My Own Experience With Small Revenue Streams
My personal experience with small revenue streams began several years ago when I began writing articles online for a number of sites, including Hubpages and eHow. After several months of consistently writing articles daily, about a variety of subjects, I eventually began to see a trickle of income come in each month. The online writing landscape has changed quite a lot over the past decade, and some of the venues that I wrote for no longer pay residual income, yet I still receive a dollar or more per day from some sites as they share advertising revenue from ads placed next to articles that I wrote.
It can be a bit discouraging at first to get these small checks after having put in so much effort writing articles, yet if you begin see that income as part of a bigger picture it can help.
I once heard the advice, although I don't recall where, that all one has to do to make a million dollars is make $1,000 and then do it again 999 times. If I had applied this philosophy to my savings over the years, perhaps I'd be farther ahead now. The same strategy, downsized a bit, can be applied for small revenue streams. If you're making $1 a day from some source, all you've got to do next is find 34 more ways that will each make you $1 a day, and you'll be making a salary greater than the US federal poverty line of $12,760.
This might seem simplistic and downplay the difficulty in finding online sources of income, but trust me, it's possible. Not all of these little income streams may be online, and some may be more, or less than a dollar. Perhaps you drive for Uber or Lyft for an hour a day, or deliver groceries for Favor, and earn only $17.50,
At this rate, you're already halfway there. If you make $14 for one hour of teaching online English to children in China, on a site such as ViPKid or MagicEars, and do this each day, then you've almost reached your goal.
I don't suggest at all that $12,760 per year is a real living wage, but if you set your sights a bit higher, and increase the number of small revenue streams, you may very well exceed this figure.
All Sources of Income Can Add Up
If you realize that all sources of income can add up, including interest from online savings accounts, for example, dividends from a few shares of stocks, bonds or Exchange Traded Funds or ETF's, you can move closer to your goal of financial independence. For example, if you owned $10,000 of Vanguard's Real Estate Fund, (symbol VNQ), and if that fund paid you 3.25% in dividends each year as it has on average for the past 10 years, you'd have close to an extra $1 a day in income.
Every source of income counts. I recently participated in a medical trial, one that involved a hair loss treatment. I heard about the trial from a TV commercial, applied and was accepted. It involved trying a topical hair loss treatment at home for 90 days and required only a minute or two of my time each day after the initial visit. At the end of the trial I was evaluated at their office and in total the amount of time that I spent to earn $1,200 was only a couple of hours. Averaged out on a daily basis, I added another $3.28 of income to my daily total for doing very little.
Another source of a small daily amount of income is from a blog that I started several years ago. I blog about energy efficiency and home improvement topics and place Google Adsense ads on my site. From those ads I earn around $2 daily. It's not much, but all part of the equation.
Also, I get about fifty cents each day, on average, from stickers that I sell through a print on demand company called Cafepress. There anyone can upload a design and if customers buy an item featuring it, on a bumper sticker, for example, you get a commission. I made a few sticker designs several years back featuring fishing and hiking themes, and continue to sell a few of them every month. The site handles all sales and shipping and pays me by PayPal when the amount reaches the $50 minimum threshold.
I also do part time handyman work for TaskRabbit, an app based service that helps you find handyman work in your area. After their cut, I typically make about $20 an hour for simple tasks, such as picking up an item from a big box store, or assembling IKEA furniture. On Glassdoor.com, "taskers" as they're called, report making anywhere from $8 to $40 an hour.
Don't Give Up!
If you're looking for a way of earning a living and don't want, or can't find a traditional job, don't be discouraged. Start by taking a look at wherever you can make a small amount of income and try to expand that one source as you find others like it. Also, don't get lost in online forums about easy riches or go down the rabbit hole of "online survey taking". These are, by and large, good ways to not only waste your time, but possibly give up your valuable personal information for a few pennies. Take a look at those skills that you already have, such as writing ability, foreign languages, fast typing speed, etc.. and try and find an online platform where you can turn them into cash. There are online companies that will pay you for transcribing audio to text, and for creating subtitles for videos for example.
You can even add to your daily revenue steam from renting out unused space in your home, with Stow It, an online service that helps connect those with extra space with people needing to store things. These are just a few ideas. Keep searching and adding to your small income streams and you may find that before you know it you're actually making living out off all those little $1 per day sources.
Finally, don't just limit your efforts to earning multiple income streams. Also try and find ways you can save money by reducing your small daily expenses. Brewing your own coffee at home for example, may put an extra $5 or more in your pocket each day, as can switching to a lower cost cell phone or cable plan. All of it adds up, and the sooner that you adopt this philosophy, the more money that you'll have in your wallet.
© 2020 Nolen Hart
Olivia Marlene from Philippines on December 23, 2020:
This is very interesting. I love the idea. Indeed, little payments here and there add up. Thanks for sharing.
Peggy Woods from Houston, Texas on December 23, 2020:
Your idea of building incremental wealth is a good one. As an old saying goes: " A penny saved is a penny earned." Your example of making coffee at home instead of picking it up at a Starbucks, for instance, saves a lot of money over time.
Karen Hellier from Georgia on December 23, 2020:
This is very interesting. Thanks for the tips. I am going to check out some of those sites you mentioned to increase my income at home. I don't sell items on Cafepress, but do you Zazzle for some of my photos and artwork.