My 6 Sources Of Income as a Software Engineer
Summary
TLDRThis video emphasizes the importance of diversifying income streams for financial stability and stress reduction. The speaker, a senior software engineer, shares personal strategies for generating multiple income sources. These include a stable corporate job, creating online courses on platforms like Udemy, investing in ETFs for passive income, blogging on software development, and selling digital assets. The video encourages viewers to develop skills, provide value, and avoid get-rich-quick schemes for long-term financial growth.
Takeaways
- 📚 Diversifying income is crucial to avoid financial instability, especially if one's main source of income is a single job.
- 💼 Having a primary job provides stability and benefits, but it's wise to explore additional income streams for security.
- 💻 The speaker's main income comes from a corporate job as a senior software engineer, emphasizing the value of patience and persistence in career development.
- 🎓 Early struggles in coding and job applications highlight the importance of perseverance and continuous learning in professional growth.
- 💡 Active income streams can be expanded through creating and selling online courses, which also help in skill development and sharing knowledge.
- 📈 Passive income is generated through long-term investments like ETFs, with a focus on diversification and dollar-cost averaging to mitigate risks.
- 💭 Blogging serves as both a creative outlet and a source of passive income, with monetization options like affiliate links and partnerships.
- 🖥️ Digital assets, such as interview guides and software wallpapers, can be created once and sold multiple times, offering a low-maintenance income stream.
- 💰 The key to generating income is providing value, which comes from developing and honing one's skills and expertise.
- 🚫 Dismissing get-rich-quick schemes, the speaker advocates for consistent effort and daily learning as the path to long-term financial success.
Q & A
What does the saying 'not putting all your eggs in one basket' mean in terms of income generation?
-It means to diversify income sources to avoid relying on a single source of income, which is wise because it reduces the risk of financial instability if that single source is lost.
Why is having only one active income stream potentially problematic?
-Having only one active income stream can be problematic because if that source is lost, such as through job loss, it can lead to financial hardship, especially without savings or additional income streams.
What is the importance of having passive income streams like investing or renting out property?
-Passive income streams are important because they provide additional income without requiring constant active work, which can help maintain financial stability and reduce poverty.
How did the speaker's journey to becoming a senior software engineer at a tech company begin?
-The speaker's journey began with attending university for three years and applying to hundreds of positions before securing an offer, highlighting the importance of patience and persistence.
What are some benefits of working in the corporate world mentioned by the speaker?
-The corporate world offers stability, a decent paycheck, benefits like health insurance, free meals, and the potential for substantial bonuses, as well as opportunities for socialization and skill development.
How does creating online courses on platforms like Udemy and Skillshare contribute to the speaker's income?
-Creating online courses provides a steady, albeit not huge, income stream that acts as a safety net, allowing the speaker to have additional financial security.
What challenges did the speaker face when starting to create online courses?
-The speaker initially struggled with articulating complex concepts coherently and maintaining a steady volume when recording, leading to initial courses that were not of high quality.
How does investing in ETFs like the S&P 500 ETF contribute to the speaker's passive income?
-Investing in ETFs provides a passive income source with an average annual return of about 10%, contributing to long-term wealth growth despite market fluctuations.
What advice does the speaker give regarding long-term investing in the stock market?
-The speaker advises to be perseverant, diversify across multiple stocks or sectors, and practice dollar-cost averaging by buying smaller amounts regularly.
How does the speaker's blog serve as both a source of income and a creative outlet?
-The blog allows the speaker to write about software development topics, engage with the community, and generate modest income through monetization methods like affiliate links or partner programs.
What is the significance of creating digital assets for the speaker's income streams?
-Creating digital assets, such as interview guides or wallpaper packs, provides a passive income source because once created, they can be sold repeatedly with minimal ongoing effort and no physical shipping requirements.
What is the speaker's overall message regarding generating income from various sources?
-The speaker emphasizes the importance of providing value through skills, continuous learning, and patience, and warns against seeking shortcuts or get-rich-quick schemes.
