The 6 Income Streams I Use To Generate Financial Freedom
Multiple streams of income is the way to build massive wealth and I can show you how!
Did you know the average millionaire has seven different streams of income? This make seem surprising to some, but there is a very good reason for this. Quite simply, it works!
The truth is that it’s literally never been easier at any point of history to make money than it is right now. There are literally thousands of different ways to build wealth, and I can say I’ve tried a fair number of them.
While some have been spectacular failures, others have been wildly successful. The methods outlined below are the current ones I am employing to bring in paydays from a variety of different sources, so I can say with sincerity they absolutely work.
Why Diversify?
While some choose to focus on their skills and talents on a single career or business venture, I’ve always held a different mindset. For me, there are a number of practical reasons to build multiple income streams.
First and foremost, when you have money cycling in from different sources, it enhances your financial security. We’ve seen the mass layoffs in the tech industry this year which highlights just how quickly circumstances can change if you are one of the unfortunate ones to get a pink slip. When you are not reliant on a single income source, you are not putting all your eggs in one basket should the worst come to pass. If one or more of my income streams dried up, I would have zero reason to stress given all the other opportunities I have developed and currently utilize.
Secondly, many income streams I have built are fairly passive opportunities. Certainly they take some work to get rolling upfront, but once they are producing, you can enjoy paydays that require no extra time commitment on your part. When you bring in more dollars without sacrificing time, I call that a big win.
Thirdly, for me, having so many different plates spinning is mentally stimulating. I enjoy the opportunity to learn new skills, solve new problems, and explore my various interests in a way that can prove to be financially lucrative. Perhaps I have some form of ADD, but I tend to look at it as a new challenge to undertake. I can say with certainty, things never get boring!
Finally, the most universally appealing reason is that you can make significant money that can be used for any number of personal benefits. The wealth I generate from my various side hustles can be used for investments, buying real estate, charitable contributions, and more. Even if you had one extra income stream a month, think of all the ways that could change your financial fortunes.
My 6 Primary Income Streams
These are the various income streams I have currently developed.
1) Recruiting Juggernaut
Recruiting Juggernaut is my talent acquisition consultancy. I love the challenge of recruiting and have had the good fortune to work with such amazing companies as Databricks, Splunk, Chipper Cash, Electronic Arts, Point, Render, Coinbase, Masterclass, and more.
Recruiting can be quite lucrative, but much like the crypto industry is can be cyclical. Given the state of the tech market right now, things are a bit slower than they have been over the past few years, but I expect that to change when low interest rates return and companies begin to aggressively hire once more.
If you have interest in joining my network, feel free to message me or connect on LinkedIn.
2) Crypto Staking
The US Government may be waging war on crypto staking, but until that battle is lost, I am going to keep pulling in significant passive income through a variety of platforms. I’ve written about this quite a bit in the past, but to reiterate, these are the various tokens I stake and profit from n a regular basis:
TAO 0.00%↑ - Bittensor
CBD — Greenheart
ADS — Alkimi
VRA — Verasity
BST — Blocksquare
BIOFI — BiometricFinancial
AZERO — Aleph Zero
LTX — Lattice
Crypto prices may be down this year, but the APY% these platforms pay is still considerable and much better than you will find in any bank. Regular paydays that require zero time or effort on my part are my favorite!
3) Writing for Medium
I’ve been writing for Medium for almost two years. It’s had it’s ups and downs, but it is a consistent moneymaker with a low barrier to entry for aspiring writers.
The thing I really enjoy about Medium is being able to share knowledge about the crypto space, side hustles, and personal development. These are topics I’m highly passionate about and I love connecting with an audience hungry for this type of content. The other thing I really appreciate is that I have built a decent amount of Referred Members, so I continue to generate passive income from those whether I choose to write or not. However, there have been some recent changes to the payment algorithm and it remains to be seen how that may affect future earnings. Overall though, solid writing that invites engagement should continue to perform well on the platform.
4) Writing for NewsBreak
I documented my foray into NewsBreak near the end of 2022, and I have to say I’ve been blown away by the results. I generally spend no more than an hour a day writing one or two short news stories (400–500 words max) and the return on that time investment has been significant. In less a year, I’ve built a significant readership and had months where I have made as much as $8k. Not bad for a side hustle right?
A couple notes on NewsBreak. Though it can be highly lucrative, it’s not my favorite form of writing. I basically find trending stories and repurpose them for the NewsBreak audience. Also, stories can be very hit or miss. Some articles can go incredibly viral with 1M or more views, while others fall incredibly flat. It takes quite a bit of trial and error to see what resonates, but when an article goes nuclear the payments can be eye-opening.
5) Niche Sites
This is an income stream I have not done as well due to lack of focus, but I’ll be investing more time in over the remainder of 2023. I have two main sites I am revamping. One is Safety Hunters which focuses on disaster preparedness. The second is Sports Performance Advantage which centers on sport-specific training tips. The sites are currently monetized through Google Adsense and Amazon Affiliate sales.
I have also begun to experiment with purchasing existing websites through marketplaces like Flippa and Investor’s Club. My first purchase for $63k brought me a well established site that makes over $4k a month in profit. This will take a bit of time to recoup my investment, but given it requires no time commitment on my part, it is essentially passive income, which is my favorite. I’ll be adding more sites to my portfolio as the year continues.
6) Kindle Direct Publishing
Writing is really my first love and the thing I am passionate about. With so much time dedicated to other facets of life, I have not written a book since 2021. That was an Amazon best-seller called No Limits.
Thus far all my books have been non-fiction efforts. However this year, I have begun to outline my first fiction series, and hope to publish that by year’s end. One of the nice aspects of publishing on Amazon is that once your book is live, you continue to make sales in perpetuity. This is not one of my larger income streams, but it’s a consistent monthly payday I continue to enjoy passively while I devote time to other projects.
The Rest of 2023? What’s Next For Me!
As you can guess, I stay quite busy with my various income streams. However, I’m always open to explore new opportunities. These are some of the areas I hope to develop over the last third of the year:
Crypto Mining - My first set-up will be focused on acquiring one of my most promising crypto tokens, Kaspa.
Real Estate Rental - Owning a second home in one of the world’s most beautiful travel destinations makes this a no brainer as far as monetization potential.
Need Help Getting Started?
Given all the avenues I have for making money, there really is no need for me to develop courses to monetize my knowledge. While I am passionate about building new income streams, I also highly enjoy helping others to succeed. The Internet is big enough for all of us to win! So if you have questions about any of these income streams, please do not hesitate to reach out. I’ll do my best to answer and point you in the right direction.
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