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    How many income streams should I have?

    Most people have one job that gives them most of their money, but wouldn't it bee better to have a number of different streams of income coming in? That way, if one of the streams gets blocked or stops, you still have money coming in from the other sources. How many different streams of income should a person have to be safe?

    #2
    I guess the ideal would be as many as the individual can manage to look after! A lot of people who find their one, 'main' job financially inadequate to meet their needs, opt to take on a second, part time job. Some who are behind a desk 9-5, seek activity that allows outdoor time and getting paid is 'icing.' I've a friend who loves gardening and has developed a secondary landscaping business whose income nearly rivals his professional practice albeit only part of the year. Teachers for example will offer private tutoring to boost income and many also work retail in the later part of June + July and most of August.

    Lots of Firefighters who work shifts + non traditional hours, develop other skill sets and work with colleagues to refurbish and 'flip' damaged homes. People with the temperament and skill set needed, use rental properties to boost income [eventually] as landlords. I like the challenge of generating passive income from non retirement investments acknowledging the risk is substantial.

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      #3
      I think you mean spreading out yours eggs and not putting them all in one basket, i hear ya on that one, but multiple streams doesn't necessarily mean security, could you elaborate a bit more?

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        #4
        The more the better, I think, so why ever stop creating income streams?

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          #5
          Good point. Too many folks rely solely on their primary job as their only source of income. The smart thing to do is to live below your means and take excess income from primary job to invest and create secondary streams of income.

          The most obvious one is probably investment real estate or rentals that spin off some income. Some have hobbies that produce some income (which would be real nice), second jobs, do consulting work, etc.

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            #6
            income streams

            As many as you can handle! It's even better to create some sort of a passive income stream.

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              #7
              I think 3 would not be bad.

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                #8
                Originally posted by caterpillar View Post
                The more the better, I think, so why ever stop creating income streams?
                This is exactly what I thought when I saw the thread title.

                AS long as you DONT STRETCH YOURSELF OUT there's no need to limit yourself.

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                  #9
                  While I’m not one, most millionaires I happen to know do have at least one additional income stream than their day job or primary business. I’ll list all potential income streams I’ve seen …

                  One successful business with more than $1M in revenues annually.
                  Spouse also works a high paying job.
                  A diversified portfolio in the stock market. Vacations and time between jobs are often used for day trading to increase the portfolio’s value.
                  Hold multiple jobs that they excel in.
                  Real estate. Investment property that’s rented out. These properties are fully owned or have more than half the mortgage principal paid off.
                  Maximized retirement accounts with full annual contributions with a diversified portfolio.
                  Minimized expenses. While not really income its as the saying goes - ‘A penny saved is a penny earned!’.
                  A majority of these fine folk have the following traits in common:

                  They started from absolute or near ‘zero’ in personal financial holdings.
                  They built their fortune over a period of several decades.
                  Some of their parents were well off and they could have settled for a decent lifestyle with the eventual inheritance. However, they consciously chose to make their own fortune.
                  They rarely invest in ‘flashy-status-symbols’ that depreciate faster than melting ice-cream.
                  They invest in good quality items when it comes to the bare necessities - food, clothing and shelter.
                  As far as I can tell, they are quite disciplined with their money.
                  It would be hard to even guess they are millionaires!

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                    #10
                    If your main income stream doesn't cut the mustard, for sure.

                    But often you need a larger main income stream just because it provides the benefits such as medical, dental, accident, etc..so it becomes your primary means of income.

                    Then add some to it. It is ideal if you can be an excellent productive employee yet STILL have excess time at work to work on another income stream while you are on the clock. Of course that depends upon your line of work and whether the company cares or not. If you are producing better than most other employees, they likely don't care as long as others are unaware of it.

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                      #11
                      At the risk of sounding like a broken record, one way to develop some passive income would be bitcoin mining. The high net worth tech community here in Oregon seems like this.
                      james.c.hendrickson@gmail.com
                      202.468.6043

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                        #12
                        I'd say to have as many as you can manage. Eventually, you might get to a point where you can no longer manage all of them, and you'll have to pay someone to do it for you.

                        I currently have several, but I'm always looking to create more.
                        Brian

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                          #13
                          Income rivers are always better than income streams.

                          Find your river.

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                            #14
                            I read a most interesting book once (actually read it a couple of times) called, Do What you Love the Money Will Follow by Marsha Sinetar. Available at Amazon here: http://amzn.to/2iIPieT and the Kindle edition is free with Kindle Unlimited. She had many interesting things to say and her basic premise was it is important to do what you love and let your money making flow from that. She also felt that it was much easier to find 10 ways to make a hundred dollars than one way to make $1000. I personally have always found this to be true. On line you will find that you might make money doing one thing, and then more money doing something else and just keep building on that. My on line stores both cater to sewers and crafters, one of my blogs is about sewing and my Pinterest account, now with over 22,000 followers is about sewing and crafting for the most part. I also have a Facebook page devoted to sewing. My hobby is sewing and if to tired or worn out to actually sew, I read about sewing. I definitely have the good grasp of doing what I love and the money following!

                            Then there are the ways to save money or earn it that once you get it set up, it just does its thing and savings add up or the money comes in. Like my ecrater store and my blog, combined earn me money through Adsense. Granted it hasn't been as much as I used to get, but it is still something that I don't have to think about or do anything special to get. It just happens and gets deposited into my account.

                            Now the store I have to work with to earn money and one of the ways to promote my store is my blog, so while I have to work at them, the Adsense becomes gravy. I also save fees on my IRA by not taking any paperwork from them and print out my quarterly info. 2 pieces of paper that I print out 4 times a year times my IRA and my husbands equals a savings of $50 total a year. It sure doesn't cost me that much for that little bit of printing. Since prior to setting this up, they would take the $25 fee from each account directly out of my IRA money, we will have a much higher amount in our IRA by not losing money out of it yearly (and we need every penny we can get!). I've done this for around ten years now so that is $500 in savings and no bites out of our IRAs. My husband who is younger than me can retire at 67, 15 years from now, so that is another $375 saved on his account alone. Some math genius can figure out the ultimate savings, but I consider things like this type of savings (the UN-spending budget) to be the best of both worlds. I'm not putting any money out and the actual savings over the long term will add up to much more. My bank just changed over to become a new bank and I noticed that they were charging me a $3 monthly service fee and then crediting it back. Assuming this is only temporary, I canceled the paperwork for the account rather than getting hit with the fee sometime. $3 doesn't sound like much, but over the course of a year it is $36 and over 10 years $360 assuming the rates don't go up! I knew I never bothered to look at the paperwork since I balanced my checkbook on line at least once every week.

                            We do have many different income streams as well as ways to save fees whereever I can find them. Something as simple as paying your bills on line can save on stamps, especially as the first class mail rate is going up again. I calculate my savings there to be another $25+/year. 4 ways to save $25 each year is $100 saved. Wash rinse and repeat.

                            Whether an income creek or a river, if you can do it or set it up, why not?
                            Gailete
                            http://www.MoonwishesSewingandCrafts.com

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                              #15
                              Originally posted by flyinghigh View Post
                              Most people have one job that gives them most of their money, but wouldn't it bee better to have a number of different streams of income coming in? That way, if one of the streams gets blocked or stops, you still have money coming in from the other sources. How many different streams of income should a person have to be safe?
                              It probably would be a good idea to have several different streams, but there has to be a point where you have too many and cannot spend the time that is needed to keep the money coming in.

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