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Q&A: "How many income streams is best?"
I've been selling on eBay, and I'd like to do more of that. I'm also trying to build a website and learn about coding. And then, of course, I have several other ideas on the back-burner, mostly from listening to the show and hearing cool stories.
I know that I can't stretch myself too thin, and I also have a day job, but I like doing different things and I want to make sure my income is truly diversified. Therefore I'm wondering: how many income streams is best for the average person? Is there an optimal number?
Generally most people I've worked with have somewhere between 2–5 sources of income. This caller's examples are typical: the eBay selling and then something else.
Once we featured a guy who had 10 side hustles and earned $100k/year from them, but that's difficult to manage. He might be more successful focusing on a few and increasing revenue to multiple six figures.
Passive income is not always passive—most of the time it's not. If it's truly passive, you might be best served by asking how you can increase it instead of starting more new projects.
