I recently came across an article describing a blogger who had saved $400,000.00 in seven years. His blog, http://www.budgetsaresexy.com/ , describes how he earns and saves money.
One of the first things you'll notice about his blog, (if you read it!), is that he stresses multiple streams of income. He calls them "side gigs", which I guess you could call part or one-time jobs.
I've been an advocate of multiple income streams ever since I first heard about it on the FTMDaily podcast. Unfortunately I haven't been too successful at following my own advice!
Currently our prime, (realistically ONLY), source of income is my job. This puts us in a precarious position; if my employer should get a bug up his or her butt, (which seemed likely in early 2013), then suddenly we are economically left out in the cold! Not a great position to be in at all!
We are doing much better these days at getting income FROM our condo in South Carolina rather than putting money INTO it, but it will still be several years before that investment becomes productive.
Finally .... there are our attempts to make some money online. How is that going? Ugh!! All we've done to date is determine that writing articles for others is NOT the way to go if you want to make any money. We still haven't figured out affiliate sales, and should Adsense pull a fast one on us, (which they have a horrible reputation for doing), our few pennies we do earn online would dry up completely.
Honestly, ever since we moved to Georgia a little over three years ago, our net worth has gone DOWN, as we periodically raid our savings to pay off one silly expense after another. Hopefully this will turn around soon!
So, to reiterate, this is our "multiple income stream plan", and how well it is working for us to date:
1. My job - 99.99% of our income comes from here. Very lucrative, but potentially unstable.
2. Our Condo - refinanced now at a better rate. As long as this stays rented, and the renters don't trash the place, it gives us a slight amount of income.
3. Our blogs, webpages, and other acts of online futility - this is COSTING us about $100.00+ a year.