32 Comments

  1. Hello Chuka,
    I am anxious to see your specific suggestions for multiple streams of income. I have always been an independent person since I grew up in the woods in Alaska. We did everything for ourselves. My Dad even built an alternative energy system so we had power hundreds of miles from the nearest utility line! We grew our own food, collected our own firewood and got our own water. This lifestyle makes me feel strange living in the city now and depending on someone else for everything! I want to feel like I can take care of myself.

    That is why I want to develop multiple sources of income, so I am not totally dependent on one job.

    I will be checking back in to see what you add!

  2. Thank you Jessica for sharing your experience living in the city. I have personally known the pain of relying on a single source of income when my health failed and that single source was slipping through my fingers.

    I have had to learn to invest in property, trade currencies, become an affiliate, and one of my goals is to write a book some time. Some of these investments lost me a lot of money but also taught me more than I lost. I am always on the lookout for simple ideas and will be sharing these as I explore the options. Until then, the first tip I would give is to start with a hobby, something you truly love. Over time, people would seek your knowledge and will pay you for it.

  3. Paul

    This is great. I read just the other day that the key to financial independence is multiple streams of income. It’s cool to see that reiterated here.

    I also know that passive income is the way to a better life, one in which you control your time, not your employer.

    I am excited to become a member of this new class of people – the ones who work for themselves and have time to spare.

    Another thing is, just having multiple streams of income is not enough. You also have to spend less than you earn, and make wise choices with your money along the way.

    Also, I’m interested in learning about ways to automate your streams of income. I’ve heard that will allow you even more free time! Any ideas???

    Thanks for the article!

    Paul

    • Yes Paul, I agree with you that multiple streams of income are key to financial independence as well as being prudent with money. In fact money management; spending less than one earns is the beginning of the journey to financial independence. I will be covering that in future articles.
      With regard to automating your streams of income, I touched on this in the multiple streams of income ideas page. Whichever stream one follows, active or passive income or both, one has to work very hard initially to set it up, put systems in place to harvest the income and you sit back and enjoy. All you need to do it monitor it from time to time without working it as a job.

      Thank you for sharing your thoughts and ideas.

  4. Kenneth

    Hi Chuka.

    Thank you for emphasizing the importance of multiple income. I am aware that this is the way to go but, I really have not achieve this yet . This article gave me new motivation to achieve this goal. You give us 12 really good reasons to continue to work towards the goal.

    Thanks
    Kenneth

    • Chuka

      Thank you Kenneth for your comments. When I set up this website, my intention is that even if I motivate one person to get started, I am achieving my goal. I feel honored that you feel motivated to achieve your goal and I know you will. A journey of a thousand miles starts with one step.

      To your success!

  5. Travis Smithers

    Great article on the reasons for having a multi-stream income from the 12 points you have mentioned. Things have changed a lot that a single income usually no longer covers the cost of living. Two or more incomes are required so one needs to generate better ways of making money.
    Talking about and showing methods to get around the problems and issues to create more money is fantastic.

    • Chuka

      Thank you Travis for your comments. This is a subject I am passionate about and as you may probably guess, I learned the hard way that made me start creating other sources. I am a long way of course, however, my intention is to be sharing ideas of what I picked up or learned from others along the way.

      The next topic will be getting the show on the road with basics. Working on it at the moment. Thank you again for dropping by 🙂

  6. Hey Chuka,

    I am a total fan of multiple streams of income. I do this by providing a great service to people and then eventually the money will come.

    It is just the most common sense mentality to have. Warren Buffet is by no means a novice as it relates to earning money, so I do believe that it is a very good idea to follow his advice if you are interesting in creating multiple streams of income.

    I did find your article helpful to me and I am sure that many more people will truly find some value by reading it too.

    All the best to you.

    Jason

  7. Hey Chuka,

    I am a huge fan of multiple streams of income. I do this by providing a great service to people and then eventually the money comes as a by-product.

    It is just the most common sense mentality to have. Warren Buffet is by no means a novice as it relates to earning money, so I do believe that it is a very good idea to follow his advice if you are interesting in creating multiple streams of income.

    I did find your article helpful to me and I am sure that many more people will truly find some value by reading it too.

    All the best to you.

    Jason

  8. Hi, Chuka. I enjoyed your article. I have said this over and over for a number of years; Multiple streams of income is a necessity for survival. It just is! Anything can happen in life that can cause our savings to disappear (those who have savings), so it is always important to have a back up plan. Great article!

    • Hi Audra,

      Thank you very much for your kind comments. I think that whoever came up with the saying “don’t put all your eggs in one basket” was on to something and how poignant that is. It doesn’t matter how big the single income earning is, nobody knows what’s round the corner. I have many examples that illustrate this point. Diversifying income streams is important as long as the risks are managed properly.

      Thank you again for your comments.