Outlines
💼 Diversifying Income Streams for Financial Stability
The speaker emphasizes the importance of not relying on a single source of income, as it can lead to financial instability, especially in the event of job loss. They discuss the lack of passive income sources among the majority of the population and the risks associated with not investing, such as the devaluation of money due to inflation. The speaker shares their personal journey as a software engineer, detailing how they built a diversified income stream that includes a corporate job, online courses, and investments. They also touch on the importance of patience and perseverance in developing skills and building a financial cushion.
💻 Leveraging Technical Skills for Passive Income
The speaker elaborates on their various passive income streams, including investments in ETFs like the S&P 500, which provide a steady return over time. They also mention their blog, which serves as both a creative outlet and a source of income through affiliate marketing and partnerships. Additionally, they discuss the sale of digital assets like interview guides and wallpaper packs, which require minimal ongoing effort once created. The speaker stresses the importance of providing value through one's skills and the need for continuous learning and development. They caution against seeking quick riches and encourage a steady, hardworking approach to building income streams.
Mindmap
Keywords
💡Diversified Income
💡Active Income
💡Passive Income
💡ETFs (Exchange-Traded Funds)
💡Inflation
💡Udemy and Skillshare
💡Blogging
💡Digital Assets
💡Interview Prep
💡Dollar-Cost Averaging
💡Value Creation
Highlights
The importance of not relying on a single source of income and the wisdom of diversification.
The majority of the population worldwide has only one income stream, which poses significant risks.
The lack of passive income streams contributes to the majority of the population remaining poor.
Investing is less risky than keeping money in the bank, as inflation can devalue it over time.
The speaker's journey from a beginner to a senior software engineer at a tech company.
The value of patience and perseverance in building a career and income streams.
How the speaker's daytime job helps with socialization and skill development.
The creation of online courses on Udemy and Skillshare as a second active income stream.
The initial challenges faced in creating online courses and the importance of not getting discouraged.
Investing in ETFs, particularly the S&P 500 ETF, as a significant source of passive income.
The benefits of long-term, diversified investments in the stock market.
The concept of dollar-cost averaging as a strategy for investing in stocks.
Blogging as a creative outlet and a source of passive income through affiliate links and partnerships.
Selling digital assets, such as interview guides and wallpaper packs, as a form of passive income.
The necessity of providing value through skills to generate income.
The importance of daily learning and self-improvement for long-term success.
A reminder that get-rich-quick schemes are not realistic, and the value of consistent effort.
An invitation for viewers to share their income sources and thoughts in the comments.
Transcripts
hey everyone you may have heard about
the saying to not put all your eggs in
one basket that means to be Diversified
when it comes to generating income
basically to not have all your money
come from only one place even though
this is very wise advice studies show
that most of the population worldwide do
just that they have a daytime job and
that would be it a big problem would be
that if you get laid off especially if
you don't have any savings you must
become bankrupt or even if you don't get
laid off I think you will leave much
more stressed thinking about all the
what ifs that might go wrong at any
point another worrying aspect is that
besides this only one active income
stream people also don't have any
passive income streams like investing in
the stock market or renting an apartment
they own or have a mortgage on this is
another key factor that keeps the
majority of the population poor you may
not like the risk that that comes with
investing but it is even riskier to keep
your money in the bank and let inflation
devalue them from year to year now that
we got the main reasons you should have
a diversified income stream containing
several passive sources out of the way
let me share how I as a software
engineer manag to generate these
multiple streams of income and how you
can too by replicating my Approach my
primary and biggest source of income is
unsurprisingly my corporate job I work
as a senior software engineer at a big
tech company and this is my main source
of active income the corporate world
offers stability a decent paycheck and
benefits like health insurance free
meals and even substantial bonuses if
you negotiate your offer well and please
don't think this happened overnight I
was bad at coding at first I went to
University for 3 years and appli to
hundreds of positions before finally
getting an offer now 6 years later some
Outsiders looking at me might feel like
