photo credit: *L*u*z*a* lack of inspiration
Welcome to PFI and the weekly updates – The Pot of Gold Edition. Happy St. Patrick’s Day! In honor of this festive holiday, I thought I would dedicate this post to creating your own pot of gold by diversifying your income streams. Proper diversification of income streams that rely less on your day to day job and more on passive income building will help secure your financial future. Do you really want to risk losing everything you have because all of your income comes from your day job? I recognize the fact that my employer could let me go any day and I am taking steps to secure my family’s personal finances for the future.
Whether you pick up some freelance work, a part-time job, or work to build passive income streams – it is vitally important to build alternative income sources. I prefer to create and build passive income streams as my alternative sources. While I am nowhere near reaching my goal of attaining financial freedom through passive income – I have a clear vision and long term goal that will get me there. What are you doing to build your alternative income sources?
Personal Finance Blog of the Week
As part of my effort to meet my personal finance goals for 2009, I plan to visit other personal finance blogs and help promote the good ones anyway I can. Each week I will write a short review of a site that I believe is worthwhile checking out.
- Dividend Growth Investor – Today I would like to highlight one of the very first personal finance sites I started following last year called – Dividend Growth Investor. This site provides some excellent information on dividend investing – including periodic detailed analysis of specific stocks. Since dividend income is part of my passive income portfolio, I look forward to reading this site every day. I have learned a lot of very useful information regarding how to build a solid dividend income producing portfolio. If you have not checked out this site, please take the time to go over to this site and say hello.
Carnivals
I participated in the following carnivals over the past week. Please check out some of the great reads from these carnivals!
- Carnival of Personal Finance #196: Music Edition – (Mar. 16, 2009) Start a Rainy Day Fund for Stocking Up – hosted by Green Panda Treehouse.
- Festival of Frugality – (Mar. 10, 2009) Passive Income Opportunities – Think Creatively – hosted by Funny About Money.
- Money Hacks Carnival #55 – Thank You Edition – (Mar. 11, 2009) Recession in America – Trading Stocks not Investing – hosted by MoneyNing.
Articles I liked this week
Here is a list of articles and posts I really enjoyed from other bloggers working hard to build their pot of gold!
1 – Dusty from Experimental Blogging ponders creating a niche website to generate income.
2 – Maria from Residual Income Web Blog breaks down how to make money with a website.
3 – Happiness Is Better provides a breakdown of the status for Forex Trading over the past month using a demo account. I have always been interested in Forex Trading and look forward to reading more on the status of this demo account.
4 – Pat from Smart Passive Income is back from his wedding and posts his passive income results for February. If you want inspiration on creating your own pot of gold – go and read this article! As Pat mentions, most of February he was busy planning his wedding and not really working on his income streams. Everything that he made during the month (which is a lot!) was a result of passive income.
Have an wonderful week!
{ 3 comments… read them below or add one }
Like most people who are employees (not owners), my job could be eliminated at any time. Creating passive income streams NOW is the key. If disaster should strike 12 months from now, hopefully I would be ready. Pat sure has it figured out!
Thanks for the link!
Dusty’s last blog post..Niche Creation – Should I Try My Hand At Creating A Niche Website?
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Thanks for including me in the update! Looks like I have some articles to read!
-Dustin
Happiness Is Better’s last blog post..Case Study: My Adventures in Forex Trading (Update: 3/16)
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Thanks for highlighting my blog. I read PFI every day, as I like reading blogs about income generation. That’s why investing in “income stocks” sounds like a great strategy to me in the first place.
Dividend Growth Investor’s last blog post..Passive Income for February 2009
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