  9. Isaac

    Hi chuka,

    I enjoyed the experience of going through your page and have gained some extra knowledge. Awesome info and good content. All the best on your journey.

    • Hey Isaac,

      Thank you for your feedback and I’m glad you got something from the pages. My primary purpose is to give people as much useful information as I’m able so that hopefully, there’s something for everyone.

      Thank you again and best wishes in your business.

  10. G’Day Chuka
    Fantastic article mate. There are so many people working multiple jobs to try and get ahead, sometimes just to maintain their lifestyle.
    You have offered some great suggestions on how to get some extra income without having to knock yourself out and being away from your family. Thanks

    • Hi Andrew,

      Thank you for your comments and feedback. Success is not necessarily about working harder but instead it is working smarter. As you rightly said, many people work several jobs just to keep their head above water but are not actually creating income streams that will eventually become passive income.

      My aspiration is to give people enough information over time to begin to make better choices that will actually enable them to create multiple incomes including passive ones. I appreciate your input and wish you success in your endeavors.

  11. Gary

    You are so right. I’ve been around the block a few times and over the years I’ve seen entire sectors of the economy collapse, never to rise again.

    My income is spread across a couple of areas, but they all reinforce each other. My copywriting skills grew into affiliate marketing skills which grew into local SEO skills.

    • Chuka

      Hey Gary,

      That’s awesome! Thank you for sharing your experience of creating multiple streams of income and showing that it does indeed work. I like the fact that you used your natural copywriting skills to create other income generating streams.

      Thank you again for your kind comments. I wish you continuing success in building your income streams.

  12. I couldn’t agree more. I can’t imagine why anyone would be content to rely on one source of income nowadays. There are so many opportunities out there to diversify. Great article!

    • Hey Kim,

      Thank you for your kind comments. You will not believe the proportion of high income earners who do not have other sources of income. Nevertheless, with the global economy as it’s been since 2007/8, many people are beginning to realise that there are no more jobs for life and building multiple income streams is the only viable option.

      I wish you much success in your lines of business.

  13. Thanks Chuka for this post. It is full of timely advise, as I am just looking fir ways to add a second income. I will surely come back to this site for more. Keep up the good work.

    • Hey Lanu,

      Thank you so much for your kind feedback. I feel so delighted that you found this article useful and hope that you will continue to explore successfully, other ways to create additional income.

      To your success!

  14. Hi Chuka

    A person just starting out in the world of online marketing can learn a lot from your site. Multiple income streams are ‘Key’ in regards to building a successful business.
    The list you posted is also very helpful. Who wouldn’t want income coming in from different sources?

    • Hi Ron,

      I agree with you entirely. Who wouldn’t want income coming from different sources indeed? Every little helps and the small bits will make a big one just like several pennies make up Dollars or Pounds and gradually hundreds turn to thousands and so on.

      Thank you for your kind comments and I am glad you found the website useful. I wish you continuing success in all that you do.

  15. Very nice website Chuka. I have a few various sources of income. Two of the sources are jobs, and one is rental property. Another that I am trying to earn from is a website, kind of like yours, but a different subject. I do like some of the other suggestions that you make though. I need to look into them some more. Thanks, Jim.

    • Hey Jim,

      This is music to my ear! Everybody should have multiple sources of income, no matter how small each income stream is. Every penny counts and in large quantity, they become big money.

      The trouble with one source of income as you saw in the post is that if anything goes wrong, so does that income stream. Then the life of stress and worry starts.I’m so glad you are doing more to increase your income stream and I wish you continuing success with that.

  16. Winny

    Hey there,

    Having an extra income stream is always AWESOME! Why? Well, as you have already pointed out: You shouldn’t rely on only one income source. Besides, for most of us it isn’t even enough. We always have this ONE DREAM, but we never reach it. Money, money, money. Yes, people say that you don’t need money to be happy, however, you need money to LIVE.

    Thank you for sharing this with us!

    • Chuka

      Hey Winny,

      Thank you for visiting my website. You are absolutely right; creating multiple sources of income is essential – if not by design then by necessity as you succinctly described here. If done properly, in time, the need to do several jobs in one go begins to diminish as the passive income stream gets stronger.

      I wish you success in the various things you currently do in order to create these additional income streams.

  17. lilywong

    Hi Chika, wonderful article on having different sources of income. I agree that many of us tend to depend on what seem like a secure job or just a few clients and actually there are many risks associated with it as the world economy is so uncertain. The twelve reasons that you have included is such an eye opener, and it’s great that you have given suggestions on how to work around those common issues. Thanks for an insightful article!

    • Chuka

      Hi Lily,

      Thank you for your kind feedback and comments. I am so delighted that you found the article useful in your journey towards successfully achieving the goal you have identified.

      I wish you the very best in your business.

      Regards,

      Chuka

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