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How To Create Multiple Sources Of Income

When you work on your own and your finances are on shaky grounds you should always have multiple sources of income. Having multiple sources of income, though, has its pros and cons.

The pros are:

  • You are never dependent on a single income source
  • Your finances are more secure
  • You can earn more
  • You have more work choices
  • You have more independence

The cons are:

  • Are sailing on several boats at the same time
  • Developing a niche becomes a problem
  • People don’t take you as a specialist
  • Financially it could prove counter-productive
  • You could be working your ass off all the time

I would advise you to work hard for a few months and develop passive income streams. Once implemented and operational, they keep earning you money and you need to put just a little but of effort to keep the operation running. Blogging is a good example, but as Darren said in a recent video, you should be very careful about choosing your blogging niche. Creating an information ebook or some highly useful software tool too can fetch you some long-term income. Here’s a good post by Leo that tells you how to create multiple income streams.