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The 6 Biggest Mistakes In Creating Multiple Income Streams

It’s likely that you have one primary source of income — just like most people. It’s fine to have a … Read more



It’s likely that you have one primary source of income — just like most people. It’s fine to have a single source of income. It can, however, be dangerous as well.

How would you cope if your primary source of income dried up, or your job was lost? That’s exactly what happened in the aftermath of the pandemic, many people lost their jobs and were furloughed.

The unemployment rate spiked in April after business closures and restrictions began in March 2020. By May, 23 million jobs were lost cumulatively. There hasn’t been a crisis as severe as this since the Great Depression. Suffice it to say, this created financial hardship for millions of people, which may explain why savings are dwindling and there’s record credit card debt.

This is why having multiple income streams is so important. By doing so, you won’t have to worry about losing one income stream if another one runs out.

Furthermore, Richard Corley, author of “Rich Habits: The Daily Success Habits of Wealthy Individuals”, analyzed IRS data and found that 75% of millionaires have multiple income streams.

And, that makes sense. It is easier to pay off debt, save for retirement, and build wealth when you have multiple income streams.

Creating multiple streams of income can be tricky, so let me tell you a few of the biggest mistakes people make. By avoiding these mistakes, you can generate multiple streams of income.

1. Master one revenue stream.

Perhaps the biggest mistake I see people make, myself included, before making multiple streams of income is this. You need to master at least one reliable form of income.

Maybe it’s your 9-to-5 job. And, that’s OK. In my case, it was when I became a financial planner that really taught me this. Five years into my career as a W-2 employee at the first investment firm I started with, I became an independent advisor before co-founding my own firm.

After that, I became an independent contractor under 1099. At that stage of my life, I remember being obsessed with making money on the side, whether it be in real estate or multi-level marketing. But, that plan didn’t exactly work.

So, instead, I pivoted and created multiple streams of income based on my experience as a financial advisor.

  • Websites. My financial practice and GoodFinancialCents are two of the many income streams I have built over the years. Until recently, I was earning a side income while helping people decide which kind of insurance they needed through
  • Investing. Investing is the most obvious way for me to earn extra income. While everyone invests differently, most people use mutual funds, ETFs, or dividends to make extra income.
  • Media deals. Media deals are another source of income. Years ago, I would never have imagined this happening, but it has worked out quite well. Putting myself out there by doing YouTube videos and interviews is something I enjoy already. Through media deals, I’ve had the opportunity to represent and market the products of big financial brands.
  • Creating online courses. Additionally, I have launched an online course for financial advisors – The Online Advisor Growth Formula. Revenue from this resource alone exceeds $100,000.

But, I’m not the only one who knows this secret.

“When you are deciding on adding another income flow, I want you to consider something in the same industry or a parallel one,” advises Grant Cardone. “This approach allows these multiple flows to feed and fuel one another, which ensures their strength.”

As the expert in your field, you know the ins and outs like no other, he continues. Having to deal with problems on a daily basis is part of what you do. As a result, you could even invent a business solution to earn additional income.

“The possibilities are endless, and it’s the way to make this technique work without running in circles,” Cardone adds.

2. Make sure you don’t obsess over other people’s incomes.

Don’t be influenced by what others make. Instead, focus on you. Do what feels right to you, and forget about outside influences telling you you aren’t hustling enough. There is no guarantee that every income stream will be suitable for you.

Case in point, I had a chance to start a marathon when I lived in a wine country with a former client. Two problems. I didn’t drink wine. And, because I have bad knees, I hate running.

There was a lot of money to be made. However, I was neither knowledgeable nor passionate about it.

Relax and enjoy the feeling of contentment. You shouldn’t feel guilty about setting your own achievements and earnings goals. It’s incredible what happens when you realize what is good enough. Eventually, you become good enough.

Just because someone else made $15k last month with a blog, home-based business, social media influencer, or monetized YouTube channel, think twice before taking the plunge yourself. Don’t forget the cost you may incur in terms of joy, sanity, energy, time, and self-esteem. These are the things that may be taken away from you.

In short, there is no reason not to take chances or strive for success. Rather, you should decide what is best for you rather than what is appropriate for someone else when taking a risk.

3. Your other revenue streams are affected.

Let me tell you the story of Nathan Barry.

It’s 2007 and Nathan is studying graphic design and marketing at Boise State University. While building websites for companies, he dropped out of college and started his own business. During the global financial crisis of 2007/2008, however, work dried up, and he took a job as a contractor at a digital communications software company before going back to freelancing.

