Diversify and Multiply Your Income Streams
How's it going everyone...
So Wealthy Affiliate is a blogging platform. There is no arguing that.
But one thing that WA is as well... is a "gateway" to the wonderful world of making money online.
Studies show that those that consider themselves fortunate enough to be called 'rich' usually have at least 7 streams of income.
Meaning money is constantly flowing to them from one source or another.. or another.. or another.. or another (I think you get the point).
So my question to you, "How many income streams do you have?"
Most people answer that question quite simply.... One.
The day job you have can be considered a SINGLE income stream. However, if you were to break your leg, be laid off, get fired, WHATEVER, that single stream of income will dry up pretty fast.
But if you had several streams of income, one stream going away is not that big of a deal. It is just time to find a to replace that income stream.
YouTube Paid me How Much?
I bring up this crucial point about online business because I had a pretty insane revelation when I received my latest YouTube Adsense check.
It was a total of $846.22.
One of my favorite income streams are passive income streams. That is essentially what YouTube Adsense is, completely passive.
Just think, I earned over $800 simply by my channel existing. I really did nothing to actively get to that number. Sure I posted videos, but not for the intent to increase my Adsense earnings.
Some of you may look at that number and think it is a little low, but I've only been in the partner program for about 4 months so hopefully it will continue to increase.
Anyways, I mention this to just let everyone know to allow WA to be the 'gateway' to seeing all the opportunities to make money. I would have never known this world existed and was completely legitimate if it wasn't for WA guiding me step by step and showing me that online businesses are real.
WA guided me to blogging... which guided me to YouTube... which guided me to webinars... which guided me to creating my own product, etc...
It's not easy, but keep pushing
It is not easy. But when you see the potential of what can be made online. You see that your focus should be no where else than your online business.
It still really hurts me when I see people give up citing they don't have time, or simply concentrating on their current job, or whatever.
I'm not kidding, that really hurts... and I tell them all the same thing... "we pay better".
It was about a year into my journey that I finally broke $1k in a single month. Now YouTube Adsense pays me nearly that much for doing absolutely nothing.
So my advice to you is to focus on one income stream, once you have it where you want, then move on to another one.... and another one... and another one.
Sooner or later you will have 7 (or more) income streams and no longer have to worry about money.
Recent Comments
30
I totally agree, Chris.
YouTube is on my hit list although I'm still trying to figure out what to make videos of. I'm still lacking inspiration in that area.
I'm currently receiving (very small) passive incomes from online courses and books but I'm working on expanding that range.
It's a review site about pens and inks and I'm thinking about creating videos of the reviews but my fear is that if I do video reviews, who's going to visit my blog to read them?
It seems we live in a lazy media consumption age where people are too lazy to read if there's a video they can watch.
Create the videos and place them on your blog. In your videos always tell people to refer to your site for the full reviews.
I wouldn't say they are lazy, just different audiences.
Thanks Chris - I'll try that as review videos seem to be quite popular. Ultimately it might increase my traffic so it's worth a try. Maybe I could A/B test it to see what kind of traffic different it makes?
And you're right to correct my negative observation. They're not lazy, they're just used to consuming media in a different way to what I enjoy. I hate having to watch a video instead of scanning through a page for the information I need!
Video will at least help your on page SEO and dwell time.
Which will increase your ratings overall.
Blogging is not dead by any means. But online video is amazing right now.
I think I've avoided doing it because it's a new thing for me and it's scary. I've managed to create a video course a couple of years ago (which earns me a passive income of about $20/month) but it was really hard stepping outside my comfort zone.
I hate the sound of my own voice on video!
I'll commit to giving it a go on your recommendation though.
Sometime's you need a push when you're comfortable because it's so comfy. ^_^
You're totally right, though.
I forgot to say - thank you for the advice - I'm making it part of my game plan for this week. :)
Hi Chris - that's brilliant! Makes so much sense. I really need to get a YT channel up and running.
How often do you post a video and how many videos do you have up?
Ian
hey hi Ian -- yes, videos are the wave of now and the future ... everyone loves to be entertained ... and most adult learners are 'visuals' ...
all the best, cheerio ... 😊
You are absolutely right...multiple streams of income is the way to go. I do have more than one, all of which send me a trickle of money now and then. Need to get this website to producing so will have an even better "stream" -- pure water, all the way...
Never put all your eggs in one basket.
An old saying. If you drop your basket all eggs are broken.
I have just read that I need 7 baskets to carry my eggs.
I have been working on many forms of income but must slow down and get one at a time working properly.
Hi Chris,
That's why I'm here, to get more streams of income. I only have 2 sources of substantial income at the moment and I'm working so hard on this being my 3rd!! I want to master this one. I've been here for a year and I know it will take more time but things do seem to be moving in the right direction. Hopefully in time there will be more.
Thanks for the motivation Chris.
Have a wonderful weekend.
Cheers
Melissa
Thanks Chris! Just curious, what is “the partner program” you’re talking about here?
Dina:)
YouTube partner program. Or YouTube adsense. It's what YouTube pays you for drawing views to your channel. It
Good post Chris.
We have several streams of income:
Amazon physical products
Affiliate marketing
Local Business consulting
Adsense
Kindle Ebooks
We love it
See more comments
Thanks Chris,
I agree completely. I am focusing on getting my first site up to speed before I move on to Adsense.
Great advice for adding additional streams of income from this one incredible training!
Continued Blessings,
KyleAnn
I agree with you that the AdSense and YouTube videorising is a must; but for now as l am still a baby - first things first:-Bootcamp training for me.
But it really very motivational to know what is before us, so we can really work hard.
Good to know that there is light at the end of the tunnel.