Multiple Sources of Income

multiple-income-streams

I started work on July 15, 2016.  My students first day was August 1, 2016.  The beginning of the school year, always makes me yearn for the days when school started in mid to late August.  Now, I will say that I love my job and the influence that I possess. However I hate the day to day tasks of being a teacher.  Honestly, I hate the day to day of any type of job.  My happiest moments are when I have to drop off the keys to my AIRBNB rental.  For a grand total of 1 hour of work, I usually make 2-3 days of my salary.

There’s a meme floating around the internet, it talks about the sources of income for millionaires.  Most people only receive income from their job, for a total of one source  while millionaires average seven sources of income. I want to become a millionaire sooner rather than later, thus  I have already accumulated five sources of income.

Tre’s Sources of Income

4th grade Math Teacher

  • A large portion of my monthly income is the result of me trading my time for money.  Last time, I checked this accounted for nearly %75 of the money I make each month.

AIRBNB Rental unit

  • The remaining %25 percent of my income come from this business venture.  My hope is to grow this enterprise so that it can replace my current job.  This is an example of trading money for more money.

Peer to Peer Lending

  • I don’t really calculate the returns I receive from this into my monthly income statement because all of the returns are usually reinvested into more notes. I started this source in January with a $2,500 balance.  Since then I’ve made about $30 dollars each month.   Another example of trading money for more money

Stock dividends

  • I don’t really calculate the returns I receive from this into my monthly income statement because all of the returns are usually reinvested into more stocks. While my portfolio focuses on growth stocks, I have a few yield stocks as well. Each quarter I receive payments from a few companies that I hold stock in.  These payments are called dividends.  I recieve about $20-50 each quarter

Trading

  • I first started trading a few years ago, when I was without a job and deciding if teaching was still apart of my future (still is…maybe).  I learned the ups and downs of trading is not for the faint of heart.  There were day when I would win %80 of my trades to only a crushing losing streak on no wins for a few days. With that being said this was probably the most fun I had learning something.  Learning to be a winning trader opens your eyes to all the possibilities that life affords, for a stretch I was making around 150-200 a day.

 

The chances of my getting fired, losing my rental unit, all of my notes defaulting, my stocks going to $0 and being on the wrong end of all my trades in one single day or week are astronomical to say the least, but the chances of losing one of them? It’s possible.

Multiple streams of income are the key to financial freedom.  If you only have one source start looking in you budget for ways to create another source, all things being equal it’s always best to trade money and not your time.