# Multiple sources of income



## Montrealer (Sep 13, 2010)

How many of you have multiple sources of income excluding investment and interest returns on your money?

For example, how many of you have a job and a side business or multiple businesses, if so, share what your sources are?

I am currently working in *IT Consulting* and am in real estate working as a *Real Estate Broker*, I can manage both easily because I am a consultant and the real estate business is run from a laptop, BlackBerry and home office etc.

What are your multiple incomes?


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## kcowan (Jul 1, 2010)

I am retired now but before 2002, I was a consultant working full time and the president of an IT consulting company where I would load up the company with work as a part-time job. Why do you ask?


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## MoneyGal (Apr 24, 2009)

Salary, book royalties, consulting, writing/public speaking.


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## Plugging Along (Jan 3, 2011)

Salary, Consulting, Instructor at a college (sort of contract, but not quite), Rental Income, Small on line income, Franchise income, Couple of other small businesses on the side

This is for both my spouse and I.


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## Jungle (Feb 17, 2010)

Rental property and dividend income.


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## jamesbe (May 8, 2010)

Salary High Tech
Salary Automotive Journalist
Rental Income


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## Four Pillars (Apr 5, 2009)

Salary, blogs, book royalties


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## Jon_Snow (May 20, 2009)

Sea kayaking guide on long weekends during the summer months... I love this so much more than my REAL job. Once I early retire (fingers crossed) this will be my vehicle to supplement my investments.


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## heyjude (May 16, 2009)

Salary, professional corporate income, consulting, public speaking, rental income, investment income.


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## marina628 (Dec 14, 2010)

Rental Income ,salary from my business and I am also a poker player and net average $44,000 -$60,000 a year playing Poker.


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## sags (May 15, 2010)

Like a lot of retirees, our income is a patchwork quilt of income sources.

We are lucky to both have DB pensions. We both collect CPP, and will collect the maximum OAS when we hit the magic age of 65. We also both work p/t in jobs that we enjoy for now.

Fortunately, because of the different sources we get income every day, every two weeks, and every month.

When we quit the p/t jobs we will only get income once a month.

That will mean we have to budget..............oh, no....................


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## OhGreatGuru (May 24, 2009)

Montrealer said:


> How many of you have multiple sources of income excluding investment and interest returns on your money?
> 
> ...
> 
> What are your multiple incomes?


Would you like us to fill in the Long Form Census Questionnaire and post it on a web site too?


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## marina628 (Dec 14, 2010)

OhGreatGuru said:


> Would you like us to fill in the Long Form Census Questionnaire and post it on a web site too?


If you don't want to disclose you can ignore OP ,nothing wrong with getting to know the forum members a bit better.


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## Alaric (Dec 23, 2009)

marina628 said:


> Rental Income ,salary from my business and I am also a poker player and net average $44,000 -$60,000 a year playing Poker.


Impressive, how long have you been playing poker for? What game and buy-in level?


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## marina628 (Dec 14, 2010)

Been playing at this level for couple years.I play anywhere from $100 -$2000 Buy in when i play.I have a nice Bankroll right now on Full Tilt of $18,000 just from my games I have played in last 2-3 weeks.I will win minimum $2996 -$6515 tonight when my current game is done ,been getting good river cards .One game been playing 5 hours now we are down to just 4 of us now.


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## Jon_Snow (May 20, 2009)

Marina, between buying a 2011 Shelby Mustang (saw that on your NWIQ account), and your poker exploits, you are are definitely one of the the more interesting personalities on this forum.


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## marina628 (Dec 14, 2010)

Jon_Snow said:


> Marina, between buying a 2011 Shelby Mustang (saw that on your NWIQ account), and your poker exploits, you are are definitely one of the the more interesting personalities on this forum.


Jon ,
A few toys were purchased with help of big wins ,I won nearly $70,000 in a $500+$35 buy in game and being the good wife that I am I bought the Mustang for my husband I also bought him a boat for our 20th wedding anniversary out of another big win.I do not have anything to do with my business or husband's rrsp investments listed in NWIQ.

I hope to remain interesting to you ,this year I am going to play in the Irish Open and will be going to Dublin Ireland for that.Probably can get a sponsorship and go pro in 2012 if i wanted to , been approached by one poker room already .I work online so can multi-task and play poker while working.I play 8-12 hours a week on average although this week i am up to 26 hours as i made quite a few final tables in last 3 days.


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## Plugging Along (Jan 3, 2011)

Marina - I think I have to agree, you may be one of the more interesting people I have read about on a forum, especially a money forum. You don't usually see money conscious people gambling that much. 

I wish you luck on your sponsorship.


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## marina628 (Dec 14, 2010)

Poker is skill based as well , I have the funds to invest largely from my Job but the poker is a bit of icing on the cake


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## Addy (Mar 12, 2010)

Rental income and an electrical contracting business (both my husband and I work fulltime plus we have the business).


