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!- $3,202.52 in Online Income For July 09 Summer is flying by really quickly. It seems like I just wrote about my $7,353 in Q2 online income and now its time for another update! July has been a stellar month and I managed to pull in just over $3,200 in online income. As usual, Ebay was my biggest earner with nearly 33%......
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Ben Stein Loves Real Estate I'm a big fan of Ben Stein's books.I also read his column, How Not To Ruin Your Life. This weeks issue is about letting the non-financially savy spouse in on what to do after you pass away. But best of all, he professes his love for real estate!We're currently somewhat...... - $2,811 In Passive Income For April 2008 I was so busy in May that I completely forgot to post April's passive income summary. On the bright side, April was a been a record breaking month for me with total "passive" income amounting to $2,811.42. On the flip side, I've been so busy, I haven't been paying attention......
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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