Investment Banker Nischa Shah, who shares videos on personal finance, self-development, and business on her YouTube channel, started with only one source of income: her banking job. Like many people, she believed that moving up the corporate ladder was the only way to financial security. However, she soon realized that relying solely on active income had its limitations. According to Nischa, having only one source of income means that you are trading your time for money, which puts a cap on how much you can earn. Additionally, putting all your financial eggs in one basket leaves you vulnerable if that income source disappears.
To address these challenges, Nischa decided to build multiple income streams. With minimal upfront investment and by utilizing her free time outside of her day job, she established several streams of income. Here’s a breakdown of each one:
1. YouTube AdSense: Nischa’s additional income journey began with YouTube AdSense. She highlights two important metrics that creators should understand: CPM (Cost Per Mille) and RPM (Revenue Per Mille). Nischa explains that the type of content and audience targeting are significant factors that influence earnings on YouTube.
2. Dividends: Nischa’s most hands-off income stream comes from dividends. By investing in dividend funds instead of individual stocks, she diversifies her risk and ensures a steady income flow.
3. Community Platform: Nischa recently launched a community platform focused on personal finance and self-improvement. While the platform is currently operating at a loss, Nischa sees great long-term potential for it to become a sustainable revenue stream.
4. Active Income From Accounting: Despite venturing into various income streams, Nischa continues her work as a chartered accountant to maintain her professional credentials and expertise.
5. Real Estate Income: Nischa has found success in real estate investments, particularly in commercial properties. She also recommends Real Estate Investment Trusts (REITs) as a viable option for those who want to tap into real estate income without direct ownership.
6. Public Speaking: Nischa’s expertise in personal finance has opened doors to lucrative speaking engagements, further expanding her network and credibility.
7. Affiliate Marketing: Nischa inadvertently discovered the world of affiliate marketing and now actively engages in it to earn commissions through custom links.
8. Courses: Leveraging her finance expertise, Nischa created online courses as a scalable income stream with long-term earning potential.
9. Real Estate Investment Trusts (REITs): Nischa suggests REITs as an alternative for individuals who do not have the capital to invest in physical real estate.
Nischa’s journey serves as an inspiration for those looking to build multiple income streams while working full-time. By diversifying her sources of income, she has achieved financial stability and flexibility, demonstrating that it is possible to create additional streams of revenue even with a demanding job. Her approach of balancing active and passive income streams caters to various financial goals and skill sets, encouraging others to follow a similar path towards financial independence and security.