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## Plugging Along (Jan 3, 2011)

marina628 said:


> Poker is skill based as well , I have the funds to invest largely from my Job but the poker is a bit of icing on the cake



Sorry I didn't mean that it wasn't skilled or that was your only investing In my case when I play poker, it is purely a gamble, as I lack any skill.


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## atrp2biz (Sep 22, 2010)

marina628 said:


> Been playing at this level for couple years.I play anywhere from $100 -$2000 Buy in when i play.I have a nice Bankroll right now on Full Tilt of $18,000 just from my games I have played in last 2-3 weeks.I will win minimum $2996 -$6515 tonight when my current game is done ,been getting good river cards .One game been playing 5 hours now we are down to just 4 of us now.


Why Full Tilt? Poker Stars has the volume and action. What do you like about FT?


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## marina628 (Dec 14, 2010)

I really don't know why I like Full Tilt but always have from the start.I have had a balance on poker stars for a year but hate playing there.Maybe has something to do with luck ,I put $10,000 down on my mortgage a couple days ago that I won last week at Full Tilt.


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## atrp2biz (Sep 22, 2010)

Not sure if you keep track of your stats, but Poker Tracker is great software.

http://www.pokertracker.com/

It's good for ring games, S&G tournaments and your regular tournaments. I used to play a lot in the past (fixed limit ring games) and used the software religiously to scout out bad players.


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## marina628 (Dec 14, 2010)

Of Course I track my stats  sharkscope.com is another one to search database as well.


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## marina628 (Dec 14, 2010)

Bump I played POKER last month ,sometimes until 7am in the morning which almost killed me but my Net profits was over $130,000 .Not for the weak hearts though as I paid a few games with $2000 buy in .I came in first for a very big game that paid $118,000 the game took 14 hours to finish.I lost one big hand getting pocket aces to triple twos but then hit 5 hot hands back to back and took chip leader position and held it for 3 hours to the end.I guess you can say this was my first real attempt to make the Pro status , i got a box of t-shirts that says I knocked out a pro player for my efforts as well which I will wear proudly.Down side I feel like **** , lost 7 pounds and got my sleep schedules all messed up.Definitely not something I can do full time.I did get an offer to go on a Online Poker Pro Team which means they give you a $xxx,xxx and a healthy travel budget for you to go play all the big games.It is not something I can do but I am honored to even get the invitation.


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## Plugging Along (Jan 3, 2011)

Wow... congratulations... will you be going to Disneyland!

Where is the 'bowing to your feet' icon... I'm really impressed

I got nervous on a $20 buy in with my friends...


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## marina628 (Dec 14, 2010)

Going to San Juan to catch a cruise on March 18  Disneyland I wish but think that may be next winter.


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## Brian Weatherdon CFP (Jan 18, 2011)

Interesting.....I thought we'd hear from the people in multi-level marketing endeavours. They're the ones who talk most about multi-source income.... 

Other than business... investment and rental.


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## marina628 (Dec 14, 2010)

Brian Weatherdon CFP said:


> Interesting.....I thought we'd hear from the people in multi-level marketing endeavours. They're the ones who talk most about multi-source income....
> 
> Other than business... investment and rental.


I think I qualify for all of the above


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## LBCfan (Jan 13, 2011)

CPP, rental and investments. 

Hey, isn't rental property an investment?


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## dubmac (Jan 9, 2011)

teacher salary, long-term contract marking exams with the Ministry of Education, Consulting gigs, tutoring every now and then...


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## Montrealer (Sep 13, 2010)

Like I mentioned in the first post, I am in IT Consulting and Real Estate, my next goal (after I pay off some debts) is to buy a condo or duplex and create rental income from it, I would like to retire early and basically live off of real estate investments (long term).


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## advancescash (Mar 3, 2011)

Create Multiple Sources of Income
1. Part-time work
2. Part-time business
3. Dividends
4. Rental 
5. Private deals
6. Intellectual property


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## Montrealer (Sep 13, 2010)

I think that the day's of single source of income are behind us, and in order to get ahead and live a decent live these days you need 2+ incomes in the household and investment returns from business, real estate and the stock market etc.


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## betsu63 (Mar 4, 2011)

*Income*

I have survivor pensions and CPP. and


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## canabiz (Apr 4, 2009)

Montrealer said:


> *I think that the day's of single source of income are behind us,* and in order to get ahead and live a decent live these days you need 2+ incomes in the household and investment returns from business, real estate and the stock market etc.


I take a slightly different approach. There is nothing wrong with single source income if you live below your means i.e. you spend less than what you earn and budget properly. 

Sure it is nice to have different streams of income coming in, some passive and some active but if your situation only allows you single stream of income, for whatever reasons, I think you can still work it out. It may mean a vacation every 5 years instead of every year but you know what that is something you can definitely savour on.

Saving and living within your means will never be out of fashion.


