tl:dr. I received raises from both my jobs. And got another 3 raises from various passive investments. On average each raise was $1,000/year.
Multiple Income Streams Update 2019
One way to potentially earn more money is to further our commitment towards our careers. But another way is to look for alternative income opportunities to supplement what we already have! There’s no limit to how much we can make if we plan ahead and build up a portfolio of multiple incomes. I began implementing this strategy in my early 20s. In my last update in 2016, I had expanded my total income sources to 6. 🙂 Here is a new update for 2019.
Over the last decade my spending almost doubled due to improved living conditions, inflation, and higher debt payments. However, my income has roughly tripled in that same time. 😀 Overall my income to expense ratio has improved. I am now able to save over 50% of my take home income.
Breaking down my 5 raises
The Canadian economy stayed pretty flat, advancing only 0.1% in the first quarter of 2019. But even in a slow growth environment there are opportunities to make more money. Since I have multiple sources of personal income, each stream acts like a recurring revenue tool which I can try to extract value from. Some of this year’s raises required a bit of work on my part, while others just happened automatically.