The Plan: Quitting My Job and Creating Multiple Streams of Income

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The stubborn folks at the Virginia Lottery are simply not cooperating with my plan to be the next multi-million-dollar lottery winner. So, I figure I’d better come up with a more attainable plan for bringing home the bacon if I want to be able to quit my job in the next couple of years. Here’s how that plan shakes down:

  • I want to develop multiple streams of income, because it’s just good logic.
  • I don’t want all of my income to be related to Internet-related earnings. I have a recurring nightmare that I turn on my computer and see nothing except a blue screen and the words “Cyberspace is full. The Internet is closed. Move On.” Ok, it’ll (probably) never happen, but I’d feel better if some money was coming in through some other avenue. I’m just saying…
  • I want some passive income. That’s right, and I’m not ashamed of it either. I want money pouring into my bank account that I’m not even aware of. I want to be making money while I sleep, while I eat, while I’m avoiding my exercise routine, and while I’m breathing. I’m usually engaged in at least one of those activities at any given moment. It’s not that I’m lazy. Well, I’m a little lazy. But if I have to put a lot of effort into every stream of income, then I’ll end up working more than 40 hours a week, and that would kind of defeat the purpose of this whole thing, wouldn’t it? And by the way, “lazy” is such an ugly word, don’t you think? With all the political correctness crap these days why can’t we come up with a more non-judgmental term…say, “activity-challenged” for example? I’m sure all my couch-oriented friends will agree with me on this point. Moving on…

If you’ve read my previous posts, then you know what one of my income streams will be:

Making Money as a Freelance Writer

This stream of income is my passion, and starting my writing career will be the main focus of my efforts from the beginning of my journey to self-employment. Over the past couple of months, I’ve done some research and found that there are a lot of good opportunities for writers to make a living. My main interest is writing articles for magazines and newspapers, and possibly developing a column suitable for syndication. Some other writing opportunities I’ll probably look into further and possibly try are:

  • Grant Writing
  • Commercial/Corporate writing
  • Writing content for websites
  • Copywriting

As I research and learn about these and other opportunities for freelance writers, I’ll keep you updated on which ones look promising and which ones I decide to pursue.

Making Money With an Online Business

Assuming that the Internet does not self-destruct anytime soon, one obvious way to make some money is through some sort of online business. I haven’t yet put a lot of effort into researching the possibilities, but I know that there’s money to be made and I want some of it. One possibility I’ve tossed around is an online store using drop-shipping so I don’t have to maintain my own inventory.

Making Money Without the Internet

I’ve noticed that there are still a few of those brick-and-mortar businesses out there making a pretty decent income. But, this is where it could get tricky. I don’t want to own a business if it means I have to get out of bed before 10 AM and actually leave my house to be the boss. That doesn’t work for me. So, maybe this is an opportunity to look for a more passive source of income. I’m thinking along the lines of a coin-operated car wash that I can visit occasionally to collect my earnings.

In the past, Scott and I have checked into owning rental properties as a source of income. I’d still like to learn more about that, but right now is definitely not the right time. No-Brainer: I rent a house to Joe Tenant. Joe gets laid off. Joe can’t pay the rent. Tammy doesn’t make money. Tammy’s not a happy camper, which means that Scott suffers miserably. So you see, it’s for my husband’s sake that I won’t pursue the rental property idea just yet. One day, though. Whenever somebody fixes whatever the hell is wrong with the economy…

Making Money Blogging

It’s no secret that one of our goals is to learn how to monetize this blog and see how lucrative it can be. There are some folks out there who have this all figured out and have been really successful at it. One of our favorites is Darren Rowse over at ProBlogger (check out his book below). It’s easy to see why ProBlogger is such a success, when Darren tosses out such massive piles of awesomeness on a regular basis. For example, if you need to know the ins and outs of blogging, you won’t want to miss his recent post, “Starting Your First Blog? 29 Tips, Tutorials and Resources for New Bloggers.”

There are a couple of streams of income that just go hand-in-hand with blogging; namely advertising and affiliate programs. We’ll be learning about that as we go along and trying to implement some revenue-generators here and there. We’ll let you know which ones pay off.

What means of income are you pursuing that will allow you to quit your current job?

6 thoughts on “The Plan: Quitting My Job and Creating Multiple Streams of Income”

  1. Best one yet,love the touch of humor and the way you use it in this one. Great writing,keep it up.

    1. Thanks Steve. You’re officially my biggest fan. Well, ok … at this point you’re my only fan. Much appreciated. Keep us up to date on your store idea, too!

  2. Tammy,
    Hysterical! I made more than a quarter of a million in 2008 in less than 30 hrs per week as an “out of the box” consultant – and I just might beat that this year.
    I’m writing a book right now and it should serve as that passive piece you just mentioned. I’m 45 and the greatest days are ahead! Your post is genius-ly written.

    1. Hey Steve,
      Your success is inspiring! Come back and let us know when you’re ready to launch your book. Hope it gives you that passive income you’re hoping for! Your site looks really interesting, by the way.

  3. Steve,

    Tammy told me about your site. Seems you and I have some things in common. You’re bald, I’m bald; you’re seriously into behavior and helping people via your understanding of it; ditto here; logic and reason are important to you, as they are to me; you can shoot super-hero-like lightning bolts out of your eyes, I can shoot [censored] out of my [censored]! How cool is that?

    Seriously, in many ways, you’re already where I’m headed. My purpose is the same but my approach is different. I think what you’re doing is awesome. Great success to you!

    If you ever have any (free) advice, we would be endlessly grateful. :-) Thanks for stopping by.

    Cheers,
    Scott

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