Always Have Multiple Streams of Income
One of my friends quit his job to play online poker about 2 years ago. He was doing exceptionally well, quadrupling his salary through a few hours of poker playing. All was well until a few weeks ago when online poker was banned. All of a sudden he found himself out of work!
As Robert Kiyosaki says, always have multiple streams of income [or was it that huckster Bob Allen???]. The same thing could happen to almost anyone in any profession. You could wake up one morning to find some stupid legislation has taken away your income.
Ok, maybe its not the same thing, but if you depend on any one source of income there’s a risk that you should try to mitigate.
If you found this post helpful, consider donating to my coffee fund!- Time To Buy Online Retailers? Online retailers have been fairing better than their brick-and-mortar counterparts. One school of thought is that affluent buyers make up a bigger portion of online buyers and they fare better during recessions, which means online retailers are likely to do better. Another line of reasoning suggests that there is a......
- The World's Most Successful Depression-Era Investor I subscribe to a lot of newsletters. One of them Capital & Crises by Chris Mayer had a very interesting write up on John Maynard Keynes: You probably know John Maynard Keynes as an economist, but may not know that he was also a great investor, maybe the most the......
- 1st Carnvial of Dividends & Passive Income Welcome to the very first edition of carnival of dividends and passive income. I'm going to kick it it off with my own submission on How I Made $2,667 in Passive Income In March. Of course, if you've already read it, you can read about the Tax Benefits of......
Related Websites
- Three Common Qualities of High Net Worth Individual's Balance Sheets I recently wrote that it doesnât matter whether you make $46,000 a year or $460,000 the basics of personal finance are always the same, and one of my readers/fellow blogger, Investor Junkie, made a comment, @Evan: It would be great if you could write a few blog posts on......
- 41 Don'ts And Do's of Online Business Here are the 41 Don'ts and Do's of any online business. It is always good to know what to do and what not to do in doing your business. Right ? Don't fail to identify the target audience for your business products and services. Don't dream to become millionaire overnight.......
- Personal Finance Fantasy Baseball League 2009 The regular baseball season is over. It's a sure sign that summer has come to an end. It's also a period of time I go into fantasy sports withdrawal as my fantasy baseball leagues finish. This year I was fortunate enough to take part in a rotisserie league made up......
[All content is copyright of Living Off Dividends & Passive Income]






October 7th, 2006 at 5:45 pm
Man, isn’t that the truth. When people refer to multiple streams of income, they need to realize that each stream need not be huge!
An extra $100-300 per month from a rental propert can turn out to be a good chunk of change if needed in a pinch. And that mailbox money every month from my oil investments? Goes to a fund to buy… more oil investments for more streams of income.
Baby steps. It all adds up. Good post!
-Grant
TheCornerOfficeBlog.com