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Sources of Income

by DURABLEOILCOM
12 replies
How many sources of income should you have in order to be successful?
#income #sources
  • Profile picture of the author blueclcl
    I would say as many as you can get..

    The more the better surely.
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  • Profile picture of the author JensSteyaert
    I suggest to focus on just 1 source of income to begin with, and when you have mastered that, add more to your business.

    The mistake most people make is to focus on multiple sources of income and never maximizing them all, not getting the results that could be possible.
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  • Profile picture of the author Vickcarty
    There are lots of sources of income but I will advice to follow 20-80 rule and focus on the best first and once it is done perfectly then think of moving to other source of income.

    It is to dealt in step by step way and not all at one go -!!
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  • Profile picture of the author Regional Warrior
    How long is a bit of string...
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  • Profile picture of the author GreatMarkO
    As many as possible - you don't want to put all your eggs in one basket!

    That said, you should manage your time/resources between your various income streams based on which are the most profitable (or have the potential to be most profitable)
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  • Profile picture of the author Rod Cortez
    Originally Posted by DURABLEOILCOM View Post

    How many sources of income should you have in order to be successful?
    From a financial planning standpoint, a key way to lower someone's business risk is to diversify. So it's not so much as how many sources of income as making sure you're not relying on only one source of income.

    I take my online profits and invest them in stocks, offline businesses, partnerships, and real estate. The key is to have a diversified portfolio that fits your time horizon, your tolerance for risk, how old you are, and your specific retirement goals.

    RoD
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  • Profile picture of the author brettb
    At the moment I have 4:

    Day job
    Old business (started 2002)
    New business (started 2010)
    Rental apartment

    As I'm getting older I'm winding down the job and increasing my income from rental property. Sideline hustles are good extra money, but no real substitute for getting a good career going.

    This is a good plan, especially for you younger members.
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    • Profile picture of the author Jeff Schuman
      I started doing Internet marketing 12+ years ago because they kept making changes at work that lowered my income. I set out to create multiple streams of income in various business models.

      Today that includes affiliate marketing, network marketing, email marketing, blog writing, and providing marketing services. This has worked well for me because if I am down in one area I am usually up in another, so I have myself covered regardless of what is happening in the marketplace.
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  • Profile picture of the author samboydston
    Originally Posted by DURABLEOILCOM View Post

    How many sources of income should you have in order to be successful?
    Henry Ford is quoted as having said, "Put ALL your eggs in one basket. Then WATCH THAT BASKET!"
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  • Profile picture of the author sethczerepak
    Interesting poll.

    I'd be more interested in knowing what % of people's income streams were passive and residual though.
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  • Profile picture of the author DURABLEOILCOM
    I think having as many as you can is how you succeed in life.
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