How many streams of income do you have?

[BackinBlack]

Inspired by a thread I saw on reddit, would like to know how many streams of income/sorts of income people (more specifically lawyers) have, or is the idea of having multiple streams of income simply a myth pushed by youtubers?

As a junior associate, I'm only at 2 - employment income and stocks. I make maaaybe 1k a year in dividends. Would like to hear from others.

Edited July 28, 2022 by BackinBlack

[Peculiar Frond]

God help the first person in this thread to announce they are a part-time landlord.

As for me, I ran a bot to scoop up GPUs for a couple years.  My etherium rig — hooked up to my neighbour’s power, thanks Esther — made good money.  But I’m out of that now.  On the plus side, I managed to sell the cards before the price collapsed.  

So, only one income if we don’t count  my sizeable trust fund. 

[CleanHands]

6 minutes ago, Peculiar Frond said:

God help the first person in this thread to announce they are a part-time landlord.

 

[OntheVerge]

One...  

...until I succeed in turning my dog into an instagram star. 

[AllRise]

I own and operate a small business that makes enough to pay some of the bills and mortgage with (relatively speaking) minimal time investment. It took a number of years to reach this point, but it was worth it and I highly recommend entrepreneurship in any form. It teaches a number of essential skills.

I started this business before I entered law school, when I was working in a job I did not find fulfilling (at that time I had two streams of income). I'm not sure what I'll do with it when I'm a lawyer, I don't expect I'll have enough time to continue running it in the same capacity I do now, I may sell it, we'll see. I enjoy the supplemental income, and working with clients on projects, so I'd like to continue with it if I can. 

Edited July 28, 2022 by AllRise
Grammar corrections.

[123]

1 hour ago, Peculiar Frond said:

my sizeable trust fund. 

I would be interested in acquiring a sizeable trust fund.

Edited July 28, 2022 by realpseudonym

[Talleyrandophile]

Ooh ooh I win! Small-time landlord.

[BackinBlack]

1 hour ago, Talleyrandophile said:

Ooh ooh I win! Small-time landlord.

How time consuming is being a landlord? People tend to dismiss it by saying its not very passive and is a lot of work - not too sure I'm sold on that assuming the tenant is ok.

Edited July 28, 2022 by BackinBlack

[Ryn]

15 minutes ago, BackinBlack said:

How time consuming is being a landlord? People tend to dismiss it by saying its not very passive and is a lot of work - not too sure I'm sold on that assuming the tenant is ok.

Commercial landlord is where the real cash is. I assisted on a few deals involving properties owned by a bunch of partners at various law firms. Seemed like a good investment, at least on paper.

[BackinBlack]

7 minutes ago, Ryn said:

Commercial landlord is where the real cash is. I assisted on a few deals involving properties owned by a bunch of partners at various law firms. Seemed like a good investment, at least on paper.

Good to know - commercial property as in multiresidential housing (which is sometimes classified as being commercial) or actual commercial properties?

[Ryn]

4 minutes ago, BackinBlack said:

Good to know - commercial property as in multiresidential housing (which is sometimes classified as being commercial) or actual commercial properties?

The ones I knew about were actual commercial properties.

[BirdsArentReal]

46 minutes ago, BackinBlack said:

How time consuming is being a landlord? People tend to dismiss it by saying its not very passive and is a lot of work - not too sure I'm sold on that assuming the tenant is ok.

To be honest, really depends on the type of property you own. From my experience, student housing near universities are usually tough to maintain and manage. Condos are tough because you have to really get them right to get cash flow from them (bc of maintenance/management costs). I try to find units which are in prime locations for families- those can get super passive if you find the right tenant. As passive as it is, you will always have the occasional fix or required visit. 

Edited July 28, 2022 by BirdsArentReal

[Talleyrandophile]

1 hour ago, BackinBlack said:

How time consuming is being a landlord? People tend to dismiss it by saying its not very passive and is a lot of work - not too sure I'm sold on that assuming the tenant is ok.

Not particularly, but the property was in good shape when the term started and the tenants are great so time input has been minimal. I'm sure one's mileage varies. I think it helps in this instance that the rental market is very tight for single-family detached here, so they seem quite motivated to perform a fair bit of upkeep themselves. 

[Vizslaw]

1 hour ago, BackinBlack said:

How time consuming is being a landlord? People tend to dismiss it by saying its not very passive and is a lot of work - not too sure I'm sold on that assuming the tenant is ok.

We rent out part of our office's property (the top two floors) to residential tenants. It's pretty manageable and not a big deal to address issues when they come up. Over the last two years, the worst has been a leaky roof and a broken ac unit. Both were relatively quick fixes. Since it's a business/residential property, we already do most of the time consuming things for our office, like waste collection, common area (and our office) cleaning, snow removal, etc. 

 

 

 

 

 

[Hitman9172]

I guess I have 2: my law firm job and dividends from my stocks/bonds/crypto (although I almost always just reinvest those into more of the same holdings). When people say things like the average millionaire has 7 streams of income, etc., I always think to myself that may be true, but I'd bet the vast majority of them focused on growing the first stream until it was a gushing river, and that's what led to them having the money to diversify into other streams.

[Jaggers]

I own a Toronto condo.

It's only one stream, but it's been lucrative!

[BackinBlack]

2 hours ago, Hitman9172 said:

I guess I have 2: my law firm job and dividends from my stocks/bonds/crypto (although I almost always just reinvest those into more of the same holdings). When people say things like the average millionaire has 7 streams of income, etc., I always think to myself that may be true, but I'd bet the vast majority of them focused on growing the first stream until it was a gushing river, and that's what led to them having the money to diversify into other streams.

Agreed. I think it's more likely that they developed some initial wealth with one stream and then diversified. Law seems to provide a great stream of $ that can later be used to diversify. 

28 minutes ago, Jaggers said:

I own a Toronto condo.

It's only one stream, but it's been lucrative!

Assuming this is on top of the condo you live in, that's great! Build up equity and rents seem to keep increasing.

[Cool_name]

I guess dividends technically count as a “stream of income”, but find non-retirees saying they have multiple “streams of income” because they own some dividend paying stocks pretty funny. 

[Jaggers]

12 minutes ago, BackinBlack said:

Assuming this is on top of the condo you live in, that's great! Build up equity and rents seem to keep increasing.

It's the condo I live in. It's made me a lot of money over the years. I wouldn't put my other funds into the same thing, I prefer to diversify.

I don't tend to pay that much attention to it, but in many months, the swing in value in my portfolio of index funds, either positive or negative, is greater than my salary.