Diversification of Income and Ways You Can Successfully Diversify Your Income.

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I am sure everyone has heard the phrase “diversifying your income” once or twice in their lifetime but what does it mean to diversify your income and how can you successfully do this?

The term diversity means to make or become more diverse or varied according to Lexico and income is money received, especially on a regular basis, for work or through investments so diversifying your income is the means of using diverse or varied means to receive money on a regular base.

In our economy today, diversification of income is advised because it protects you from certain unseen variables that could stop your flow of income but even with knowledge of how essential diversification is, most people still wouldn’t know how to diversify.

For the past few months, I have been actively trying to diversify my income and these are some of the ways I think you can do that based on research and questioning of other people.

  1. Getting a Job: It is important to know that having a job while doing other things can be a means of diversification and I feel like when most people hear “diversify”, they do not think 9-5s but it is a steady and consistent way you can get an income especially if you are chasing your passion and working for a reputable company.

  2. Investments: I am sure you have heard about the term “investments” especially if you are actively reading posts on @leofinance and investing in this context means to put money into a financial scheme expecting profits and some way you can invest are through
    A. Cryptocurrencies
    B. NFTs
    C. Forex market
    D. Stocks and bonds
    E. Real estate
    F. SME (small and medium enterprise)

  3. Starting a business: A good way to diversify is by starting a business and there are businesses that can be started with as little as 10$ in Nigeria and the good thing about starting a business is that you can be your own boss and you get to choose what you want to get into. Starting a business is also an easy way to profit from your passion because if you love fashion, you could sell clothes and so on with other passions.

  4. Social Media: Building a following on social media is a great way to diversity as you can earn from platforms like YouTube, 3speak, and TikTok by making videos, Instagram from ads, etc., and I feel like we all use certain social media platforms, and even though it might be hard to start why not make an income from it.

  5. Writing/ Online freelancing: certain platforms like hive and Wattpad pay writers to write which is pretty awesome but you can also do surveys, test products, etc. online for extra income.

  6. Sports betting: I know I shouldn’t put this here because it might be controversial but I still know a lot of people who are successfully making a living from sports betting so it is also a means of diversification but it is important to have prior knowledge of certain sports.

There are more ways to diversity but these are the few that I have chosen to focus on and I would advise you to make your research as I am not a financial advisor.

I believe that it is important to have two or three streams of income as it could avert a lot and even make your life more comfortable so if you have other suggestions on means of diversification of incomes, please let us know in the comments, Thank you.


REFERENCES
Diversify
Income


Thank you for opening this box of passion

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32 comments
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Hi @khaleesii, thanks for the info. Just want to add Play-to-Earn games if you're into that. AXIE and PVU are manageable for those with full-time jobs.

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I just learned from you, I would check those out.

Thank you.

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Glad to help :) I'm now playing axie.. And you can earn 200-400usd sometimes even more per team every month. You do need though to shell out some capital

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A good way to diversify is by starting a business and there are businesses that can be started with as little as 10$ in Nigeria

Please could you give examples, because I'm finding this hard to believe

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  1. Selling of fruits
  2. Selling of thrift clothes
  3. Starting a cleaning business or being a personal shopper
  4. Selling of certain snacks

Just a few.

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Yeah my mind didn't go to all of these. I guess I was looking to far, Thanks

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I am doing all except the sports betting. It is hard for me to let go of the money earned with such games. I have a terrible luck and that is why I don't plan to put some of my money in there.

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I can't do sports betting also because I am so scared of it but people are actually living through it.

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True to that, we have some call centers in the Philippines that cater those accounts. Especially the NBA season and NFL games they are booming . Plus the boxing betting. Oh boy!

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My income became much less diversified thanks to the pandemic. I lost my restaurant and school, and now I have all my eggs in crypto, but within the cryptosphere I would say my portfolio is diverse.

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I recently left my job also so I understand but it's great that you have crypto, it is truly diverse.

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Gone are the days where one can relay on a single string of income and except to live comfortable which is why I am so grateful for all the extra legit opportunities the net provides these days for income diversification most especially in a country like Nigeria 👍 loved this post and found it via dreamport

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Exactly, we need so many streams especially here in Nigeria.

Thank you for reading.

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You're right, diversification is another strategy in business that helps us have
Multiple streams of income. That's the sure way to guarantee a longtime and continual wealth. It's good you've shared your secret.

@dreemport directed me here

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This is very detailed for any trying to diversify income, I think I'm one of those who is failing in this aspect as I have onlh focused on writing, investing little and studying to graduate soon.

Maybe I'll do something about doing something else to earn more, thanks for the guidelines, you did a good research.

By the way, please which platform is Wattpad? I only know of Hive 😒

Got here through @dreemport

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I like how crypto and NFT's took your top spots for investment
I was just talking about this to a friend that she needs to start looking into this a little more seriously :D

#DreemPort

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I know how important they both are and I am also trying to learn about them.

Thank you for reading.

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Perfect piece.. Thanks for sharing with us the ways we can successfully diversify our income. All these point highlighted are indeed perfect to subscribe to should we want to diversify our income.

@dreemport directed me to your post

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Always good to keep your wealth spread across a number of asset types. It's a great way to hedge your risk.

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Income diversification is one of the smartest financial nuggets of wisdom.
You are definitely on the right track to financial freedom.
Great post @khaleesii

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I hope to get there sooner than later.

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God helping you will!

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