I’m all about income diversification. I think it’s the way of the future. After witnessing all that’s happened during the last few years, I’d actually feel a little uneasy if I were depending on a single paycheck or source of income. They say the average millionaire has 7 streams of income.
My husband and I have around 7 streams of income but we are nowhere near millionaire status. Still, I think it’s off to a good start.
It’s important to realize that 7 streams of income does not have to mean 7 different jobs. Right now, a lot of our income is active but I’m hoping to add some more passive of semi-passive income streams in real soon. Here are our 7 streams of income and how we balance them to still live a decent life.
1. Freelance Writing
This is one of my main streams of income. I love it because it’s flexible and pays well. You don’t need to have a fancy degree or be the best writer to get started. I have such a crazy schedule sometimes so it’s nice to set my own hours so long as I’m able to meet deadlines.
I have around 8 or 9 freelance writing clients and some additional clients who I don’t work with regularly. The major downside to freelancing, in general, is that your income can fluctuate if you gain or lose clients and if your workload changes.
This is why I like to maintain several clients along with several income streams but I feel blessed because my freelance writing income has been pretty reliable and has only grown since I started back in 2015. Freelance writing generally takes up most of my work week but I estimate I spend about 25 per week doing this depending on the month.
2. Virtual Assistant Work
Aside from freelance writing, I also do some virtual assistant work. I have a few VA clients and it’s nice because sometimes I don’t feel like writing 24/7.
I never set out to be a VA, but it just happened since I had writing clients who also needed help with tasks like managing their blog, editing, and social media.
Becoming a VA is another profitable way to make money from home. It’s also easy to scale. You can start out earning $15 per hour and easily scale up to $30 per hour or more. I usually spend about 5 to 10 hours per week on VA work on average.
3. Affiliate Marketing
Since I have a blog, I earn a few hundred dollars per month via affiliate marketing. With affiliate marketing, I get a kickback to recommend helpful products and services to my audience. I like to promote things I actually use and would recommend regardless of getting paid.
I’ve been asked to promote tons of things over the years and I declined some of the offers because they didn’t fit well with my brand or what my audience wanted.
The best thing about affiliate marketing is that you can set up your content with affiliate links and promote it over time. Once that’s done, you can earn a regular income without doing much work. I outsource a lot of tasks for my blog nowadays so I’d say I spend around 5 hours per week or less working on my blog.
4. Sponsored Posts
This is another stream of income I get through my blog. A sponsored post is when a website or company pays me to write about a specific topic usually highlighting one of their products or services.
I would like to regulate this income stream a little more because it’s all over the place. My husband often helps me pitch and sort through sponsored posts emails. I make it a habit to work only with sponsors who I like and respect and to only post content that will be valuable and resonate with my readers.
I also don’t work with sponsors who prefer to frame or censor what I say. It’s my site and I want to share my honest opinion, thoughts, and stories. This is my favorite sponsored post to date, and I love how the company was willing and able to let me share my honest opinion about student loans by sharing my journey.
5. Digital Products
Another way that I make income through my blog is by selling digital products. I’m a creative. So I love to create things that will help people especially when it comes to improving their finances. I created a few small products in the past, courses, and an ebook but I need to get better at marketing them.
Still, it feels great to see an email notification that someone bought one of my digital products. This year, I’d also like to start an Etsy shop and design some printables to sell. It would be in a completely different niche than what I blog about so I’m excited about that.
6. My Husband’s Full-Time Job
Earlier this year, my husband got a job in a field that he’s been going back to school for. I like that he gets paid every week and with the field, he’s in, people typically earn more each year with more experience so it’s great for growth.
7. Husband’s Part-Time Job
My husband also works a part-time job on Saturdays and Sundays for a few hours. Again, this is something that pays weekly so it’s rare that we never have cash flow coming in which is nice. Right now, the part-time job is meant to be a temporary thing but it’s helping us reach a lot of extra goals and save more money.
How to Juggle Multiple Streams of Income and Still Have a Life
There are a few things we like to do to have 7 streams of income and still enjoy life. For starters, getting on a schedule is crucial. I also homeschool our son right now, so I have to be organized and plan out my days and weeks in advance. I like to get up early, so I’ll try to knock out some of my freelance or VA work earlier in the day and work on my blog on Fridays or when I have free time.
1.Sticking to a schedule also helps me plan out free time as well. When I want to take a day or weekend off, I just schedule it in. Since my income streams are super flexible, I like to work ahead so I don’t have to be pushing deadlines all the time.
2. With my husband’s job, he purposely works for a department of the company where they go on pre-scheduled service calls so he is usually home by 4 pm each day. This is great for work-life balance because a few years back he used to work at a bank and often wouldn’t get home until 7.
3. Earning more money with our income streams is a big factor that contributes to being able to work a little less and still earn enough to meet goals and basic needs. I used to undercharge for my services as a freelancer but realized I was only selling myself short and causing more stress. Now, I feel much more confident about what I’m doing knowing that I’m earning what I’m worth.
4. Another thing we’re working on is incorporating more passive income streams so we can gain back even more time and flexibility. I’d love to explore getting into real estate investing or even renting out a room on Airbnb.
Overall, it’s about being intentional with your time and making the most of what you have. I value spending time with loved ones, traveling, and keeping in touch with friends. Still, I know that this doesn’t mean I can’t have several streams of income and all the benefits that come with that too.
Have you considered diversifying your income? Do you have a side hustle?