{"id":1630,"date":"2014-06-18T00:15:31","date_gmt":"2014-06-18T08:15:31","guid":{"rendered":"http:\/\/www.cultofmoney.com\/?p=1630"},"modified":"2014-06-16T05:37:31","modified_gmt":"2014-06-16T13:37:31","slug":"ways-to-diversify-your-income-what-im-work-on-right-now","status":"publish","type":"post","link":"https:\/\/www.cultofmoney.com\/ways-to-diversify-your-income-what-im-work-on-right-now\/","title":{"rendered":"Ways to Diversify Your Income: What I’m Working on Right Now"},"content":{"rendered":"

\"ways<\/a>Since I\u2019ve started working for myself in October of 2013 I\u2019ve had a big realization: I can never go back to work for someone else again.<\/p>\n

I know that for those of you who are working on self-employment you can picture the freedom. But once you experience it, my guess is that you will never be able to go back to a 9-5. Yep, it\u2019s that awesome.<\/p>\n

(Okay, it\u2019s not all puppies and rainbows<\/a> but its way better than coming home every day to bitch about your day job. No complaining here.)<\/p>\n

The one thing that isn\u2019t so glamorous for me though, is that increasing my income has been a very slow process. I\u2019m lucky to have consistently brought in enough money each money to pay my bills plus have a little extra left over. But my income is still growing at a pretty tiny rate.<\/p>\n

So for the rest of the year I want to work on the bigger picture. You know, do things now that will benefit me for years to come.<\/p>\n

Here\u2019s what I\u2019m working on.<\/p>\n

Dividend Stocks<\/h2>\n

I had made it my goal this year to get started investing and I\u2019ve actually followed through.<\/p>\n

But, you see, my first stock picks were TERRIBLE choices. I thought I was going to make some money buying penny stocks. #rookiemistake<\/p>\n

But in fact, I lost almost all of my money doing that. (And just in case you were wondering the penny stocks I bought where medical marijuana. I thought for sure those stocks would go up. Boy was I wrong!)<\/p>\n

So after that mistake I decided to buy dividend stocks<\/a>.<\/p>\n

My first pick was my best. It was in the maker of the Blue E-Cigarettes. My logic behind this was that since there is now a healthier alternative to cigarettes that smokers would obviously choose to go the E-Cigarette route. And Blue E-Cigarettes are the only ones I see commercials for.<\/p>\n

(And in case you are wondering I come from a family of smokers and many are trying to quit by using E-Cigs.)<\/p>\n

My second picks was in Ruger, a company that makes guns. My Dad owns two sporting goods stores and I believe guns are a solid investment over the long haul. Plus, the price of guns spike anytime there is mention of anti-gun laws.<\/p>\n

Seriously, my Dad\u2019s stores had record years when Obama was elected. Thanks Obama \ud83d\ude09<\/p>\n

Unfortunately my Ruger pick is down. However, I\u2019m confident that with time we\u2019ll see it go back up.<\/p>\n

Here\u2019s a snapshot of my stock picks right now. You\u2019ll see I\u2019m in the negatives thanks to the penny stocks.<\/p>\n

\"ways<\/a><\/p>\n

I\u2019m showing you this so that you can PLEASE learn from my mistakes. I know I certainly have.<\/p>\n

So my plan was to continually buy dividend stocks each month but for now I am putting that on pause so I can save up some money.<\/p>\n

Real Estate<\/h2>\n

My second goal for the year is to save enough money to put down on an investment property.<\/p>\n

I found a foreclosure<\/a> last weekend that is not yet listed that I am in love with. I figure I\u2019m going to have around 6 months before this property is listed seeing as it was just foreclosed on at the beginning of the month.<\/p>\n

So I want to hustle so I can have enough money for a down payment by the end of the year.<\/p>\n

Websites<\/h2>\n

Right now I have one website that brings in on average $500\/month.<\/p>\n

I have a second website that has been in the works for a little while and a third I just started. I\u2019d like to make both of these profitable, bringing in around $300\/month each within the next three months.<\/p>\n

Freelance Jobs<\/h2>\n

The bulk of my monthly income comes from freelance jobs<\/a>. This includes things like writing and virtual assistant work.<\/p>\n

In order to quickly increase my income I need to increase the amount of hours I work right now. Then hopefully I can cut back down on these jobs when other income sources start to do well.<\/p>\n

Retirement Accounts<\/h2>\n

Lastly, I just opened a retirement account<\/a> and started investing.<\/p>\n

This is obviously a long term strategy and I have $100 a month going into this account.<\/p>\n

Conclusion<\/h2>\n

I think it\u2019s really important to diversify your income. You never know what life will throw your way.<\/p>\n

With that said I think the best way to do this is by focusing on one thing at a time.<\/p>\n

For me this will be first getting my websites set up, adding a couple of freelance jobs, and using all of that extra money to save for a real estate investment.<\/p>\n

After that? Who knows.<\/p>\n

Is your income diversified? If not, do you have any plans to diversify?<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

Since I\u2019ve started working for myself in October of 2013 I\u2019ve had a big realization: I can never go back to work for someone else again. I know that for those of you who are working on self-employment you can picture the freedom. But once you experience it, my guess is that you will never […]<\/p>\n","protected":false},"author":4,"featured_media":1632,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[5,13],"tags":[352,354,353],"acf":[],"_links":{"self":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/1630"}],"collection":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/comments?post=1630"}],"version-history":[{"count":0,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/posts\/1630\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media\/1632"}],"wp:attachment":[{"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/media?parent=1630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/categories?post=1630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cultofmoney.com\/wp-json\/wp\/v2\/tags?post=1630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}