This week I’m feeling inspired by diverse income streams. It’s amazing (especially with all we can do in online) how we can pull income from various sources. Some people say to put all your eggs in one basket and watch the basket, but I’m a true believer that when it comes to money, putting eggs in different baskets is a smart call.
In the past year, my husband and I have been through two job changes, a summer where we got hit by insane unexpected expenses, and a surgery that left my husband unable to work for two weeks. Having money coming in from different places is what got us through it all.
So today I’m sharing where my income comes from right now, why I chose those streams of income, and how you can diversify your income sources both actively and passively.
Income #1: Virtual Assistance/Social Media
30-50 hours per week
This is my main source of income and where I put most of my focus. I’ve spent the last year growing a list of clients and building a team to help me serve them. This job started as something to supplement my income and grew into a full-blown passion, and this is a job I truly love. I will continue to market and grow this business with the goal of having a larger team, more clients, and income that will help us save more toward large goals.
Income #2: My Husband’s Job
My husband’s job is still our main source of household income. At this point, his job pays the bills and my income streams pay for my health insurance, allows us “fun money,” and helps us build our savings.
Income #3: Massage Therapy
5-10 hours per week
My first business – the work I have done the longest – has become more of a part-time job as my virtual assistant company has grown, but I still enjoy massage therapy. There is something relaxing about giving a massage that calms me on stressful days.
Income #4: Tutoring English
5 hours per month
A less serious side hustle, tutoring English through Italki pays for my German and Spanish lessons. This requires only a few hours a month and allows me to engage in my hobby of learning languages. This can become a bigger side hustle or even a full-time job for someone who is passionate about teaching their native language.
Income #5: Writing
5 hours per month
I write for many of my VA clients, but I also pick up a few writing jobs here and there when I need some extra cash. This includes writing for content mills like Textbroker and Hire Writers as well as writing stories for a local news website.
Before you go off on content mills, they’re really not as bad as people make them seem. Are they the most lucrative form of freelance writing? Hell no! But as a side hustle, the articles are easy to write and I make about $15 an hour after achieving a higher rating on these sites.
Income #6: Niche Sites and Blogging
5 hours per week
My goal for the next year is to begin building passive income through niche sites and blogging. This is a little slower and takes a lot of upfront effort, but I believe it will pay off down the road when I can have passive income coming in from affiliate marketing. This is something I’m hoping to get my husband involved with as well.
Passive income is the biggest one right now. Down the road, I hope to explore other passive income streams as well as, more actively, consulting for other businesses and mentoring new virtual assistants.
As you have probably noticed, many of these income streams come from online work. I am a big fan of being able to work when I want and where I want, in my yoga pants and a graphic tee, and cuddled up with my pitbull on the couch. It is ABSOLUTELY possible to piece together a full-time income from working online, and I highly recommend one or two online streams of income, even if you have a “regular” job. Incorporating online work into your income is one of the easiest ways to make extra money.
Some of this work requires 30-50 hours a week from me, while others may take only a few hours per week or month. Figure out how you can manage your time to create more streams of income. Don’t overwhelm yourself. Start with one or two new sources of income. Build them over time and you’ll set yourself up for success.
How can you diversify your income streams?
Check out these posts:
Side Hustles You Can Start for Under $100 – Amber Uninhibited
The 8 Income Streams I’m Working on Right Now – Side Hustle Nation
99 Business Ideas You Can Start Today – Side Hustle Nation
How to Build a Niche Website: An 11-Step Guide to $3000+ per Month – Niche Pursuits
The Complete List of Online Business Niches for the Laptop Life – Create Your Laptop Life
Whether you’re side hustling, running online businesses, creating passive income, or making money more actively, there are diverse income streams for everyone. Tell me about how you’re putting your eggs in multiple baskets in the comments below!