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How many ways are there to earn money?

With the current economy in the doldrums, with weak economic growth, stubborn inflation and rising interest rates, the traditional ways of earning money have evolved into a diverse landscape filled with endless possibilities. From the conventional nine-to-five job to the burgeoning gig economy, the avenues to generate income are as varied as they are abundant. But how many ways are there to earn money, and why is it crucial to create multiple income streams?

Income streams fall into three categories: active, passive, and portfolio.

Active income is trading time for money, working for yourself or an employer. Starting a side hustle, providing a service, earning commissions, and creating content around your passion.

Passive income is what you receive from your assets that does not involve trading time for services and labour. Assets can be physical assets like property / real estate. Virtual and digital assets like cryptocurrencies, NFTs, training courses or information products, e-books, or publishing a book on Amazon.

Portfolio income is the interest, dividends or capital gains you receive from your assets and investments. You can increase your investment portfolio income streams by investing in company stocks, bonds, and various types of stock market funds. Let’s explore in more detail.

1. Time for money Employee.  

You work for someone else and you earn an hourly rate for a contract of set hours per week or month. Work hours in employment are usually 8 hours per day. Some companies have flexible hours from 7 am to 6 pm and you can choose to start early and finish early, this works well for some people. Office jobs are typically 9-5, Monday to Friday. There are a lot of manufacturing companies that work on a shift system, 6 am to 2 pm, 2 pm to 10 pm and night shift 10 pm to 6 am. The reality of this three-shift pattern can wreak havoc on your sleep patterns, social life and family life, and from experience, companies can ask employees to cover 12-hour shifts at short notice as happened to my husband when we had young children. 

Employment – Traditional employment offers a stable paycheck in exchange for services rendered. Entrepreneurship – Launching into entrepreneurship allows individuals to create their business ventures, whether it’s a startup, consultancy, or freelance.
Side Hustles – From driving for rideshare services to monetizing creative talents on platforms like Etsy. Using platforms like Patreon, or starting side hustles to provide extra income outside of regular employment.

2. Invest Money to earn money.

Investments – Investing in stocks, real estate, bonds, or other financial instruments can yield passive income streams through dividends, interest, or capital gains.

Investments like property can earn you rental income and growth in capital value over the years if you look after your property investments. Property is a great way to build wealth.

According to The Motley Fool, almost everyone should own stocks or stock-based investments, like EFTs exchange-traded funds and Mutual funds. Stocks are long-term investments that are mostly safe for the ordinary investor.

Once you have financial security or a level of wealth Bonds are another type of investment.
There are three main kinds of bonds. Corporate bonds, issued by companies. Municipal bonds are issued by Governments and States. Treasury notes issued by the US Government.
A newer form of investment is Cryptocurrencies. You can learn more about Cryptocurrencies and invest to diversify your investment portfolio. The two main popular cryptocurrencies are Bitcoin and Ethereum. These are just some ways to invest to earn money.

3, Multiple Sources of Income

Having multiple income streams can give you peace of mind with your finances. When you aren’t relying on one single job or investment for your money. Most millionaires have several streams of income, research says the average millionaire has seven streams of income.
These are the income streams of millionaires.
Profit income, from a business, after your expenses are paid.
Interest income, from your investments.
Dividend income, from bonds, stocks, and company investments.
Rental income, from property investments. Capital gains are the increase in value of the property, land or other assets.
Royalties and Licensing – from writing books, creating lyrics, and publishing music. Artists, authors, musicians, and inventors can earn royalties or licensing fees for their creative works or intellectual property.

The Importance Of Diversification

Having multiple sources of income is akin to building a robust financial portfolio. Diversification not only mitigates risk but also unlocks opportunities for greater financial stability and flexibility. Relying solely on one income stream leaves individuals vulnerable to unexpected disruptions. Such as job loss, economic downturns, or industry shifts. In contrast, diversifying income sources creates a safety net, ensuring a more resilient financial foundation.

Creating multiple streams of income can accelerate wealth accumulation and ease progress towards financial goals. Whether saving for retirement, funding education, or pursuing personal passions, having supplementary revenue streams magnifies earning potential and opens doors to new possibilities.

Empowering Women Through Financial Independence

Achieving financial independence is a vital pursuit for everyone, regardless of gender. However, women should think seriously about financial independence, even within the circumstances of marriage or relationships.

