Jul 152019
 

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.

multiple income streams update 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.

Continue reading »

Feb 042016
 

More Income Streams

Most people can make over $100,000 a year if they’re committed to improving their formal education, be dedicated to their careers, and be willing to work 60+ hours a week. But unlike most people, I’m lazy and don’t like to work hard. 😛 So I prefer to use multiple income streams to eventually earn a $100,000 annual income instead. I first discovered the power of combining multiple income sources in 2012. Why remain a one-income household when you can become a two, five, or even ten-income household? 😉 Instead of focusing all our energy on growing one income, I feel the priority should be to promote synergy between multiple income sources to make them all work and grow together.

For example, my full-time job provides me with important skills, which I can utilize in my part-time job to increase my value there and get paid more. My increased part-time pay is saved up and used to buy dividend growth stocks which typically yield 3% to 4% to enhance my dividend accumulation rate. Then I reinvest a portion of my dividends in interest generating investments that yield 5% returns or higher. I can then use the interest income to invest in even more assets to grow my passive income. The more individual income streams I create, the easier it becomes to grow the entire income pot. 😀

In my last update I had 5 streams of incomes. In today’s post I’d like to welcome a new passive income stream. It’s interest-ing! 😀

Interest

Introducing my new income stream, Interest. I started earning interest on my investments in 2014. Back then I was only making a few hundred dollars a year. But by the end of 2015 it had grown to ~$2,000 per year so I feel obligated to officially include it on my income graph below, (light blue bar).

16-02-mulitple-income-update-2015

It’s always fun to discover new income sources. 🙂 Each one will have its own unique characteristics and advantages. Everyone knows we shouldn’t put all our investments into one basket. I feel it’s prudent to do the same with our incomes and not rely entirely on one job or income source. If I ever lose my primary job, it’s nice to know I have 5 other incomes to fall back on. Phew.

Continue reading »

Aug 012013
 

Last year I wrote a post about the power of having multiple income streams. I advocated for the compound income phenomenon, which I think is very important for building wealth. If you’re not familiar with that article I recommend reading it first. So far using multiple incomes have continuously benefited my personal finances so I’m pretty confident about this theory 😉 I wonder why I haven’t seen it written about in any economic or finance book I’ve read yet.

Since my last post I have acquired yet another source of income. Rent 😀 Buying property and then renting it out is a common way to make income for many other people. So I thought hey, why not give it a try myself. Late last year as many of you know I purchased some land and rented it to a farmer. Golly! I remember being all kinds of excited when I became a landlord, especially when I received my first rental cheque in the mail. Such a wonderful feeling to receive money 😀 tumblr_mr_krabs_money_ultimate_source_of_joy_spongebob

You said it Mr. Krabs (~_~) With the addition of a new land investment I now have a total of 5 income streams. As I’ve illustrated previously, each of my incomes benefit one another and they all feed off each other’s synergy to create new opportunities. The newly acquired rental income is no different. I was already aware of the vast opportunities in the agriculture industry through the research I did when I bought fertilizer and farming related stocks like Potash Corp, and John Deere. Then when I saw on the news that hedge fund managers were buying land in Saskatchewan it peaked my interest. So I did some research, most of which was just reading related articles on the internet with the help of Google. In the end I decided to buy a small parcel of land which planted the seed for my next income source 🙂 If I had not been a dividend stock investor I may not have even thought about pursuing this path and would not have any rental income today.  Continue reading »