Today, I want to discuss a different topic than usual — income.

Many of us aspire to make stoopid money online but lack a clear plan or strategy for achieving this goal.

Back in 2019, I set a target to have seven streams of income within three years — by 2022. I was inspired by one motivational ad like that. However, I soon realized that this goal was too vague, and my approach of acquiring numerous skills to offer various services online wasn't practical.

I realized that I could actually generate more income by focusing on one or two online services and marketing them effectively, rather than trying to manage seven different services. I also discovered that selling seven different services counts as a single stream of income. Bummer! 🥲

After some research, I learned that reliable sources of income should differ fundamentally in their operation, whether passive, active, or investment-based.

So, I adjusted my goal to achieving five streams of income by the end of 2022, categorized thus:

1. Wages/Earned income: Recurring income earned from selling skills, time, or services, such as a salary.
2. Commission: Income generated by completing one-time projects or tasks, such as building a website.
3. Passive income: Income derived from a system or activity that requires initial setup but continues to generate earnings with little to no maintenance.
4. Interest: Income received as a return on investment.
5. Profit: Income obtained from selling products or services within a business or company.

As life does not always go as planned (life no balance), I only managed to establish the first three of these income streams. — wages, commissions, and passive income — by the start of 2023.

Now, I'm focusing on pursuing Interest and Profit incomes in real-time. Although I have long-term goals for other income streams, they are not immediate priorities.

So, why aim for multiple streams of income? Not only does it provide financial security and stability, but it also helps mitigate the impact of economic downturns on your life.

Suppose you were saving N30,000 monthly to start a business within a year. Due to a recent increase in transportation costs, it becomes challenging to save that amount consistently. As a result, you may need to reduce your savings, prolonging the time it takes to achieve your goal.

Or, you might have to take on additional work, which means sacrificing time with loved ones or other activities you care about. This example shows how an economic downturn can affect your life and goals.

I'm curious to know if you also contemplate your financial future and set goals accordingly. Great things seldom happen by chance, so if you're serious about achieving your long-term financial goals, you need to develop an action plan early on. E get why.

But hey, what do I know? I'm exploring and learning, just like you. Effing around and finding out.

Anyway, I would appreciate your feedback on this. Feel free to respond to this email and share your relationship with your financial goals. Do you consistently achieve them? How has the economy affected your goals, and what valuable lessons have you learned along the way? Kindly share.

If you don’t yet have a working relationship with your financial goals, then I hope this does not pressure you but serves as a wake-up call, because we need to make this stoopid money together okay?

Talk soon,

Viki 💜

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