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## cannon_fodder (Apr 3, 2009)

I'm just a simple guy. Salary and income from investments (dividends, capital gains - no interest). For 2010 and 2011 my investment income exceeds my salary.


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## Montrealer (Sep 13, 2010)

canabiz said:


> I take a slightly different approach. There is nothing wrong with single source income if you live below your means i.e. you spend less than what you earn and budget properly.
> 
> Sure it is nice to have different streams of income coming in, some passive and some active but if your situation only allows you single stream of income, for whatever reasons, I think you can still work it out. It may mean a vacation every 5 years instead of every year but you know what that is something you can definitely savour on.
> 
> Saving and living within your means will never be out of fashion.


Okay, I will re-phrase, you can live on one income, however, it needs to be a pretty good salary.

How can one possibly afford a car, gas, groceries, rent or mortgage, clothing, kids, school, wife etc. With an income under six figures? Rent or mortgage along is probably more than one pay check, if you have a car payment it's probably anywhere between $200.00 and $500.00 per month, gas is reaching record high's and groceries are getting more expensive.

I cannot see how one can live on once income these day's, I can't!


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## canabiz (Apr 4, 2009)

Montrealer said:


> Okay, I will re-phrase, you can live on one income, however, it needs to be a pretty good salary.
> 
> How can one possibly afford a car, gas, groceries, rent or mortgage, clothing, kids, school, wife etc. With an income under six figures? Rent or mortgage along is probably more than one pay check, if you have a car payment it's probably anywhere between $200.00 and $500.00 per month, gas is reaching record high's and groceries are getting more expensive.
> 
> I cannot see how one can live on once income these day's, I can't!


Montrealer, your point is well-taken but you make many assumptions in your post. 

For starters, not everyone has a car or need to drive and even if they do, not everyone has a car loan. 

Groceries can be expensive if you choose to shop at places where higher prices are the norm. I am well aware of the fact commodities and food prices are rising but coupons and flyers are there for a reason. If people choose to be lazy or don't care where they shop for groceries then that is their prerogative.

I don't want to hijack this thread and take it off another direction (the Frugality sub-section is there for a reason). My only point is people can make things work if they want to, even if they only have 1 single source of income.


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## clark_danger (Jul 14, 2010)

employment income-graphic artist, freelance artist, royalties from illustrations on microstock sites, investment income, scavenging!

not very much income but multiple streams yes


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## greeny (Jan 31, 2011)

Definitely salary, book royalties, rental income, consulting, public time and some another standards.


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## Karen (Jul 24, 2010)

I was just talking about this with a friend last week - we were discussing how many more tax information slips we have to wait for in the mail than we used to when we were working. Besides OAS and CPP, I have my own federal public service pension, two small pensions as the survivor of my second husband (first marriage was not one I choose to remember!) One of them is a very small British seniors' pension, the other his regular work pension. Now, since my third husband died in 2009, I receive an American Social Security pension as his surviving spouse. When I'm 71, I'll convert my RRSP to a RRIF and my American husband's 403B plan to an annuity and there will be two more sources of income. I also receive interest payments on my unregistered GICs, so I seem to have more income than I know what to do with - where was it years ago when I really needed it ??!!

As ridiculous as it sounds, I receive old age pensions from three different countries, but that's just the way it worked out when I married an Irishman and then an American.


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## Montrealer (Sep 13, 2010)

Anyone here own multiple revenue properties that generate positive cash flow at the end of the month?


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## marina628 (Dec 14, 2010)

I have three single family detached homes in Durham Region that are cash positive each month...


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## cannon_fodder (Apr 3, 2009)

marina628 said:


> I have three single family detached homes in Durham Region that are cash positive each month...


Is that because they are poker dens and you, as the house, take your percentage off the top?


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## marina628 (Dec 14, 2010)

No it is because they are all less than 5 years old on over sized lots and people will pay good money for it.Also we put 25% down on each house , my poker wins paid the down payment on house #5 which closes April 29


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## tommy12 (Mar 22, 2011)

When people say blogs, do they mean ad sence money ?


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## jambo411 (Apr 6, 2009)

Full time job, a full time business that I manage, a part time fishing charter, and a part time fishing lure business.


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## Seth (Aug 16, 2010)

Salary plus commission, Cashflow positive 2 unit rental property, Capital Gain from unregistered blackswan penny stock investing, small firearms buy / sell business and numerous cash paid focus groups through out the year (in 2010 I made about 1000 dollars for 5 hours of sitting around drinking coffee and talking about random things)


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## leoc2 (Dec 28, 2010)

marina628 said:


> Been playing at this level for couple years.I play anywhere from $100 -$2000 Buy in when i play.I have a nice Bankroll right now on Full Tilt of $18,000 just from my games I have played in last 2-3 weeks.I will win minimum $2996 -$6515 tonight when my current game is done ,been getting good river cards .One game been playing 5 hours now we are down to just 4 of us now.


Marina,

Congrats ... very impressed! How many players are in the tournaments you play?


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