His sales soon exceeded $2,000 per month. His blog, eBooks, and packages with useful code and other resources for app-making were published through his blog and self-publishing. A lot of money was being made from the sales of his books. Within 24 hours of his first book launch, he did $12,000 in business, and the following day his second book launch did twice as much.

In order to build his subscriber list and promote his products, Nathan used Mailchimp to build his email list. Although he used the email marketing service and marketing automation platform, he always felt limited by their limitations. He then founded and became CEO of ConvertKit to solve this problem.

It was his opinion that he might be able to sustain both businesses simultaneously in a podcast interview. But he found that his book business took a serious dip as he couldn’t dedicate as much time to it.

Nathan eventually reached a crossroads. Shut down ConvertKit or devote more time to it to make it something special.

“So I shut down my course business because I’m not good at doing two things at once,” he said on the Go-To Gal Podcast. “I’m a focused person. And all these people are like, oh, I’m a serial entrepreneur; I run seven businesses. I’m like great, I’m so happy for you. That is not me at all. I run one business. And hopefully, I do it well.”

It is easy for new revenue streams to take over existing projects when added. As long as you’re not against dedicating more time to the project requiring more attention, that’s fine. However, if you do not look forward to your new project, you might find it challenging.

4. You’re a victim of shiny object syndrome.

For those not familiar with Shiny object syndrome (SOS), it is a state of constant distraction that arises from an ongoing belief that there is something new to pursue. As a result, it takes away from what’s already planned or in progress. It’s rooted in that childhood phenomenon of wanting a new toy even if you don’t want to part with your current one.

Basically, it’s chasing the next “Great Thing,” the current “Flavor of the Month,” or quick cash. While shiny objects may be appealing, they do not provide long-term benefits.

Decide what your goals are and how the new opportunity aligns with them. Think about the impact this new income stream will have on your life and business.

Understand the time required for the opportunity and what you hope to achieve. Take into account the required financial investment as well.

Consider taking action only when there are clear benefits. Do not overload yourself by doing too many things at once. Instead, focus on your current priorities.

5. Passive income isn’t really passive.

You should diversify your income into passive income assets. Ideally, this shouldn’t take a lot of effort or brainpower.

To keep passive income sources flowing over nicely and from grinding to a halt or even costing you money, you must still take action from time to time.

One of the best examples of this is investing in real estate. As much as you would like to see your portfolio generate rental income over time, you also need to accept the responsibility for maintaining the premises and resolving tenant issues.

This type of management can be outsourced to a third party. However, you should also take into account the associated fees.

6. More income streams, more responsibilities.

It’s hard to track multiple revenue streams without good reporting. As an example, you might have four streams of income to juggle. To properly evaluate revenues, expenses, and profits, you may need the assistance of an outside bookkeeper.

People don’t tell you that when you earn multiple streams of income, you take on more responsibilities as well. However, I began to realize which parts of the day-to-day task I needed to eliminate. You can do this by hiring virtual assistants and, independent contractors, or even full-time employees. But, the hiring process still can be time-consuming. And, this will also eat into your profits.


Multiple income streams: what are they?

It just means that you have income coming from multiple sources if this is your first time hearing about it.

You have multiple streams of income if, say, you have a 9-5 job, drive for Uber, or create YouTube videos.

What are the benefits of multiple income streams?

Multiple sources of income are important because they allow you to retain your income if one source ceases or is eliminated. If anything goes wrong, there’s always a safety net to catch you.

Savings can be increased by earning additional income. Growing your savings account is key to protecting against unexpected costs and living cost increases, as well as reaching goals like early retirement.

To build wealth and succeed financially, you need multiple income streams. Many millionaires have more than one source of income. A variety of income streams allows you to have peace of mind about your finances because you aren’t dependent on one job or investment.

What are the best ways to generate multiple streams of income?

Investing in rental properties, buying stock market investments, or selling products or services online are all ways to create multiple income streams. In order to create additional sources of income, you should assess your skills and interests.

Can full-time workers create multiple income streams?

Yes. You can create multiple income streams as well as work a full-time job.

Often, people begin with part-time freelance work or side hustles, gradually increasing their income and potentially transitioning to full-time self-employment.

Which income streams are right for me?

It is important to take your skills, interests, and resources into consideration when choosing an income stream. Researching markets and identifying opportunities that are available and in demand is also helpful.

Developing multiple income streams gradually is okay if you start small.

The post The 6 Biggest Mistakes in Creating Multiple Income Streams appeared first on Due.

