Welcome to PFI and the weekly updates – The Multiple Streams of Income Edition. It has been a while since I wrote a roundup post about passive or multiple streams of income. Today I wanted to send out a reminder about the importance of creating several alternative income streams – especially in a poor economy.
The important thing to remember is to diversify your income, regardless the source. Obviously you want those sources to be legal and ethical. I prefer building passive income but you could also focus on generating cash flow from other sources.
If you have any doubts about building your income streams, just imagine that you or your significant other lost their job tomorrow. What would you do? How would you pay the bills? How could you support your children? By branching out and diversifying your income – you will never need to worry about answering those questions again.
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.
- Money Energy – The Money Energy site has a strong focus on creating multiple streams of income and positive cash flow. I only recently started following this blog but wished I had come across it sooner as Money Energy and PFI have a lot of things in common. In fact, Money Energy has launched a new blog carnival called the Carnival of Cash Flow Consciousness. This new carnival is dedicated to posts around multiple streams of income and increasing your cash flow! Be sure to show some support for the new carnival by submitting your posts. I will be hosting the third installment of the carnival in a few weeks. If you want to learn more about building multiple streams of income – then I suggest you stop by Money Energy and check it out!
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: Birthdays Edition – (May 4, 2009) How to Get Topics for Blogging – hosted by Weakonomics.
- Money Hacks Blog Carnival 62 – Playoff Edition – (Apr. 29, 2009) 18 Passive Income Opportunities to use your Tax Refund On – hosted by Financial Highway was selected as an Editor’s Pick!
Articles I liked
Here are a couple articles I enjoyed over the past week that highlight multiple streams of income.
1 – Dusty from Chasing The Bull highlights five lessons he has learned about internet marketing. Looks like he has had some success as well with One Week Marketing.
2 – Maria from Residual Income Web Blog continues her series on how to make money with a website focusing on monetization. There are some great tips in this article!
3 – Pinyo from Moolanomy outlines how to define SMART Goals for personal finance. The practices of Lean 6 Sigma and setting SMART Goals can also be applied to building multiple streams of income.
Have an wonderful week!
{ 1 comment… read it below or add one }
Thanks for the mention, PFI! You’re right, our blogs/aims do have much in common. I’m really focused on cashflow and that tipping point where incoming cash exceeds expenses. I do write on other topics as they come up, such as debt reduction, money management, etc., but my overall goal is to get cashflow right.
MoneyEnergy’s last blog post..How Will You Spend the Money From Your Parents’ Estates When They’re Gone?
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passivefamilyincome Reply:
May 7th, 2009 at 8:43 pm
No problem. I can’t wait for my tipping point. Same thing with PFI in terms of topics. Mostly about passive income but a lot of personal finance and family thrown in.
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