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Original poster

How many of you have multiple streams of income?

30 replies

mintich · 23/01/2021 10:22

If so, what are they?
Just reading an article on how some of the most successful people have multiple streams of income and that they tend to feel happier as they feel more secure.
So it got me thinking about how many people have this?

OP posts:
Azerothi · 23/01/2021 10:24

I do. I freelance on quite a few different projects as I cannot work outside the home even in 'normal' circumstances.

MrsGradyOldLady · 23/01/2021 10:26

I do yes because I was left in the shit as a single parent a few years ago now. I have my day job, my sideline business (cloud systems development), property income and recently started making gains on shares - mainly energy.

Pippin2028 · 23/01/2021 10:27

People always say 'multiple streams of income' without specifically saying what that is. I see it used on many motivational talks/books but I do think it means investing your money in assets (property mainly/ stocks and shares) but for most people your income comes from your job, and for most people, getting through the month can be a battle without thinking about how to generate multiple income streams. And if anyone who says 'multiple income streams' and is selling you a course or ebook, you are the income stream!

WalkingMeAway · 23/01/2021 10:40

We do as a family. I have a job which provides an income. H owns three businesses (one property) and we also jointly have a property business.

H takes salary & dividends from 2 businesses. Ones a start up so not a high income yet.

The two property businesses we have make money but we reinvest from one of these, and overpay our mortgage from the other.

We did this for the reasons you stated. To feel more secure financially, short and long term.

LandlordLottie · 23/01/2021 10:41

We are a farming family so this is second nature for us.

Farming
Renting out outbuildings to local businesses
Long term rentals/tenancies
Air B and B (in a good year)

In our day jobs I work for a publisher and DH is a barrister.

Jokie · 23/01/2021 10:46

I'm trying to do that at the moment but it's a lot of effort when I'm so time-poor with all of my other responsibilities.

MaverickDanger · 23/01/2021 10:49

Both work full time & have an investment portfolio.

cheeseandwine2019 · 23/01/2021 10:51

We also do this. We have our income from our jobs, plus from a rental property and then also my husband spends a lot of time reading and learning about which stocks and shares to invest in. The latter can be lucrative at times when he has gotten in and bought certain shares early!

murbblurb · 23/01/2021 11:39

I did....down to one now so grateful for those multiples. Means no self-employment support though - diversifiers get a kicking from the chancellor, same as savers do.

it's almost as if they want us to be financially clueless.

BABSYA · 23/01/2021 11:42

Can I ask the article your reading op would like to read also? 🙂

Alfaix · 23/01/2021 11:44

Yes.
Personally: employed role in education, self employed role as a HCP, rented property which we don’t have a mortgage on, family business unrelated to all those.
DH - different FT job unrelated to any of the above.
Been very glad of this since Covid.

BornIn78 · 23/01/2021 11:45

Yes, DH and I have 3 different businesses between us.

We also have rental properties, and we have investments which are managed by a wealth management company.

Nocaloriesinchocolate · 23/01/2021 11:56

Two sources of earned (from working) income and 4 pensions. (At the height of my working life I had 5 sources of earned income)

Original poster
mintich · 23/01/2021 13:33

@babsya I'll try and find it! It popped up on facebook but was from one of the papers, the Telegraph I think

OP posts:
LandlordLottie · 23/01/2021 16:59

I’m not sure how helpful the replies you have received are. Most second incomes here seem to be property related so not something anyone can manage without a large capital sum to invest.

Do you have a hobby you can monetise? Or are you have a skill or knowledge others would pay to access?

You could always tutor in your academic subject, clean houses or offices, babysit, pet-sit, house-sit, take in ironing and mending, keep the books for a small business etc.

Pippin2028 · 23/01/2021 21:30

Yes, it's easy for people who have inherited property or are wealthy/have a nice Income to invest or purchase more property, but if you are living hand to mouth its not so easy. And yes there are other ways of making money like taking a second job, selling things you no longer need and so on but it's not always so easy as people say. If you are in a good position, it is easy to accumulate more wealth. If you can just about make it to the end of the month, it's not. Everyone's circumstances are very different. Also on the site many people have partners who are high earners which does not reflect people in day to day life.

CherryRoulade · 23/01/2021 21:36

Yes.
We are both working full time on decent salary.
We have a rental house and a holiday cottage.
We have invested in MILs house to release equity, and get back capital and interest.
We both offer executive coaching and board development.
We both have book contracts which aren’t earning yet; mine has pre-orders in and first of series will be available from 8th February.
We both write for professional journals.
My husband has a couple of non-exec. and board advisory roles.

Twinmammma · 23/01/2021 21:50

Yes both work full time (although I’m on mat leave atm). I also run an Etsy shop and we have a flat that we rent out.

umpteennamechanges · 23/01/2021 21:51

Yes...

I do some business and soft skill training
I have a coaching business
I also do other jobs on a temporary/part time basis as and when the extra income is useful

umpteennamechanges · 23/01/2021 21:53

In my coaching business I work with women looking to change careers and many (most?) of them do go down the route of having more than one income stream.

Figgyboa · 23/01/2021 22:17

I do....two jobs, full time consultant and part time hospitality, plus investment income. I haven't worked either job throughout covid, my savings and investment income has got me through

NiceTwin · 23/01/2021 22:24

We invested in starting a business, which meant building premises for it on our farm.
We managed to raise the money by selling our previous home with a shed load of equity in it.

Dh is the main breadwinner and works in IT.

I work in education, which works well with the business because school holidays are our busiest time. I employ 1 person.

Original poster
mintich · 24/01/2021 15:26

The only thing I do is stocks and shares on the side. To be honest, I dont devote that much time to it, and I probably could earn a lot more from it.

Covid has got me thinking that I should have more than just my job and an occasional dabble in stocks to ensure financial security. Luckily our jobs have been fine so far but you never know what the future holds

OP posts:
Sprig1 · 24/01/2021 15:28

I have a part-time PM job (25hrs) and a small farm (sheep mainly).

Imiss2019 · 24/01/2021 15:31

Not yet but I'm working on adding some in. I need to up my momentum but going back to lockdown and homeschooling has knocked me off course.