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Market Report – 2nd October 2023

The US Non-Farm Payroll jobs report due on Friday is the key data point of the coming week.  Analysts predict payrolls will fall…
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  • The US Non-Farm Payroll jobs report due on Friday is the key data point of the coming week. 
  • Analysts predict payrolls will fall to 150,000 from 187,000 last month and the unemployment rate to hold at 3.8%.
  • Average hourly earnings are expected to increase 0.3% month-on-month.
  • Any deviation from those forecasts can be expected to trigger price moves in all the major currency markets.

US dollar strength continues to be the underlying theme of the currency markets, with EURUSD currently testing the key 1.04823 support level and the GBPUSD downward price channel showing few signs of reversing. The US Non-Farm Payrolls jobs report, due to be released on Friday, is always an important milestone in the trading month, and September’s numbers could offer clues as to how far the current trend has left to run.

US Dollar

The Non-Farm Payrolls employment report, released on the first Friday of every month, often sets the tone for the following week’s trading. After this September, which saw EURUSD and GBPUSD give up 2.48% and 3.70% in value, respectively, Friday’s report is the most important item on the coming week’s economic calendar. The jobs report will be a crucial indicator of whether the rush to the dollar is likely to continue or if a reversal could be about to form.

ISM Purchasing and Services data will also offer an insight into the health of the US economy, and big corporations will kick off earnings season next week. There is also the backdrop of the US Federal budget and a possible government shutdown to consider, but for now, the NFP is the most likely catalyst of the next price moves.

Daily Price Chart – US Dollar Basket Index – Daily Price Chart – 20 SMA

us dollar basket daily price chart 20 sma

Source: IG


The coming week is quiet in terms of euro-specific data releases, but updates from other regions look set to influence the value of euro-based currency pairs. Due on Friday, the NFP number out of the states will very likely impact prices in the largest currency market in the world – the Eurodollar. Before that, on Tuesday, the interest rate decision due to be announced by the Reserve Bank of Australia will influence EURAUD price levels. However, comments from that central bank can also be taken as a guide regarding the mood of the rest of the central bank peer group.

Daily Price Chart – EURUSD – Daily Price Chart – 1.04823

eurusd daily price chart oct 2 2023

Source: IG

EURUSD has started the week trading midrange between two significant support and resistance price levels. To the downside is the 1.04823 support level, which marks the price low of 6th January. That still represents the current year-to-date low for EURUSD, but the tests of that level on Wednesday (1.04880) and Thursday (1.04910) suggest that bearish momentum is still strong.

Whilst the bounce off that level was strong enough for traders to think a trend reversal could be imminent, there is also resistance to further upward moves in the region of 1.06351. That price level relates to the swing-low price pattern formed on 31st May and previously acted as support between 14th and 25th September.


As with the euro, traders of sterling-based currency pairs will see prices influenced by announcements from other regions rather than UK authorities this week. The run-up to the release of the NFP jobs report could see GBPUSD continue to trade within a range formed by key support/resistance price levels.

Price level 1.23081 marks the upper end of the current price channel and is the low price recorded during the swing-low price move of 25th May. This level didn’t offer as much support as expected when it was breached on 21st September, and with the RSI on the Daily Price Chart at 29.09, there are signs the market is oversold and is due a bounce.

Daily Price Chart – GBPUSD – Daily Price Chart

gbpusd daily price chart oct 2 2023

Source: IG

The downward trend, which started on 13th July, has formed a price channel which has trendlines which have been barely tested over a period of weeks. That leaves plenty of room for the price of GBPUSD to continue to weaken and move towards the major support level of 1.18030, which marks the year-to-date price low of 8th March.


The recent decision by the Bank of Japan to continue with its dovish approach to interest rates has left room for USDJPY to track upwards, guided by the 20 SMA on the Daily Price Chart. That metric remains the key indicator, and until price breaks through that level (currently 148.21), there is room for a test of the multi-year price high 151.946 printed on 21st October 2022.

Daily Price Chart – USDJPY – Daily Price Chart

usdjpy daily price chart oct 2 2023

Source: IG

Monday sees the Japan Tankan Index number for Q3 be released. Analysts forecast that the index will rise to 7, but as with the other major currency pairs, the major news event of the week is the NFP employment report due on Friday.

