Friday, November 19, 2010

Diversifying Streams of Income - Passivity the Key

I have been trying to diversify the various streams of income that I currently get.

I have my earned income from my 9 to 5 job. This is the most hard earned income as I literally have to work hard to earn it. Any day I stop going to work means that I stop earning money literally. In this time and age with the retirement age set at 62, I need to find some kind of work that will allow me to work beyond the official retirement age.

I have dividends from my stocks and real estate investment trusts (REITs). Sold off my Canadian Royalty Trusts (Canroys) some time back so I no longer am able to get those monthly cheques which were wonderful to get.

Online ad revenue has also been kind to me as I have managed to sell certain spaces on my blogs for cool sums of money. It is sometimes quite amazing how I have managed to diversify the various streams of income. From relying solely on Adsense to other alternative sources.

I have been toying the idea of starting a business but still do not have a concrete idea what to sell. It needs to be something really easy to set up and which requires minimum effort on my part. It doesn't have to bring in much, maybe just few dollars a month.

What I realised is this: Once I open up another stream of income, I become surer of myself and somehow will be able to slowly turn on the taps and increase that stream till it turns out to be a sizeable stream.

I will keep all updated once I have managed to seek out that additional source of passive income.

Stay tune!

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