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Why Multiple Streams of Income Are Important

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Ever hear the term “multiple streams of income”? If you haven’t, it refers to how it’s important to have multiple ways to bring home the bacon. It’s sort of like diversification in case you lose one stream of income you have others to help you out. Neville talks openly about starting up different businesses (and lists the ones he’s thought about) to bring in additional income and I think it’s something everyone should think about…

I started Bargaineering as another source of income, in addition to my full-time job as a software engineer. The amount of money it brought in (most through affiliate sales and Google Adsense revenue) wasn’t incredible but it has paid for vacations, which is always great! I added on Blueprint mostly as something fun to do but discovered through Google Adsense, blogs are capable of making serious money. So currently I have two streams of income: my primary occupation and this website.

I currently rent an apartment (with thoughts of owning a home) so another major stream of income many people capture is through real estate. You’ve probably heard about it, purchasing a home and simply renting it out as a landlord. Without a home, this is thus far closed off to me.

Another place you heard a lot of buzz about is Ebay. In college, I used to scour the deal websites (which led me to create Bargaineering) for an awesome rebate deal or clearance sale I could turn around and capitalize on for Ebay. Welcome to the wonderful world of arbitrage! I remember buying Michael Jordan Washington Wizard jerseys off the Home Shopping Network for like $10 on clearance and selling them for $20-$40 (depending on my luck) or John Deere Mesh Hats from various tractor stores and flipping them for $10-$20 profit back in the day. Now, the pickings are slimmer and I don’t have as much free time to scour.

The moral of the story is to keep an eye out, like Neville, on where you can create another source of income. Of course, for many, Ebay sales and a silly side website won’t replace a full-time job right now, but you never know what time will create for you. And if you don’t mind, I’d love to hear some creative side sources of income you all may have created. Please do share!

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