A lot of people wonder why I bother to do as much as I do. Yeah, I seem to be working on something pretty much all the time but doing so means I never really have to worry too much. We are far from rich from my streams of income but I hope that with consistency that may change one day. Having multiple streams of income has meant that we always pull through even the craziest of circumstances including:
- Pandemic shut downs
- Multiple deaths in the family
- Freak accidents
- Job loss
Multiple streams of income can help to survive life events
We are far from strangers to major life events that lead to income loss. Each of those major things above have lead to some form of income loss from one or both myself or my husband. When My father was dying and my husband and I were involved in a freak accident all at the same time we had a couple of weeks when neither of us could work. Passive income streams in our lives helped us to survive this and in the end, we pulled through and kept afloat between that income and a small savings.
having multiple streams of income meant that even when we could not work on our active streams, the passive income that we work to build when we have a bit of spare time between bigger projects helped to keep us going. Had we not had that I have no idea how we would have survived.
Just recently my husband lost his job. With no unemployment to back things up, I fell sick and had to pull back on my workload.
Having multiple streams of income means when life happens you have a backup to make it.
Multiple streams of income can help weather economic rollercoasters
If you have been anywhere but under a rock for the past couple of years you know that the economy has been on a wide rollercoaster ride that doesn’t seem to have breaks. Most areas of the economy have been hit hard and seem to be taking a harder hit by the day. For many in my business, this meant losing nearly everything.
Those that didn’t lose everything still took a hit at one point or another. The ones that weathered the storm the best had multiple streams of income that allowed them to work on something else while they waited for the sector that crashed to make a comeback.
Having multiple streams of income meant that while we took a pretty big hit with the pandemic and the economical wave following we also managed to pull through and come out the other end and we spent this time adding more income streams to our stack to help us weather the storm even better as things move on.
If you don’t have multiple streams of income you need to take a look at what options you have and how you can change this.
So what streams of income do we have?
My husband currently works at a local Harley Davidson dealership and is gathering me all kinds of great ideas to build up our motorcycle website before the next riding season giving us two income streams there both an active and a passive centered around his passion for motorcycles.
My active stream of income is writing content for other bloggers. This keeps me pretty busy but when things slow down I put my time into my own sites. Slowly I am building my site to offer more passive income from PLR content. I have had a PLR site in the past that has been a great source of income and look forward to rebuilding that with this new site.
My oldest blog is my main passive income source. This blog gets 2-3 hours of my time each week making it fairly passive bringing in about what you would get working a full-time minimum wage job during the slow season and more during the rest of the year.
This year my oldest and I have been working to build several other sites that will become passive income streams. These sites are getting about 2 to 3 hours a month total as my main site. These sites combined make less than half of my main site but seeing they get so little time they are beginning to show profit telling me that soon they will need more attention.
I sell printables for children on Teachers Pay Teachers. Most of these are offered on my blog for email opt-in and offered on teachers pay teachers for those that do not want to sign up for under $1. This brings in a small passive income and takes only a few minutes to add the printables I had already made making them a great option for passive income.
Though we need to put more time into this one my oldest and I are having fun designing t-shirts on Amazon Merch. This simple option does bring in a bit of extra passive income.
My oldest is currently learning how to build videos so she can build a youtube to add her own passive income source. Feel free to check her out, subscribe, and drops some tips for her on YouTube.