A couple of weeks ago I wrote an article questioning the effectiveness of multiple streams of income. Here is a snippet from the article:
… rentals, businesses, investments, stock trading and my regular 9-5 job as sources. My question is, should I be focused on smaller multiple streams of income? Or focus on larger, single projects?
I was so impressed by the quality of the reader comments that I thought I would dedicate a blog post to some of them. Here are some responses to my question "Multiple streams of income, or not?"
The Financial Blogger says: .. keep all your income streams while your young, then weed out the ones that you don't enjoy as you get older..
Glblguy says: .. Making money while you sleep is key. If you are passionate about something, you'll attract money like bees to honey.
Investoid believes: .. you are likely leaving money on the table on each stream if you don't specialize…
Brip Blap concludes: …I think your best bet is to view the 9-to-5 as a ‘base’ that provides a salary and benefits, and concentrate on other income flows that can work ‘while you sleep..’
Halotis warns: ..you have to be careful not to become irreplaceable. If you’re irreplaceable in your current position then you also can’t be easily moved up…
Financial Jungle believes: ..I agree to use my '10-to-6' :D job as a stepping stone to earn passive income from stocks..
Canadian Money Blog Reviewers explains: ..I personally try to climb the job ladder and keep having fun in the process..
FourPillars and Bootsie both think that I should concentrate on my career since it provides the bulk of the income. Maybe they're right, maybe the grass isn't greener on the other side?
Dennis says: … I think the key determinant for how you can diversify your income stream is time.
GatesVP gives some great advice: ..concentrate on the income that makes you happiest. Perhaps I should turn to full time blogging. :)
As you can see, lots of different opinions as to whether or not to keep multiple streams of income. For now, I'm going to keep doing what I'm doing and increase my assets whatever way that I can.If you would like to read more articles like this, you can sign up for my free weekly money tips newsletter below (we will never spam you).