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    Bonds, Bullion, & Black Gold Battered As Hawkish FedSpeak & Inflation Fears Lift The Dollar

    Bonds, Bullion, & Black Gold Battered As Hawkish FedSpeak & Inflation Fears Lift The Dollar

    Rate-change expectations shifted hawkishly…



    Bonds, Bullion, & Black Gold Battered As Hawkish FedSpeak & Inflation Fears Lift The Dollar

    Rate-change expectations shifted hawkishly today, after drifting dovishly for the last week, on the heels of the Manufacturing PMI's report which showed the rate of inflation quickened to the sharpest pace in five months and FedSpeak which confirmed Powell's "higher for longer" messaging.

    Source: Bloomberg

    In the US, S&P Global noted

    “Less encouraging was the news on the inflation outlook, as producers’ costs rose at the fastest rate for five months, largely on the back of higher oil prices. These increased costs are already feeding through to higher prices to customers, which will inevitably result in some renewed upward pressure on inflation.”

    Globally, JPMorgan warned that there were further signs of price pressures building in September.

    Input costs and output charges both rose for the second consecutive months, with rates of inflation accelerating for both measures.

    Fed Gov Michelle Bowman again said that multiple interest-rate hikes may be required to get inflation down:

    “I continue to expect that further rate increases will likely be needed to return inflation to 2% in a timely way,” Bowman said in remarks prepared for delivery to bankers in Banff, Canada.

    “I see a continued risk that high energy prices could reverse some of the progress we have seen on inflation in recent months.”

    Fed Vice Chair Michael Barr said the US central bank is “likely at or very near” a level of interest rates that is sufficiently restrictive:

     “I think it is likely that we’ll need to keep rates up for some time in order to get inflation down to 2%. I’m confident that we’ll get there.”

    Traders were buying protection against a less-hawkish Fed. Bloomberg notes significant SOFR flows on the day have been skewed toward dovish protection into year-end, standing to benefit from no more additional rate hikes from the Fed.

    The hawkish shift sent the dollar higher, rallying back up to perfectly tag the stops from Wednesday highs...

    Source: Bloomberg

    The stronger dollar weighed on crude oil prices, with WTI sliding back below $89, as Citi's Ed Morse muttered something about Oil "going back to the $70s" as “demand looks constrained as the pandemic recovery factors continue to ease off and peak transport fuel demand looms, while supply is growing in non-OPEC+ suppliers”

    And gold was dumped to fresh cycle lows, selling off for the 6th day in a row (9th drop in the last 10 days)...

    Source: Bloomberg

    Spot Platinum prices plunged to their lowest since Oct 2022...

    Source: Bloomberg

    Treasuries were sold across the board with the belly  (5s-10s) suffering the most...

    Source: Bloomberg

    Which steepened the yield curve (2s10s) to its least-inverted since the peak of the SVB crisis...

    Source: Bloomberg

    Bitcoin continued to drift higher, spiking above $28,500 intraday

    Source: Bloomberg

    Stocks were very mixed on the day with Small Caps clubbed like a baby seal while Mega-Cap tech outperformed leave The Dow and S&P trying to get back above water...

    Value stocks puked relative to Growth, erasing their recent gains...

    Source: Bloomberg

    'Most shorted' stocks were hammered for the second day in a row with no squeeze attempts...

    Source: Bloomberg

    Utes were the biggest losers today (NEE's plunge did not help) and Tech stocks were the only sector to end green...

    Source: Bloomberg

    That's quite a puke in Utes...

    Source: Bloomberg

    Goldman's data could hint at capitulative flows: CTAs as short $17.8bn of global equities (31st %tile), while In the US, CTAs are short $17.5bn of equities after selling -$59bn over the last two weeks, representing the largest two week selling since Covid!

    And finally, financial conditions continue to tighten, suggesting stocks may have more room to run to the downside...

    Source: Bloomberg

    Is that the 'deflation' that Powell is looking for?

    Tyler Durden Mon, 10/02/2023 - 16:00

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    UC Riverside startup company wins prestigious NIH grant

    Soon after he joined UC Riverside in 2015, Maurizio Pellecchia, a professor of biomedical sciences in the UCR School of Medicine, began working with…



    Soon after he joined UC Riverside in 2015, Maurizio Pellecchia, a professor of biomedical sciences in the UCR School of Medicine, began working with the UCR Research and Economic Development office to create on campus an incubator space. He envisioned that space as a home for UCR scientists to create startup companies to prove the commercial potential of their technologies. That multi-year effort helped create in the Multidisciplinary Research Building the EPIC Life Sciences Incubator that currently houses young companies in agricultural technology, biomedical technologies, bioengineering, and medicinal chemistry.

