Wednesday, March 10, 2010

Multiple Income Streams

I am feeling discouraged again. For the "nth" time, I feel that all my efforts to create a feasible income from the internet and the real world is just going to waste.
I have read from several self-help and financial books that we need to create multiple income streams to get rich or atleast to attain financial freedom. Men should not be contented with the passive income we get from our 8 hour regular job. We should continue looking for more financial opportunities we could venture at to be able to attain our dream of being financially stable.
This past years have been very tough for me financially. I had a bad credit card debt that I am still paying of at present. The recession happened and the increase in my passive income did not push trhrough. I had to take action. I researched about ways to improve my financial situation. I arrived with five possible source of income that applies to my financial situation right now.
1. My 8 hour regular job - passive income
2. Selling electronic prepaid load - passive income
3. Blogging and other free online money making opportunities - active income
4. Direct Selling - passive income
5. Engineering Services - passive income.
As you can see, my income streams are mostly passive sources of income. Passive income are incomes generated from activities that requires your attention and time. Active income on the other hand are sources of income that continious to flor even when your sleeping. I would like to try investing, mutual funds and hedge funds. Sadly, my resources are not enough to cover for the initial cash-out needed in these money making schemes.
My day job has proved to be insuffiecient. The recession caused a major blow in our mother company's revenue, thus, allowances for the increase in our take home pay have been zero for the past 2 years. The career itself does not gives me personal satisfaction. I earn 300$ a month. I support my brother's schooling, have bills to pay, take cares of the rent and groceries, so you can just imagine how little money is left for my savings. Finding a second job is not possible since my present work consumes almost every hour of my day. As soon as I finish paying for my credit card debt, I will move to a more career fullfilling anf better paying job.
Selling electronic loads, direct selling and my Engineering services are passive incomes that comes once in a while. Selling is profitable but competition is tight. There are also a lot of entrepreneurs like me who carries the same product, thus making the competition even tougher.
Now, I am left with Blogging and other online money making opportunities. Selling my idea is the least I can do. depressingly, making money from blogging and other online activities is not that easy. I have earned around 150$ in total for the past 2 years, quite very small compared to other bloggers whoe earns the same amount in a month. This is quite depressing. Another thing that adds to the depression are the days when I ran out of creative juices, thus making me incompetent and idle. Discouragement and frustrations is a common thing for neophyte bloggers like me, I know that, but still I can't help but feel it. Hopefully, by the end of the day, I won't feel the like this anymore.


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