Just recently I announced the 100 Article eHow Challenge in an attempt to accelerate that passive income stream. The plan is to pump out 100 articles on eHow in one month in order to reap the rewards in the future. I expect that in a few months after my challenge has completed that my eHow earnings will have at the very least doubled.
After writing about my 100 article challenge, I had several people comment to me that I shouldn’t concentrate solely on building eHow articles and should diversify. I couldn’t agree more and am actually working on building several streams of income. Without a collection of diversified income streams, you are leaving yourself at a high risk of losing out on becoming financially independent.
I have laid out 10 different ideas that I am currently working on (or will be soon) to diversify my passive income.
10 Ideas for Diversifying Your Passive Income Streams
- eHow – As I have mentioned many times here on PFI, eHow has become my most successful passive income stream. Once my 100 article challenge is completed, I will continue to add articles – but at a much slower rate.
- HubPages – I have recently started writing HubPages to generate passive income, specifically AdSense. Once the 100 Article eHow Challenge is complete, I plan to run a similar challenge for HubPages.
- Niche Blogs – I have my virtual assistant busy helping me build and grow one of my niche sites with a few new ones in the pipeline.
- Squidoo – I spent some time several months ago building affiliate campaigns using the One Week Marketing guide to build passive income. I have some income coming in from these efforts and plan to continue to create new campaigns when I have the time.
- CD’s and Interest – I am continually rolling over interest generated from multiple certificates of deposit and other interest bearing accounts to generate more income.
- Peer Lending – This hasn’t been the most stable income stream for me but one that I have not completely given up on yet.
- Dividends – I continue to work at building a solid dividend producing stock portfolio. As money comes in from my other revenue sources, I continue to add to my existing positions.
- eBook – There are plans to have my first eBook written and published by the end of this year. More to come on this potential revenue stream.
- InfoBarrel & Bukisa – Not that I need any more sites to write for, but I am considering opening up accounts on each for further diversification. Once my eHow and HubPages challenges are completed, these two sites may be next.
- Passive Family Income – The income generated from running this site is probably considered more active income instead of passive income. However, running the site is currently bringing in some monthly income so I am including it in the list.
Don’t Have Too Many Eggs
I try and build my passive income streams around the old phrase – “Don’t put all your eggs in one basket”. However, I think there is a point that you can overdue it – which I have been a little guilty of. Jumping around from idea to idea eventually will catch up with you. In the case of creating mini content sites (i.e. HubPages, InfoBarrel, etc.), concentrating on too many platforms and ideas can result in unfinished projects and campaigns, which is counter productive.
While I believe that diversification is critical to your overall success, I also think that you need to run with your winners. Take my eHow challenge for example. I have proven (as well as others) that eHow is a legitimate and great opportunity to build passive income streams. I have also learned there are many equivalent sites that don’t compare to eHow. Instead of diversifying across sites that are not successful, I am spreading my time across platforms and ideas that work for me.
What other passive income ideas can you add to the list?
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Great list and great points about diversification. There’s a fine line between diversifying and running around the internet with your head cut off.
I second your decision to go with HubPages and InfoBarrel. Both seem to be ranking really well with Google for now.
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pfincome Reply:
August 3rd, 2009 at 10:09 pm
@Julie – Do you write for any other sites other than eHow? I know you had very good success there as well.
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Glad to see that One Week Marketing made some money for you, as I bought it a couple of weeks ago and haven’t had time to read it yet. Is Squidoo still doing well though? Anyway I love the way you are slowly building many different streams – I’m going to try and do exactly the same, though at the moment I am focusing on some active site flipping income to try and replace some of my writing clients.
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pfincome Reply:
August 3rd, 2009 at 10:26 pm
@Web Career Girl – Yes it has made me some money. What I will say about OWM is that it can apply across multiple platforms – not just Squidoo. I think the guide laid out could be used on sites like HubPages and others. Let me know what you think about the material.
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Nice list PFI. I agree it is important to run with your winners, but you can never tell which your winners will be say 5-10 years from now. while your dividend income might suck in 2009, and ehow does well, in 2014-2019 Ehow might not deliver as much while dividends could do better ( or vice versa).
CD rates have been super low for a while. Have you considered opening a rewards checking account? It is a more active approach that could pay up to 3%-5% APY provided that you do 10 debit card transactions/month, receive online statements and at least one ACH deposit.
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passivefamilyincome Reply:
August 6th, 2009 at 9:34 pm
@Blogging Banks – I actually have considered a high yield checking account. Once I get a decent stash of income created from my current passive income sources, this may be a good place to put some of it.
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I’m doing some writing for Demand Studios but that is not residual. I’ve done a very little bit on HubPages, InfoBarrel and Bukisa. When I have time, I’d like to do more with HubPages and InfoBarrel.
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