Table of Contents
Chapter 1: Why Aim For Multiple Income Sources?
Hello everyone I’m Rakshith Pai, and welcome to my vlog on my journey toward seven sources of income.
I have put a lot of thought into this and finally decided to video record my journey to my seven sources of income. I’m doing this for two main reasons.
1. To keep myself disciplined over what I want to achieve. and to keep a journal of the whole thing so that the online community, which I respect a lot, can help me if I make mistakes or get off track.
2. With all this, maybe I can help out some of you who also want to have multiple sources of income. So, if my videos help you, then I guess that’ll make me happy. you know.
So, what’s this playlist all about? So, at the moment, I have four sources of income, one of which is my primary source and has taken some hits recently, as I will explain in detail later on.
Anyway, I was relying on one source of income, and when that fell through, I realized I needed to diversify. So, here we go…
In this playlist, I’ll keep updating my finances and all that happens with them over time. Consider it something like a personal financial journal, which we are all supposed to maintain. I’m doing it online via this channel, so that’s that.
Let’s get started.
My seven sources of income
As I said already, at present I have only 4 sources of income, of which 1 is clearly dominating, and the rest 3 are there just for the sake of it. I want to change that!
The seven sources of income that I hope to have substantially under control by the end of next year are as follows:
- Niche Websites
- Stock Investing
- Stock Trading
- Website
- YouTube
- Income as a Financial Planner
- Others.
Now will explain it all in detail. My 7 Sources of Income;
Niche Websites
Niche websites are nothing but websites that serve a specific set of audiences over a particular topic. For example, we can have a website about selling products where we sell woodworking tools, fitness equipment, outdoor gear, and so on. or a website that sells SaaS products (software as a service), we can sell online courses, build an online e-commerce website, etc. There are many options, but they all require a lot of work. and it’s worth it.
We currently have six websites, two of which make a good living or used to make a good living until Google’s algorithm hit, and we took two consecutive hits.
As you can see, this was our highest-earning website, earning us $1,140 at its peak in the month of August 2022. Following that, we were hit by the Google Algo update, and we were hit again in October. Thus, the current earnings are somewhere around 200 dollars a month!
Now, this is our 1 website earnings. The others have done pretty well. Because Google’s algorithm does not affect all websites equally, others were saved, and everything is fine. Still, a drop from $1,100 to $200 per month on this website made us realize that we need multiple sources of income, something that is unrelated to one another and can earn well on its own.
Stock Investing
I’ve been investing in the stock market since 2014, so it’s been 8 years already. There are two ways to make money in the stock market by investing:
1. Capital appreciation: Usually, we don’t sell our holdings unless our stocks seem overvalued, in which case we’ll sell and book a partial profit.
2. Dividend earnings: Dividend income is like a side dish that comes along with equity investing. I believe that investing in a company just for the sake of its dividend is not advisable. So, my overall dividend income is around 0.5% to a maximum of 1% of the entire portfolio.
Stock Trading
Stok trading is fun and enthusiastic. But to make money that’s worth a living, it’s a bit difficult.
All the stock traders I know who are good at it are full-time traders. They dedicate at least 4 to 8 hours a day to their trading. How many of us can do that? Not me.
Earleir I used to do a lot of intraday trading. Due to time constraints, all I can work on now is swing trades. Earnings from my swing trades are around 3–6% per month on my overall trading capital.
My suggestion to you all is to not trade unless you are ready to set aside at least 1 hour a day to research your trades. Also, stay updated and learn everything there is to know about stock trading. Follow “Siddharth Bhanushali Sir.” I recently came across his YouTube channel. I highly suggest Siddharth Sir’s videos for all those who want to take trading seriously. This is where you can start learning.
Website
If you know me, then you’ll surely know that I have a website where I explain concepts such as investing, personal finance, and the economy. My goal here is to learn everything there is to learn about finance. Yup, it’s a big venture, but all I have now is time.
On my website, when you go through the articles, There will be many advertisements, and when a reader clicks on them, I earn advertising revenue. In addition, I include some affiliate links in my articles. If any interested individuals click on them and sign up, I get a commission. That’s my only source of income from the website as of now.
YouTube
According to YouTube’s guidelines, I need to meet all four of their requirements in order to monetize my videos. Which are;
1. I must not have any community guidelines strike. I’ve none.
2. I should have two-factor authentication. I do
3. I should have over 1,000 subscribers. My subscriber base has nearly reached 6,500.
4. I need 4000 watch hours. This is what I lack. I mean, I only had 274 watch hours when I last checked.
So, once I’m approved for YouTube advertisement revenue, I’ll have something to show for my efforts. I’m hoping to reach the target by mid-2023. let see.
Income as a Financial Planner
It is to become a financial planner, a stock advisor, and a portfolio manager. These are some of my career-oriented dreams.
I’m passionate about it. wish to achieve in 3 to 5 years from now. Let’s see.
Others
Other Income includes all income that is not mentioned above.
For example;
1. an e-book; I’m working on it and hope to finish it by the end of the year.
2. Various Excel spreadsheets Spreadsheets on the balance sheet, stock valuation, personal finance calculators, etc.
Conclusion:
As said already, in this video I wish to keep track of my progress on “the 7 sources of income” that I wish to achieve. And I thought that by sharing, maybe I could help myself and others too in achieving the said goal.
Remember, we live in a dynamic world. Depending on one source of income is not suggested, no matter what your wealth or earnings are.I hope the video was informative.