Why it is important to have multiple sources of income

On our debt clearing journey, we are trying to find multiple ways to increase our income. Not only to help clear our debts a little bit quicker but also to give ourselves a bit of a backup plan should something happen to our main source of income.

This may sound like a lot of work however, in doing this we are giving ourselves a backup plan should something fall down along the way on our journey.

There is also another benefit to having multiple sources of income, should one source of income no longer be a viable source of income then we are able to step back from it.

How do you decide on your sources of income?

For me, when it comes to making money, I always weigh up the time I spend making this to the return. Now for some people, this may be that they are a wiz at eBay and they live near a post office so can turn out second-hand sales really quickly. For others, it could be that they are quick at filling out surveys and have the chance to do so at home throughout the day.

My best source of income has always been my blog income first followed up by the income from matched betting then surveys. I am going to be sharing more on making money from surveys shortly however I find that it is a slow drip of income rather than a quick hit of cash.

I always say to people though to make their extra income in a way that suits you. What works for us might not work for you. I personally am a fan of passive income such as affiliate income. Investing time and effort at the beginning for it to pay back over time going forward.

Is it worth the effort?

Well, this all depends on how much you want to earn the extra money. For me, any extra effort is worth it in the long run with our dreams of retiring early. After all, if we can earn enough in a month to reduce our mortgage payments by even just one month, this definitely makes it worth it.

Whatever you decided is the right way to make extra money, just make sure this makes it worth the effort to reward.