    Credit: Stan Lim, UC Riverside.

    Soon after he joined UC Riverside in 2015, Maurizio Pellecchia, a professor of biomedical sciences in the UCR School of Medicine, began working with the UCR Research and Economic Development office to create on campus an incubator space. He envisioned that space as a home for UCR scientists to create startup companies to prove the commercial potential of their technologies. That multi-year effort helped create in the Multidisciplinary Research Building the EPIC Life Sciences Incubator that currently houses young companies in agricultural technology, biomedical technologies, bioengineering, and medicinal chemistry.

    One of the tenant companies in the incubator space is Armida Labs, Inc, a pharmaceutical company founded two years ago by Pellecchia with Carlo Baggio, formerly a senior scientist in Pellecchia’s research group, as its chief technology officer and director of chemical biology. Armida Labs, which is developing a breakthrough pancreatic cancer therapy called Targefrin™, has now been awarded a highly competitive $400,000 Phase I Small Business Innovation Research, or SBIR, grant from the National Cancer Institute of the National Institutes of Health. The grant, of which Baggio is principal investigator, will allow the company to complete important next steps toward the preparation of human clinical trials. 

    “Our goal is to develop the drug Targefrin, which UCR has patented,” said Pellecchia, who holds the Daniel Hays Chair in Cancer Research at UCR. “We want to translate Targefrin from a laboratory discovery to a product that can fight pancreatic cancer, and potentially other cancers, and improve public health.”

    Pellecchia, who is the main inventor of Targefrin, explained that the SBIR grant makes it possible for Armida Labs to gather industry-standard pharmacokinetics and efficacy data, which are expensive to obtain. 

    “Without the grant, our studies would remain at the pre-clinical level,” said Pellecchia, who directs the School of Medicine’s Center for Molecular and Translational Medicine. “The Phase I SBIR grant will allow us to scale up the manufacture of Targefrin and to test this drug in more sophisticated pharmacology studies in models of metastatic pancreatic cancer. These data will help us craft the necessary follow-up studies that will enable filing an investigational new drug application with the Food and Drug Administration, and if successful, begin human clinical studies.”

    The SBIR grant Armida Labs received is a Phase I grant, which means it is a pilot phase grant. Only recipients of a Phase I grant can apply to the NIH for a Phase II grant. 

    “Phase II grants, which can be up to around $2 million, can allow us to apply for an IND,” Pellecchia said. “We expect our pilot studies will take about six months to one year to do. If these studies are successful, we will submit a Phase II application, which will allow us to complete toxicity studies in two animal models.” 

    An investigational new drug, or IND, is a drug that the Food and Drug Administration has not yet approved for general use. Researchers use INDs in clinical trials to investigate their safety and efficacy. Before testing in human subjects, however, researchers need to apply for an IND with the Food and Drug Administration.

    According to Pellecchia, the EPIC Life Sciences Incubator greatly simplified the launch of Armida Labs, the first UCR faculty biopharmaceutical company in the City of Riverside. He said it is a lot easier to start a company in an incubator space than to have to rent an empty lab space somewhere to start doing research.

    “Developing and growing a biotech company requires huge amounts of capital,” he said. “In contrast, a minimal amount of capital is needed to launch a startup in an incubator space. As a result, we were able to get Armida Labs off the ground and thus apply to the National Cancer Institute for seed funding. To go from a pre-clinical laboratory discovery all the way to drug development in patients, similar projects to Targefrin often require as much as $2-5 million. With our new award, we aim to complete valuable steps to attract further investment.”

    The EPIC Life Sciences Incubator, which is managed by Maricela Argueta and directed by David Pearson, aims to be a home for startups like Armida Labs by providing vital technology and equipment, as well as access to UCR’s core technical facilities, faculty, and entrepreneurial development services from the Office of Technology Partnerships led by Associate Vice Chancellor Rosibel Ochoa. It offers advice, makes connections with venture capital firms, administers the incubator space, and provides personnel for coordinating the use of shared equipment. 

    Pellecchia is excited to have launched Armida Labs and acquired the SBIR grant. As the company grows, it will hire more personnel.

    “Nothing would make me happier than to see our UCR research translated into experimental therapeutics. I am also thrilled to create new biotech jobs in Riverside, a region lacking incubator spaces where biotech companies can start and grow,” Pellecchia said. “At UCR, we graduate thousands of students and train many postdocs. But we are really educating and training them only to see them go elsewhere. We want them to stay and thrive in Riverside.”

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