it happened overnight well trust me it
takes time so be patient there was a
saying that you can't make a kid in one
month with nine women this day job I
have also helps me socialize and through
it I continue to develop myself both
technically and from a soft skills point
of view the second stream of active
income comes from the online courses I
created on udemy and skillshare over the
years almost four to be specific I've
developed several courses covering a
range of programming topics from
beginner guides to more advanced
subjects creating these courses took a
significant amount of upfront work but
they now provide a steady income stream
it is not huge but provides me with a
safety net that allows me to sleep
better at night if you're passionate
about teaching and have valuable
knowledge to share in a specific area
like I had in coding these online
courses can be a fantastic way to earn
extra money while also helping others
learn when creating these courses at
first I was horrendous picking my mind
and explaining complex Concepts
coherently into a mic at a high enough
steady volume was something I struggled
with a lot my first courses were pretty
bad but again that is supposed to be the
case don't get discouraged if you don't
Ace an activity on the first try the
whole process of developing yourself is
what matters and will bring you Joy now
let's talk about passive income money
that works for you while you sleep my
biggest source of passive income is
through investing in epfs especially the
S&P 500 ETF also known as spy there are
many alternatives to it so you can look
into them on your own this one tracks
the 500 biggest companies in the US but
there are others with even more
businesses or from all over the world on
average I earn about a steady 10% a year
from these Investments it's not a
get-rich quick scheme but it's a
reliable way to grow wealth over time
the stock market has its ups and downs
but by sticking with long-term
Diversified Investments like ETFs I'm
able to build a financial cushion that
pays off in the long run being
perseverant over time is the most
important aspect in long-term investing
also the majority of the investors
cannot beat this index yearly so I find
it to be the easiest most safe way to do
it the diversification notion comes
handy here as well no matter how you
choose to inv invest in my opinion two
of the most important things to keep in
mind would be number one diversify
across multiple stocks or even sectors
and number two don't bulk buy but dollar
cost average by buying smaller amounts
regularly another source of income that
also doubles as a creative Outlet is my
blog I write articles on different
software development topics or issues I
run into and fix sharing these insights
not only helps me stay engaged with the
Community but it also generates a modest
income if you enjoy writing and have a
knack for explaining technical Concepts
blogging can be a great way to earn some
extra cash you can monetize your work in
multiple ways here both through
affiliate links or the partner programs
of different platforms that pay you just
for the views you bring lastly but
definitely not least I sell various
digital assets besides my online courses
these include my software engineer
interview sh wallpaper packs and
other materials I've created while
learning and working as a software
engineer what's great about this type of
work is that once you've created a
digital product it can sell over and
over again with minimal effort on your
part you don't have to ship anything
since it's all over the web and there
are minimal processing fees depending on
whom you choose to work with this has
become a nice little stream of passive
income for me and it's incredibly
satisfying to see others benefit from
their resources I've put together if you
want to generate income one way or the
other you need to remember that there is
no getting around the fact that you need
to provide value and this value can be
provided only by a person who has the
skills to do so if you feel like you're
not there yet that's a sign you should
start working on yourself and develop in
the areas that interest you make a habit
to learn daily over time this will
compound and before you know it you will
be able to share it with the world all
while also so earning from it all the
get rich quick and easy schemes are not
real so stop trying to look for
shortcuts it's much easier if you just
start grinding and the results will show
I'd love to hear from you what are your
sources of income are you thinking of
adding more share your thoughts in the
comments below and as always if you
found this video helpful don't forget to
like And subscribe until next time keep
coding and growing your income streams
cheers
تصفح المزيد من مقاطع الفيديو ذات الصلة
Top 3 Passive Income Ideas to Make Money Online Right Now
9 Passive Income Ideas - How I Make $27k per Week
How to make $6k+ per month with a ONE PERSON BUSINESS (3 big online income streams)
These 8 art revenue streams make me $83,893/month
7 Ways to Make Passive Income as a Graphic Designer
9 Passive Income Ideas-How I make $7500/Week
5.0 / 5 (0 votes)