this does not lead to a decrease in your income in the long run.
The art of money :
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How I Built 7 Multiple Streams of Income
That Make Me Money EVERY Single Month
This video was inspiring. I started a financial channel here on YouTube to put me on the path of self employment. It’s been a long 4 months as I work full time and dedicate all my free time to YouTube. I’ve tried and failed at other avenues, but this one has a different feel to it. I’ve learned and grown from my experiences. And one day soon I too will have multiple streams of income from a diverse portfolio. Thank you Jeff for keeping my fire growing on my path to where I’m meant to be.
I have challenged myself to put away 50% of my monthly income into dividend stocks which is quite easy since I live frugal without debt. I work as an account executive, and make over $2000. $1000 goes into dividends, and the other $1000 covers my my food plus living expenses monthly. I am seeing improvements in my portfolio, dividends look certain, but I have to attribute this to only to guidance of a licensed fund manager who allocates funds to a plethora of assets. I have to stay disciplined, and remember that I’m in it for the long term. Good luck to everyone and thanks for the great video.
No one should be working a 9 to 5 job unless they want to. Take control of your mind is the #1 step to mastering your talents. I honestly believe college is a scam and a waste of talents because they will never teach you how to use your God given talents. They teach you to earn $50k or even $100k a year after 4 to 6 years of schooling, not how to have freedom and earn $100k a month. You are talented and gifted
I started by having my own Dog Walking Services, great business and makes me very happy. Easy business to get started. but You have to love pets! clearly lol and also people need to be able to trust you. A police check looks only good you your look like a kind person. I always dress up and have my hair and make up done, because leading to my next business…. I make Beauty Youtube videos and I sell Make up, I also have an online boutique. I sell clothing for full figured women who love trendy boho chic fashions. It is so much fun. It’s a great feeling when people stop me and asking me what I’m wearing… and I respond “thank you! this is from my collection! my online boutique. It’s all about confidence and believing in yourself! that’s it o and just getting starting one step at a time!
I am a single mom taking on the world suddenly with 3 kids and no child support and battling a chronic illness. Right now I’m in research phase of how can I get away from scarcity and into making not just an okay income but a great income. Because my time is limited as a mom I need to harness a way to make some powerful passive income. I have good writing skills but not sure what to write about for a blog. I believe I could be good at something to make money online but I dont know where to start. Theres so many avenues and so muchinformation. Right now I feel the best 2 channels to follow are you and freedom Influencer. I have limited funds so I cant make a bunch of mistakes. I am going to keep doing my own research but I would live if someone like you could point me into the best direction to start. To start learning and take action with least risk and time. Please help. Struggling mom Ubering full time for flexibility. I’m making about $2000 a month doing that and that is working very hard and paying my own gas. My husband went to prison and I got left with kids and no income. It’s been a year and a half and now 4 of us in a tiny one bedroom. I’m determined to make it and I dont want to live in the grind and be unhappy and emotionally unavailable to kids because I’m always worn out and spread thin. I need a hand up!
One of my long term passions has been online business and multiple streams of income. I’ve tried and failed at a few things, but have not given up. I had my own business in property management for 10 years up until last year, and now own an Investment property. I love creating websites & blogs but until recently did not know what direction I wanted to go in. Im working on something now which was a project I wanted to do in 2014. Only now it’s different I feel that everything is coming together. From some small successes earning a few hundred dollars, you have inspired me with your video.. Everyone has to start somewhere, Right!
Great video my friend I must confess. I have also read in some online forum that paying up your debts and building you credit score is also a good investment which was exactly what I did. I call that investing in the future. Building a good credit is a lot of work but also the ticket to the good life if it can be done with cautionary steps. Google spirassp if you need to know how I successfully deleted bankruptcy off my report and built my credit from a pitiful 530 – 800 in few weeks. A mind blowing experience. Looking at these characteristics, if you know the type of things that happen around you , you will be scared. do you know that 96% of Americans have errors in their credit score and out of that high percentage, only 10% know there are errors in their reports. 70% of the 10% of people who notice errors have them corrected. Its hard to invest with Credit issues lingering in your heart.
I had a similar story. The turning point for me was making $10 on my first website that was back in 2009. I have since been making a good living online since 2011
When Jeff talked about the real estate property stewardship, or oversight- THAT is exactly what I personally fear when thinking of real estate investing, as in having renters. I’d be worried about tenants trashing a place, not paying rent (they have many loopholes and rights as a tenant), and having to pay for repairs since I would not be a “slumlord” regardless of the neighborhood. –so, in other words, like him I probably also am not going into real estate, respective of having tenants.