Managing 6 Income Streams
Having multiple income streams has never been more important
Managing Multiple Income Streams
It wasn’t until around 6 years ago that I relied solely on income from my full-time employment. Which at the time was just fine.
Though, as I grew older and wiser I realised that having another few sources of income could help.
Now, I believe that it is vital that you find other ways to generate income and to not rely on your job as your only source.
I had a great job, once. Everything going fine. Finance of the organisation were great and I did not see a redundancy coming.
I got a new job a month later but I have never been more stressed or anxious and I thought, never again.
Income Streams
1)Full-time Paid Employment
Your bread and butter. If you don’t run your own business. I’ve had a full-time job since I was 18 years old. While I run 2 small business and make more money from day trading, I work for an incredible organisation. I am not ready to quit working, just yet.
Quitting your job to start a business takes a lot of planning and bravery. If it goes wrong and you have people that depend on you, it could be really difficult.
My full-time income also provides me with a good pension, allowing me a nice safety net for when I retire.
This income manages itself almost.
I get paid, pay my bills and then save, invest and spend the rest.
2)Day Trading Income
I have a personal account which I trade from and every quarter, I draw down any profits I make and withdraw them from my account and into a savings account that pays high interest.
In Q4 of 2023 I made £X from my personal account so I withdrew that and added it to my high interest savings account.
IF, I had reduced the balance of my personal account in the quarter I will take the money from my savings account and top it back up to my desired level.
I then have a £35,000 account with FTMO and any money I make with that I get 80:20 split and that does straight into my business bank account.
I have set up a limited company as it’s more tax efficient.
Also, I don’t need an accountant because I am one!
3)Mortgage Broker Business
I’m a licensed mortgage broker and charge a small fee for helping people apply, move or change their mortgage.
This pays really well. Not the fee I charge but the commission I normally receive from the banks I deal with.
I have a seperate business set up for this and I do my own taxes and planning because I am my accountant.
4)Accountancy Business Fees
Granted, I don’t actively promote this.
I have 8 clients I do ‘books’ for and submit returns and offer tax advice.
This generates a decent bit of income at the year end.
This income is put through my broker business to save the additional admin of having a seperate business.
5)Medium Income
I make money from writing on Medium.
It’s not a lot but it’s something.
I normally write 5/7 articles per week and around the middle of the money get a payment into my stripe account.
Not enough to worry about paying tax.
6)Investments & Savings Income
For investments I use moneybox which is a great platform for smaller level investments and I also invest in bonds.
Bonds generate a monthly income and if I need to I can withdraw from my moneybox account at any time.
I also have a large amount of capital (readily available) should I need it.
This is spread across and ISA and high interest savings account which generates monthly income.
I then pay tax on this.
Balancing Time and Effort
This takes time and effort, I get some help.
They key here is to get the income streams going first and then bring someone in you trust, like a partner.
Being an accountant is obviously a benefit as I don’t need to pay one but they are not that expensive if you look around.
It’s important to know what you owe and what you can save.
So invest in this wisley.
The Future
I plan to get this YouTube thing off the ground so who knows where that goes.
I’d love to get a day trading book out this year and also work on my affiliate links.
Other than that my time is well and truly spent!
Thank you for reading
Hi! Nice to meet you! I’m Adam. Currently, I’m working as an Accountant and have been Day Trading for over 6 years.
My two passions are Learning and Day Trading, so I take every opportunity to talk or write about both.
Want to connect?
I wish you the best in what ever you decide to do next.