The benefits of diversifying your project portfolio and having more than one project, are that in the event one underperforms, the other ones may not be, or even doing above average.
The downside, of course, is that you have more projects to work on... so you have more work to do--or failing that, you'll need to prioritize work on whichever you feel needs the most attention.
For me, the last few days have been an interesting exercise in this regard. Today alone, I made over $350 in my online reselling & 3d print sales endeavors; but lost quite a bit over the past couple days in my investments due to the decline of both the stock market and the crypto market simultaneously.
Because I'm diversified, I've come out on top.
Here's the breakdown of what my side income for today alone has been (keeping in mind this is far above average):
- Custom 3D Print order: $293
- Online Ebay Sale (Flipping): $15
- In-person Sale (Flipping): $50
Total: $358 gross revenue.
Of course, the stock market and crypto market have been declining for the past few days (with the caveat that the crypto market appears to be recovering slightly as of today), so I've lost nearly as much in stock and crypto value over the past few days.
I doubt this will recover much before the end of the month when I do my monthly gross revenue tallies, so I doubt I'll see myself peak over the $1k mark for the month of February (which I would have if the markets did not crap themselves).
Ah well. I had an above average month of January, so suffering a dip in February isn't terribly concerning, especially if I continue to see growth across the spectrum of projects I'm actively attentive to.
My Youtube channel--which is yet to generate any revenue due to being under the monetization threshhold--has seen underperforming growth for January and February; falling well below my projected growth rate. It's been a few months since I re-weighted my projections, so I should probably re-weight for March; but it could just be that an outdoors related youtube channel doesn't do too hot during the colder winter months. Who knows, maybe I'll see some growth improvement come March and the warmer weather.
Hopefully this has been a useful mini-case study for you on why diversifying your project portfolio is important.
Much to come in the future! Thanks for reading. Be sure to share with anyone else who may find this of value.
If you find these posts helpful, and you are interested in cryptocurrency, try signing up for Binance! It's a widely-known cyrptocurrency exchange (think stock exchange, but for crypto). It's free to do so, and by using my referral link we'll both earn 10% of any trading fees you pay.
https://www.binance.com/en/register?ref=WZKZ16ZW
See you next post!
#financialfreedom #financiallyindependent #financialindependence #financialindependenceretireearly #passiveincomeinvesting #passiveincomestream #passiveincome #sidegig #sidehustles #sidehustle #wealth #makingmoney #wealthbuilding #incomestreams #incomestream #passiveincomeideas #passiveincomestreams #passiveincomeclub #passiveincometips #passiveincomemethods #sidehustleideas #sidehustler #sidehustlers #sidegigs #sidegiglife #sidegigsuccess #passiveincomesuccess #sidehustlesuccess #sidegighustle #entrepeneur #creatingwealth #investmentportfolio #income
No comments:
Post a Comment