I diversify by spreading my writing over several open-submission sites, a small number of high-quality clients, and a couple of my own domains. I'm working on a book now, which I'm hoping will stabilize things a bit more, and even minimal success there will ensure another book follows. It will start as electronic only, but doesn't have to sell many copies to justify a small paper run. Basically, I've been trying to do as much for recurring income as possible, but do enough work-for-hire to keep the bills paid. As finances allow, I'll also be putting more into investments for just a little more diversification and, hopefully, separate those dollars from hours a bit better too.
That's a great plan! What are you using for electronic publishing? If you don't mind me asking. I've had requests for an ebook of some of my web site advice.
For now, Amazon publishing . I've ghost-written a couple of eBooks for clients that have done well there, and the platform is easy enough to work on with relatively basic formatting expertise.
Mainly, my writing income can be divided into three major segments:
1. My freelance writing services that I offer to various clients.
2. My HP income (not much, but it definitely takes off a huge share)
3. My blog income (which I'm just starting out with)
The idea is to build a passive income stream (recurring income) in the long run. In the meanwhile, my freelance writing services help me for monthly expenditures.
Apart from that, I do have a few major things planned - including a few eBooks. But that'll take some time. Hopefully, after a few years, I'll be able to live off of my recurring passive income.
I get most of my writing income from self-published books, earning what would probably be considered a middle-income salary from them. I'm not really that active on HP or any of the other online writing sites any more, so I only make a pittance here and on similar sites in comparison.
In addition, I make some money via AdSense and affiliate marketing, but nothing to really brag about. I'd advise those trying to find other sources of income (outside of just writing) to first look at dividend income - there are some solid blue chips that have been paying (and increasing) their dividends annually for decades, so it can be viewed as a pretty good bet in a lot of ways. You can also look at offline passive income businesses, eg, you can start a vending machine business with just a few hundred bucks.
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