Historically, women have faced systemic barriers to financial empowerment. Including, wage disparities, limited access to career advancement opportunities, and societal expectations that prioritize caregiving over career development. Consequently, many women find themselves economically vulnerable, particularly in the event of divorce, spousal loss, or unforeseen circumstances.

To combat these challenges, women must educate themselves on the principles of financial investments and actively cultivate their income streams. Not only does financial independence provide a sense of empowerment and self-reliance, but it also provides greater financial security and helps in the face of life’s uncertainties.

Financial independence enables women to pursue their passions, fulfil their aspirations, and contribute meaningfully to their families and communities. By championing economic empowerment, women can challenge traditional gender norms, advocate for equality, and pave the way for a more inclusive and equitable future.

The CashFlow Quadrant

Robert Kiyosaki of Rich Dad, Poor Dad fame, recommends a path to financial security and financial freedom in his book The Cash Flow Quadrant.  He talks about how employed and self-employed persons can educate themselves on business and investing to advance themselves.

Most people do not have an abundance of time or money especially those in the employed category they may earn a good wage or salary but they are trading time for money. 

A self-employed person may have more free time and can choose the times they commit to work. A self-employed business owner who can leverage contractors and put automated processes in place will have greater access to time and money.

A business owner who invests in property has published books, and creates online and offline training and mentoring programs, can earn from multiple sources of income.
For example profit income from the businesses, royalties from books published, rental income from the properties, earned income from mentoring, interest and dividend income from cash invested.

Those individuals who can educate themselves on the differences between earning active income, passive income and portfolio income can increase their opportunities and potential for financial security and ultimately financial freedom.

In conclusion, the question of how many ways there are to earn money is as vast and diverse as the human imagination. By embracing a multifaceted approach to income generation and prioritizing financial independence, individuals—particularly women—can unlock new opportunities, achieve greater security, and chart a course towards a more prosperous future.

 Breaking Free from Debt:

Strategies for Financial Freedom


In today’s fast-paced world of increasing debt, financial freedom often seems like an elusive dream for many. The burden of debt can weigh heavily on individuals and families, hindering their ability to live life to the fullest. However, breaking free from debt is not an impossible feat. With careful planning, discipline, and the right strategies, you can pave the way to financial independence. In this article, we will explore effective approaches to overcome debt, prioritize expenses, and provide a comprehensive guide on the do’s and don’ts of achieving lasting financial freedom.

Understanding the Debt Landscape

Before diving into strategies for overcoming debt, it’s crucial to understand the types of debt and their implications. Not all debt is created equal. There is good debt and bad debt. Mortgage debt, for instance, may be considered a reasonable investment, while high-interest credit card debt can quickly spiral out of control. You also need to identify which are your priority expenses and which are non-priority expenses. Identifying and categorizing your outgoings and debts will help you develop a targeted budget and plans for repayment.

Prioritizing Expenses:
A Blueprint for Reducing Debt and Financial Freedom

Create a Budget:

  • The cornerstone of any successful financial plan is a well-crafted budget. Start by listing all sources of income and categorizing monthly expenses. This includes fixed costs like rent or mortgage payments, utilities, and insurance, as well as variable costs such as groceries, transportation, and entertainment. Knowing where your money is going is the first step toward regaining control over your finances.

Emergency Fund:

  • Establishing an emergency fund is paramount. Life is unpredictable, and unexpected expenses can derail even the best-laid financial plans. Aim to save at least three to six months’ worth of living expenses in a dedicated emergency fund. This safety net will provide a buffer in times of crisis, preventing the need to accumulate more debt. I know only too well how becoming financially dependent on a spouse or partner can have a devastating impact on your life if that partner dies unexpectedly or decides to leave or even worse traps you in a toxic abusive relationship.

High-Interest Debt First:

  • When prioritizing debt repayment, focus on high-interest debt first. Credit card balances and payday loans often carry exorbitant interest rates, making them particularly burdensome. Allocating extra funds to pay off these high-interest debts will save you money in the long run and accelerate your journey to financial freedom.

Mortgage and Student Loans:

  • While high-interest debt should take precedence, it’s essential not to neglect other obligations. Mortgages and student loans typically have lower interest rates, and in some cases, the interest may be tax-deductible. However, consistent, timely payments are crucial to maintaining a good credit score and financial stability.

Negotiate Interest Rates:

  • Don’t be afraid to negotiate with creditors for lower interest rates. Many credit card companies are willing to work with customers who demonstrate a commitment to repayment. A lower interest rate can significantly reduce the total amount paid over time, accelerating your journey to debt-free living.

