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How to Diversify My Income Streams?

Discussion in 'Making Money' started by irfanrufi123, Sep 2, 2015.

  1. irfanrufi123

    irfanrufi123 Jr. VIP Jr. VIP

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    If you know one of my old threads (I wouldn't bet on it) that I work on Fiverr and am a well-reputed seller there. I Most of my daily time is sucked in to that work but I'm always super scared because I haven't diversified yet and I don't want that bubble to pop which Fiverr has given me therefore diversification is dead crucial for me.

    But, as it eats most of my time, I'm kinda like paralyzed on thinking. I have no idea, what should Id do to diversify my income.

    What's your say? What will you do? I get around $2k per month net profit so I can save a lil bit too



    Cheers
     
  2. Optic88

    Optic88 Regular Member Premium Member

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    Take your skills that you're currently selling on fiverr and use them to make money for yourself instead?

    There is TONS of stuff to do online... just look around the fourm.
     
  3. irfanrufi123

    irfanrufi123 Jr. VIP Jr. VIP

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    There certainly is. I know that. The problem isn't knowing, the problem is doing. I stressed that Fiverr is sucking most of my time so what will be a good way to start income with minimal effort so I can give time to Fiverr + i can make another stream.
     
  4. just-buyin-stuff

    just-buyin-stuff Registered Member

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    Work on outsourcing your fiverr gig so you can spend your time working on something else.
     
  5. godspeed007

    godspeed007 Jr. VIP Jr. VIP

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    Build some affiliate websites and rank them.

    For long run, build your own brand slowly. Hope that helps!
     
  6. lelou00

    lelou00 Power Member

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    IMO, you need to hire VA or someone to do the task. Train them and monitor their works occasionally. You need to learn to trust and run your business like corporate are doing business. Treat your staff nicely. With this, maybe you'll have to increase your operating cost, but on the other hand you'll get more time and freedom. You can use that time to venture on other business opp.
     
  7. Sherbert Hoover

    Sherbert Hoover Jr. Executive VIP Jr. VIP

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    Work on developing passive streams of income. I'd suggest taking that $2,000 and splitting it up as follows (assuming it's profit after living expenses, etc):

    $500 per month fun money: Do with what you want to, enjoy the fact that you are making good money, invest it in your personal well-being.

    $1,000 per month investments: I'm not sure what country you are in, but in the US, I'd suggest investing in either an IRA, or Vanguard Index funds.

    $500 per month build passive online income: Outsource the work needed to build one high-quality site every month. $500 should get you quite far, and do this month-over-month, and you're looking at 12 new potentially passive websites every year.
     
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  8. Markcue

    Markcue BANNED BANNED

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    If you want to make more then you can make affilates sites and bank from there
     
  9. irfanrufi123

    irfanrufi123 Jr. VIP Jr. VIP

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    That seems like a solid advice. I have already saved enough that I don't want the fun money for good half of the year so that's good.

    I'm from the Pakistan. Not USA. I'm not familiar with IRA or Vanguard Index funds.
     
  10. Aatrox

    Aatrox Supreme Member

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    You can start a few websites and try to rank them using the services here. You can also start reselling on fiverr from SEOClerks or something to get even bigger income.
     
  11. irfanrufi123

    irfanrufi123 Jr. VIP Jr. VIP

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    I do have an employee who the more complicated work for me but I cannot trust anyone with my account access, not even family because they will not care for it like I do. They value it but at the end of the day, it's my income stream and if it goes down, I go down, not them. I've thought long and hard about completely outsourcing my Fiverr but it's very delicate task which I cannot do while it's my only income stream.
     
  12. pentagra111

    pentagra111 Newbie

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    Build a website and resell fiverr gigs for more profit. now a days Ecommerce is hot. try to learn. you have to test methods, ideas, in order to get diversify income streams.

    Good luck.
     
  13. crazy4cs

    crazy4cs Junior Member

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    I see that time is a problem for you and you are having problem to work on something else because of it. But understand that everyone gets same 24 hours, even Bill Gates.

    I would suggest if not much then start by giving at least 30-60 minutes/day (I am sure you can do this much stretch) in developing other income sources as other members have suggested. Like an affiliate site and so on. You can use services to rank them like Aatrox suggested so you are also not spending time initially in learning or spending time on doing SEO to that website.

    Gradually, when you do this on medium scale and do 3-5 such websites, you will find that you have not just replaced but even doubled or tripled your Fiverr income.

    Long down the road, you might want to also stop doing such business which sucks most of your day time. Remember, we are in IM to live the life that 9-5 guys couldn't live. Don't forget why you are in this and be just one of those again.

    Hopefully, this response helps a bit. Good luck! :)