Anyone that knows me knows I’m slightly insane. What I mean by that is I tend to do a million things at once, and whether it looks it or not, I have a method to my madness. I was chatting up a friend of mine today who just recently released his first novel, pre://d.o.mai.n, about indie publishing, and the money side of things. I, myself, have published a few books of my own, independently. I’ve made enough from the sales of the books to cover the costs incurred by creating the books, and give me enough left over for a celebratory coffee. Which I’m ok with, because I honestly never did it for the money.
That’s where our conversation rested. As a capitalist I have a desire for making the most profit that I can, but at the same time I understand the value in my time, and the time involved in marketing a book is far too high priced for what I would see as a return. Instead, I allow my books to sit on the market, free to be purchased if you stumble across them, and I mention them from time to time, building links to their purchase pages. This allows me to gradually earn money from these books, without the stress of “I need to market it, why isn’t this working, I’m wasting my time!”
I understand that as those books sit, earning money, that I would have ended up writing them either way, because I love to write. The selling is simply a way to get people to see it. The same goes for the many code snippets that I’ve developed. They sit there, about once every couple months I receive an email saying I’ve had a sale. Eventually, I earn enough to get a deposit to my paypal account.
This has me thinking of all the ways I diversify my income streams. So, I decided that I’d list these here for you, and myself, so I can get an idea. Now, I won’t bother adding in how much I make because I’ve only just begun, and none of these make much money at all–in fact some of these are so new that they’ve earned me a resounding $0. But the more I nurture them, the more I add to them, the more I end up making.
- BinPress (Code Snippets)
- Amazon (Physical Books, Kindle Books,
Affiliate SalesSee more here about affiliate sales)
- Stocks (Dividend Paying)
- Day Job
- Android Apps
- Facebook Apps
- Freelancing (Code, Tech support, Writing)
- Blogging (Ad revenue)
There may be more streams that I’m forgetting right now, that I haven’t nurtured enough. There are even others that haven’t come to a starting point yet, such as my rental property revenue stream, which I’m hoping to start within the next 5 years. That said, these are all very good starting points, and as I nurture them, supplying each with it’s required form of fertilizer, I’ll start seeing growth in my income stream, and I will be able to use these income streams to fund the development of newer income streams.
What do you do for income? Do you have any side income streams that you nurture? These income streams, have they become a required source of income, or is it all extra? Leave the answers in a comment below!