Snowball vs. Avalanche Method:

  • Two popular debt repayment strategies are the snowball and avalanche methods. The snowball method involves paying off the smallest debts first, gaining momentum as you move on to larger balances. The avalanche method targets high-interest debts first, minimizing overall interest payments. Choose the approach that aligns with your financial goals and motivates you to stay on track.

    Here is a recent episode from my podcast Mindset Money Success, where I talk about “Overcoming a Scarcity Mindset” to help you think more about your financial goals and what you really want.

Do’s and Don’ts on the Path to Financial Freedom


Educate Yourself:

  • Knowledge is power. Take the time to educate yourself about personal finance, budgeting, and investment strategies. Understanding the principles of money management will empower you to make informed decisions and build a solid financial foundation.

Live Within Your Means:

  • Adopt a positive mindset and strive to live within your means while working on your financial goals. Differentiate between wants and needs, and prioritize spending on essentials while cutting back on non-essential expenses. Consistently saving a portion of your income will accelerate your journey to financial freedom.

Invest Wisely:

  • Once you’ve paid off high-interest debt and established an emergency fund, consider investing for long-term growth. Diversify your investments, taking into account your risk tolerance and financial goals. Consult with a financial advisor to create a personalized investment strategy.

Build Multiple Income Streams:

  • Relying solely on a single source of income can be precarious. Explore opportunities to build multiple income streams, such as a side hustle or investments. Diversifying your income can provide stability and accelerate your progress towards financial freedom.


Ignoring Debt:

  • Ignoring debt will not make it disappear. Face your financial situation head-on, assess the extent of your debt, and develop a realistic plan for repayment. The longer you delay, the more challenging it becomes to break free from the cycle of debt.

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Impulse Spending:

  • Impulse spending is a major obstacle on the path to financial freedom. Before making a purchase, especially a significant one, take the time to evaluate whether it aligns with your financial goals. Avoiding impulsive decisions will contribute to long-term financial stability.

Paying Only the Minimum:

  • Credit card companies often set minimum payment amounts that barely scratch the surface of the principal balance. While it may be tempting to pay only the minimum, doing so prolongs the repayment period and increases the overall interest paid. Strive to pay more than the minimum whenever possible.

Neglecting Savings:

  • Even as you focus on debt repayment, neglecting savings can be detrimental. A lack of savings can lead to further debt in times of emergency or unexpected expenses. Prioritize both debt repayment and savings to create a balanced financial plan.


Breaking free from debt requires a combination of discipline, strategic planning, and a commitment to long-term financial health. By prioritizing expenses, adopting sound financial practices, and avoiding common pitfalls, you can pave the way to financial freedom.
If you have struggled repeatedly with managing money or worrying about your financial situation and lack of money and resources you might find my article on Financial PTSD interesting.

Remember that the journey may be challenging, but the rewards of a debt-free life—peace of mind, financial security, and the ability to pursue your dreams—are well worth the effort. Start today, take control of your finances, and embark on a path to lasting financial freedom.


Beyond 9 to 5:  

Building Wealth with Multiple Streams of Income

From Blogging to Real Estate Investments

In today’s fast-paced and dynamic world, financial stability often demands more than a traditional 9-to-5 job. The concept of creating multiple streams of income has gained traction as individuals seek diverse avenues to secure their financial future. This article explores various strategies to generate income from different sources, including leveraging social media, starting a blog, launching a podcast, writing and self-publishing books, and investing in property.


The Importance of Multiple Streams of Income

With the current uncertain economic landscape, the concept of relying solely on a single source of income is becoming increasingly outdated. Entrepreneurs often emphasize the importance of creating multiple income streams to provide a cushion against economic uncertainties. Relying solely on a single source of income can leave individuals vulnerable to unexpected events, such as job loss, economic downturns, or unforeseen expenses. Having multiple streams of income not only provides financial security but also opens up opportunities for wealth creation and personal fulfilment.

Monetizing Social Media: Turning Likes into Income

In the digital age, social media platforms have become powerful tools for personal branding and income generation. Whether you’re a content creator, influencer, or business owner, leveraging social media can be a lucrative venture.

1. Content Creation and Monetization

Platforms like Instagram, YouTube, TikTok, and Facebook offer opportunities to showcase your skills and expertise. Content creators can monetize their channels through ads, sponsorships, and affiliate marketing. Authenticity and consistency are key to building a loyal following that translates into a sustainable income stream.

