I currently have 2 income streams. One from my full-time job. One from my part-time hustle. My part time hustle fully covers my personal expenses (except household and parental maintenance) as well as contributes a little to my monthly savings. I think more diversification is needed to ensure more stability.
1. I’ve been developing a blog for my part-time hustle to carve a niche in that market, and it’s been going okay so far. I make sure to post QUALITY content at least once a week or fortnight, and I get a few enquires here and there though all of them (insofar) have rejected my services when they hear about my prices (though not exorbitant, it’s still slightly higher than the market average, but you get what you pay for, in my opinion) For now, the goal of that blog is not to make money, but to advertise and showcase my expertise in that field. I am quite confident that if ever I lose my full-time job, my part-time hustle can be converted into full-time employment. But that’s not what I want though; what is important is the security it provides me. I spend about 3 hours on (1) a week.
2. I think I need to increase income from my part-time hustle. Right now, I get at least $600 a month from dedicating just Sunday mornings to it. Pretty decent. Some months, I get more. I think that could be increased to at least $800, for just 2 more hours each week. I really don’t want to dedicate more time that that.. This is the most immediate task on my list.
[P.S. my part-time hustle is currently still a job (not ideal, but it does provide security), not a business. Hopefully, with (1), it can become a business in time… who knows…]
3. After (2), I should start exploring other areas of interest, and try to make some money from that. This new income stream should serve 3 functions: (1) allow me to learn something new and useful, and/or to meet new people (2) be fun yet not time-consuming and (3) make some money (minimum wage is acceptable to me). I wouldn’t want to spend more than 2 to 3 hours a week on that.
4. Investment. I’m not too worried about this now. As Jacob wrote in his ERE book, there is no need to rush to invest during the accumulation phase. (I’ve burnt my fingers in the stock market before, so that was a good but painful lesson learnt.) That time should be spent acquiring investment knowledge. So I guess this is what I should do now. For starters, I should dedicate 20 minutes every day on reading up on investment techniques. That means a not so painful 1.5 hours a week.