Is it good to have multiple streams of income?

[GordonJ]

Keeping the income coming in, and why these strategies have withstood the test of time.

OK, call it consulting, conferring, giving advice...but I believe we all have a consultant living inside of us, and that can be a pretty nice income stream.

Today, you can't go a minute online without bumping into some sort of a COACH, and coaching the coaches has become big business. One I avoid, although I probably have more to offer than most. But it isn't about money, that is a relative easy thing to bring into your life. GIVE what you got.

But the consultant is one income stream, and it is many folks' main income (job/business), a little part time side hustle has served me well, and every once in awhile, I'll do these tiny 100 dollar deals, or a DFY 499 things, I still do SOME offline consulting, why let 50 years of know how go to waste??

Chatteling. Buying and selling. 52 years ago I saw a line outside of a pawn shop, some military groups shipping out to Vietnam from Hawaii...and found a gold mine with buying and selling.

Today, I don't do much low end chatteling, I prefer at least 300 dollar profit per deal, which usually takes less than 15 minutes.

And the idea of doing eBay, with packing, shipping and the TIME spent doing it...NO, no thanks, plenty of local chattel still on Craigslist, Facebook market place and Facebook groups, locally over 50,000 members in the top few buy and sell facebook groups in my area.

So, no matter what else you do, and I have harped on this for decades now, you have TWO income streams at your ready anytime you choose to execute them and turn on the spigots.

1) Offer YOU; knowledge, skills, experience...for some EZ moolah.

2) Chattel. Buy low over here, sell higher over there.

They have withstood the tests of TIME.

And having a few TOLL positions doesn't hurt any either.

Gordon

Originally Posted by Dien Rice

I was reading through one of Gordon's early posts... actually, one I had saved from a very early forum (from the late 1990s, believe it or not)...

It was about making multiple streams of income...

When you think about it, most people have essentially one stream of income - from their job...

Though, having multiple streams of income is becoming more common, as people add "side hustles" and so on...

Is having multiple streams of income a good idea? Or is it better to just focus on one?

I'm a believer in multiple streams of income...

Does wanting multiple streams of income make me some kind of kook?

During the pandemic, one of my streams of income dried up, due to circumstances beyond my control. It caused some difficulty, but... Because I had multiple streams of income, we "survived"... (That income stream which had dried up, is now back...)

The point is that having multiple streams of income gives you more security...

If one income stream dries up, you have others still going... So your income will not drop down to zero!

Also, there's a greater chance that one of your income streams will get great growth!

You can think of it as having more than one ticket to the lottery... With more than one ticket, your chance of winning increases...

And the happy giddiness that comes from it!

Of course, there's a limit. The best way is to get your income streams to the point where you don't have to spend too much time operating each one...

You don't want to carry the burden of a pack mule!

Maybe we can talk about that at a future time...

Best wishes!

Dien