2. Online Courses and Consulting

Utilize your expertise to create and sell online courses or offer consulting services. Platforms like Udemy, Teachable, and Skillshare provide avenues to reach a global audience, turning your knowledge into a scalable income source.

Blogging: Transforming Passion into Profit

Blogging remains a timeless method to share knowledge, experiences, and insights with a wide audience. Starting a blog can be a fulfilling journey that not only allows you to express yourself but also opens up opportunities for monetization.

1. Niche Selection and Audience Building

Identify a niche you are passionate about and that has market demand. Building a loyal readership requires consistent, high-quality content that addresses the needs and interests of your target audience.

2. Monetization Strategies

Explore various monetization methods, including:

  • Ad Revenue: Displaying ads on your blog through platforms like Google AdSense.
  • Affiliate Marketing: Promoting products or services and earning a commission for every sale made through your affiliate link.
  • Sponsored Content: Partnering with brands for sponsored posts and reviews.
  • Digital Products: Creating and selling ebooks, online courses, or exclusive content.
  • Membership Sites: Here you can create exclusive content for paying members and create a recurring monthly income as you grow.

Podcasting: Turning Your Voice into an Asset

Podcasting has experienced a surge in popularity as an accessible and intimate medium for sharing stories, insights, and expertise. With the right strategy, it can become a valuable income stream.

1. Content Planning and Production

Identify your podcast’s niche and target audience. Consistent and engaging content is crucial for attracting and retaining listeners. Invest in quality equipment and editing to enhance the overall production value.

2. Monetization Options

Monetize your podcast through:

  • Sponsorships: Partner with companies relevant to your podcast’s theme.
  • Listener Donations: Platforms like Patreon allow listeners to support your podcast financially.
  • Merchandise Sales: Create and sell branded merchandise to your audience. You could use print-on-demand services that do all the heavy lifting for you.

Writing and Self-Publishing:
Unleashing Your Creative Potential

For those with a passion for storytelling or expertise in a particular field, writing and self-publishing offer a pathway to share your knowledge and creativity with the world while generating income.

1. Identifying Your Niche and Audience

Understanding your target readership is crucial. Whether it’s fiction or non-fiction, catering to a specific audience increases the likelihood of success. 

2. Self-Publishing Platforms and Marketing

Platforms like Amazon Kindle Direct Publishing (KDP) IngramSpark and Draft2Digital empower writers to self-publish their works. Effective marketing strategies, including social media promotion, can significantly impact book sales. As well as effect launch strategies.

3. Diversifying Writing Ventures

Consider freelance writing, ghostwriting, or contributing to online platforms to expand your writing portfolio and income potential. There are a number of platforms where you can offer your services like People Per Hour, or Fiverr. For writing articles there are sites like Medium, WordPress and Wix.

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Investing in Property: Building Wealth through Real Estate

Real estate has long been considered a stable and lucrative investment. While it requires capital and careful planning, investing in property can provide long-term financial security.

1. Research and Strategy

Conduct thorough research on potential real estate markets. Understand the local property trends, economic conditions, and growth prospects. A multi-millionaire property mentor and best-selling author advises you to keep your research local do not try to invest in properties that are miles out of your area, otherwise you will be spending a lot of time travelling back and forth.

2. Financing and Risk Management

Secure financing through mortgages or other funding options. Develop a risk management strategy to mitigate potential challenges, such as market fluctuations and property management issues. There are more options than you think, like purchasing via lease options or rent-to-buy contracts, you really need to investigate all the options and educate yourself,  buying books or courses from the people who have done what you want to do. 

3. Rental Income and Property Appreciation

Generate income through rental properties and benefit from property appreciation over time. Property investment can offer both short-term cash flow and long-term wealth accumulation. This could be a way to secure your retirement income and or have a lump sum capital on retirement. However, you would need to consider ways of mitigating capital gains and obtain financial advice from the right people.

Conclusion: Crafting Your Financial Tapestry

Creating multiple streams of income is not a one-size-fits-all endeavour. It requires a combination of passion, strategic planning, and adaptability. Whether you’re exploring the realms of social media, blogging, podcasting, writing, or property investment, the key is to diversify your income sources while aligning them with your skills and interests. By weaving together these diverse threads, you can craft a financial tapestry that not only provides stability but also opens doors to financial freedom and self-fulfilment.

If you enjoyed reading this article please consider subscribing to my Youtube Channel Success With Loraine and my Podcast Mindset Money Success.
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