Comments on: How and Why to Diversify Your Income

By: i hate

i hate — Fri, 07 May 2010 20:42:22 +0000

I could not agree more. Like in “Rich Dad, Poor Dad” you have to find assets. Things that will create you money, not things that will spend your money.

By: Squirrelers

Squirrelers — Wed, 17 Mar 2010 17:15:41 +0000

Very good topic, enjoyed reading the article.

I certainly think that diversification is very important, not just in your portfolio but in your income streams in general. For the average person, I think that putting energy into your career and keeping your earning potential is key, but one must always be open to different income streams, be it your own business or passive income through investments. Remember, a full-time job can be pulled out from under you in flash…then what? Be prepared through diversification.

By: Big Spender

Big Spender — Sat, 13 Mar 2010 14:25:00 +0000

Please forgive the shameless plug but the “Earn More” archive at http://debtbeat.com/earn-more has ideas on new income streams like online surveys, scrapping and other quick cash gigs.

By: Ginger

Ginger — Fri, 12 Mar 2010 23:33:21 +0000

I love the idea of having multiple sources of income. Between my fiance and I we have a few too.
His job, surveys, ad sense and rental income. I am trying to get into grad school so no income for me for now but I hope to increase the blogging and ad sense income and get into grad school and get a better income soon. So far our income is 25% non W-2 income but I am looking at ways to increase that.

By: Peter

Peter — Fri, 12 Mar 2010 16:22:57 +0000

I think my wife and I have just about as many income streams as you do Matt, although I haven’t done the mindmap – I may have to try that. Having the extra income does help A LOT in helping us to save, give and invest our money more in the way that we’ve always wanted to. Diversify and increase your income!

By: Bibledebt

Bibledebt — Fri, 12 Mar 2010 02:25:31 +0000

Now that I have the ideas, I hope to put them to good use. How have you been able to build your blog traffic? Any ideas on how I can improve my blog to create a more consistent traffic flow? Anything obvious I am missing on my blog at http://www.bibledebt.com?

By: Monevator

Monevator — Fri, 12 Mar 2010 00:05:01 +0000

Hmm, several of those income streams are connected to your website though, n’est pas mon ami? Obviously a good idea to diversify how the site makes money, but is it really correct to count those as separate income streams?

That’s not to criticize the point of the post one iota, but to reinforce it! Really!

@MoneyHoneySF – Dividend income is the king of passive income! No more work required, and at least some hope of inflation matching increases over the years.

By: John @ The Financial Ladder

John @ The Financial Ladder — Thu, 11 Mar 2010 23:13:47 +0000

Selling used goods on ebay, half.com, and amazon have helped generate some spare change. And a little blog advertising has helped.

By: DJ

DJ — Thu, 11 Mar 2010 21:49:53 +0000

Great article. My wife and I currently have about 4 also, but we are slowly increasing them. Thansk for the tip about mind mapping!

By: MoneyHoneySF

MoneyHoneySF — Thu, 11 Mar 2010 21:25:21 +0000

Great presentation. Good job to you and your DW having 10 different income stream. Your presentation really helps illustrate how we can go about having additional income stream outside of our career job.

I guess I can say I have about 4 income stream.

1.My job
2.DH job
3.Interest & Dividend –> This is a good one and never thought to consider this an income stream.
4.Adsense

By: daddy paul

daddy paul — Thu, 11 Mar 2010 15:08:52 +0000

Good read and great advice. One characteristic of many people who are well off is they have more than their day job as a source of income. Some have picked up rental homes at a good price, some work part time jobs or moonlight. Today there internet options.