My 8 different income streams – July 2023
Here are my 8 different income streams as of July 2023. Since starting my instagram account Penny.onfire, I have been working towards building more income streams. Especially the ones that felt easy to me and with less effort. Then of course I also have my blogs that is a labour of love. As of right now, I have 8 different income streams – and hopefully more on the way!
Sustainability and pay to effort ratio
When choosing new income streams to explore, it’s very important to me that they are sustainable for me. Meaning that I can carry on doing them at my discretion/leisurely. I also want it to feel fairly easy, as I already have a job (a 9-5 with varying working hours though). I don’t need extra work as such, I just like the extra income.
My 8 different income streams include my job, but other than that, they vary;
- A few blogs with ads, affiliate content and webshops.
- Surveys and mysteryshopping
- Dividends and interest on accounts.
They’re all different and each bring me money either passively or actively. The blogs are definitely active work, but I love blogging and developing websites and widgets and I can do it in my own way and time. Surveys and mysteryshopping just bring in a little extra for a little effort once in a while, but will probably not stay in my “portfolio” once dividends and interest out-perform them by miles.
Why so many different income streams?
Well, I don’t want to depend on just my 9-5, since I could be laid off at any time and then be without income for a while. I’m also at a place in my journey towards financial independece, where I need to increase my income. To afford all of my current goals, to be able to invest and provide for my family, without having to turn every coin before spending.
Having several ways of earning money, even if it’s a $ 20 here and there, is a great help and sense of safety for me. Knowing I can at least scrape by, if all else fails, is such a good feeling. That, and being able to offset daily cost of living, which has been higher due to inflation!
I’m excited to see where all these income streams will be in a year from now. How much will they contribute to my total earnings and will I have even more income streams or maybe let go of some? I tallied up my total side income for 2022 and I’ve already surpassed that for 2023, so it’s an upwards trend for now!