May

2011

comm

5 Different Multiple Income Stream Strategies Shared by Readers

Posted by Adam Gomez

A month ago, I asked readers to share their stories about how they have created multiple diversified income streams by choice.

15 readers shared their stories in the comments and I really enjoyed hearing what others were doing. I am sure you will too, so I decided to provide some highlights and boil down each story into a strategy-type.

Hopefully it gets your creative juices flowing, as it did mine.

The Best of Both Worlds Strategy:

Rita quit her corporate job, but maintained much of the same clientelle on her own. Her income was roughly the same on much less hours. Rita didnt mention this, but this is also a great way to diversify employers (instead of having one employer, she has a number of clients, distributing her risk of getting laid off).

With all of her new found free time, she started up a dog grooming and walking business because she loves dogs.

More freedom, time, passion, and diversification. Whats not to love about that?

The Truly Diversified Strategy:

Ginger, although not employed, has developed a number of income streams with her husband, including:

Income from a rental
Husbands job
Going back to school for future career
Behavioral research surveys at a local university (I didnt even know this existed)
Blogging

I like it. Income from an employer, a side business (rental), income that can be earned in free time (surveys & blog), and planning for the future. Very well thought out and very diversified. Very inspiring, Ginger!

The Concentrated Focus Diversification Strategy

20 and engaged diversified her income, while at the same time having a concentrated focus on web publishing. She has earned income through:

Website development and design
Affiliate income
Blogging for other websites

Sticking with what you know and getting very good at it while diversifying at the same time can work very well.

The Part-Time Freedom Strategy

Vanessa brought up a rather brilliant strategy that I had not thought of before. While she is getting her bachelors degree, she holds 3 different well paying part-time jobs:

At a Brinks-type company doing cash counting
As a contract paralegal (works her own hours, from home)
At her university filling printers with paper

Since they are all part-time she has flexibility with her schedule. Shes also building experience for her resume (essential these days for new grads). I dont know for sure, but Im guessing her student debt will be significantly less than most, if existent at all. The key to making this strategy work is to find jobs where you set the schedule.

The Traditional Strategy

Probably the most common tried and true strategy out there, Amanda is adding multiple income streams to her full-time income as an engineer. She has also started tutoring high school students in math because she loves math and teaching. On top of that she is earning income through dividend stocks.

Theres a reason why this strategy works time and time again you have the security of a full-time job while further boosting income through doing what you love and passively through investing.

Whats your Multiple Income Story?

Thanks to all of the readers who shared their great stories!

Are there any other multiple income strategies that you can think of or you are already executing that you can share?