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Striving for Income Diversification

Most of my life, I’ve been an employee.  For the most part, it’s been a good living and I have no complaints about the workability of the employee model, it has put food on the table and supported my family.  Recently, an associate at work retired, and I decided to ask him his plans.  And while he has a few personal projects going on, for the most part he said he doesn’t have much in the works.  No big plans to tour Europe for a month or year…  He’s not going to talk to the mortgage brokers sydney company, and buy a house in Australia.  In fact, he has no travel plans at all!

Since he had no big plans, it piqued my interest on what he would have done it he had it all over to do again, so I asked him.  Surprisingly, he said he wouldn’t have stayed with my current employer so long.  This was a surprise to me considering he was well liked and seemed happy most days.  His statement has motivated me to create more choices for myself!

Getting Paid for recycling
Money recycling

Jumping back a few years ago, I first started exploring the entrepreneur route with selling stuff on eBay.  And while I learned skills I didn’t previously had, and it was a boost in confidence, it wasn’t for me.  Next I started blogging, and it’s been more of a hobby than a total revenue stream, but I do make more blogging that I did with selling stuff on eBay.  Plus it’s much more fulfilling and profitable.

Now I’m at the stage where I want to explore real estate.  I plan on starting out small with a duplex (or triplex) for the first year, just to get my feet wet.  Then as my investment money builds up for the next potential property, I’ll buy a larger unit (hopefully).

With the investment property, that will mean that I now have income coming from the following sources:

  1. Employment Income
  2. Entrepreneur Income
  3. Passive Income (via dividend stocks)
  4. Passive Income (via real estate)

So now I’m back in the deep learning phase of my life to learn about all elements of real estate.  I’m even thinking about getting a real estate agent license.

Cheers,

MR

15 Responses to Striving for Income Diversification

  1. This is so inspiring. I want to own some real estate in the future, I have been with my current employer for 3.5 years and I’m starting to think about what’s next, specially after reading this post I definitely do not want to regret staying there too long.

    • I wish I were younger when I started down this new adventure! I’m constantly learning new stuff. I wanted to put a bid on property last week, but my target keeps moving as I learn more and more.

    • thanks

      It’s an odd time right now, and it’s a bit risky, but I personally think this would be the time for me to invest in real estate, if ever…

  2. My step-dad and my father-in-law were both RE agents and loved it! The freedom to work on a less structured schedule seemed to be the favorite part for both of them. But it comes with drawbacks of working odd hours at other times.

    Good luck in your RE license / RE investments!

    • Why not! A RE investor combine with RE Agent means you get a extra kick of synergy in the entire process!

      I think if I went that route, I’d scrap my day job entirely!

  3. Oh, this could be fun! As I am preparing for landlording, I am currently more comfortable with that idea than becoming a real estate agent. But if I had to get a commuter job again, I could see myself in real estate. I hope you are a great success at it!!!

    • Thanks, it’ll be interesting, that’s for sure 🙂

      I can see you rocking the RE world if you decide to go that path!

  4. At a time like this, income diversification has never been so important. At any second, depending on your field, your service/product could become completely obsolete. Best of luck with the real estate.

    I’m curious about your former co-worker. If he would’ve have stayed with the employer so long, what would he have done? It didn’t sound like he had a better alternative.

  5. We’ve been selling on ebay for years and it’s been a nice side income. It’s important to diversify because there’s no insurance we won’t lose it all. It’s good to have your hand in several things and it leads to more peace of mind.

  6. I’ve been doing real estate as my business for 3 months and it was a big Boom into my life! The changes on me incurred very fast, I became sociable and very optimistic. You could use your skills on blogging and selling on Ebay so that your experience on real estates would become more exciting. Knowledge on promoting through Facebook and Twitter is an advantage.

  7. I have some things I would like to sell on eBay, and I want to explore that small income stream someday. I am trying to make as many income streams as I can (dividends, blog, odd jobs, future rental income, etc…) so I will not be so reliant on my employment income.