Portfolio career - Deepstash
Portfolio career

Portfolio career

Multiple income streams can add up to be equal or more than a full-time salary.

Your career does not have to be a linear journey to be successful, nor do you have to be confined to just one type of work.

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MORE IDEAS FROM Building a Career from Different Income Streams

Working hard and a lot to make more money is a myth. Each pool of income requires different amounts of effort, and the income can fluctuate from year to year.

Creating a pie chart can help you see where to put more energy into the work that aligns with your goals.

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The idea of a diversified portfolio is to have different kinds of active and passive income.

Passive income is investing time and money up front to help earn money continually even while you sleep. It can take many forms, including digital downloads, e-books, selling stock imagery, licensing your artwork. However, passive income sources still require varying levels of upkeep.

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The full-stack freelancer has proven to be a new kind of stable where the smart thing to do is to have a diversity of income streams.

You don't have to use the same skill set in all the work you do. You can mix and match the different ways you want to work, how you want to spend your time, the clients you prefer, and the frequency in which you want to get paid.

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  • Ensure you have a stable income stream before you take attention away from it.
  • Let your audience, customers, and fans tell you what they want. If you can understand when your market wants something from you and if they are willing to pay for it, creating other revenue streams will naturally develop.
  • Testing ideas is essential.
  • Not all projects should be monetized. Some will pay you back in other ways like creatively energizing you or letting you experiment and fail, that may be valuable.

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  • When you're fully self-employed, you'll need to earn more because you'll need to pay both employer and employee taxes, pay your own health insurance, fund your retirement, and cover your operating overhead.
  • You can find incremental ways to make the transition to self-employed. Negotiate with your employer to go part-time or remote for some time while taking on a side gig or creating content.

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Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.

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RELATED IDEA

1. Why Udemy?

Udemy is like YouTube, but instead of scattered content, teachers structure videos into courses. Many of these courses are priced at $59.99 or above. However, with Udemy’s year-round promotions, most sell for $9.99.

  • Anyone can upload a course, and if it sells, you get half the royalties.
  • Udemy collects the other half in exchange for promoting your course.
  • If you want to market courses yourself, you can use referral links and receive 100% of the profits from each sale.

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Boosting your savings

While frugality is undoubtedly important in personal finance, boosting your savings can also be done by earning more money.

Whether you're self-employed or working for somebody else, your income is determined by three factors.

  • Your knowledge and skills.
  • Your productivity, both in quality and quantity.
  • Your ability to sell yourself and get paid what you're worth.

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How to Build Wealth: This Chart Tells All

As the chart shows, if you want to build wealth, there are really only two things to get right:

  • Increase the difference between your income and expenses
  • Save that difference and grow it exponentially over time

That’s it.

This chart shows you exactly how much you need to save, and the rate  you need to compound it at, in order to reach your goals!

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