DISQUS

Timmers · 1 year ago

Excellent post and quite practical for those who would like to grow
their wealth and are bad debt free. We need a community committed to
"wealthstreaming"!

Trent Hamm · 1 year ago

Since a lot of career improvements are actually knowledge improvements, why not call it "knowflaking"?

Dividend Growth Investor · 1 year ago

Good luck on building your income streams.

Ruth · 1 year ago

In a somewhat related vein, my husband and I, who never did anything entrepreneurial or outside the usual 9 to 5, did plan ahead in this respect: he retired from a public sector job (university teaching) with 30 years of service, so he's already getting a nice income stream. At 62, we will both start drawing Social Security. At 60, I will start drawing a retirement income from a public sector job (public school teaching) with 15 years of service. Right now I'm getting ready to start my 4th year on another public sector job in another state and (again, teaching) plan to work a few more years at that (I'm vested after 5 years). I have a 403B, we both have IRAs, and we have regular stock dividends. If I can count correctly (and at the end of a long day in an elementary school, that's not always a sure thing!!!), we will have 9 income streams. I know that working at a lower salary in the public sector isn't that glamorous, but we are looking at a pretty secure retirement. Consider teaching! Do a little good for your corner of the world, and look forward to a defined benefit retirement!

deepali · 1 year ago

Love it! I love the idea of lots of little streams, but I'm a born multitasker. :) While growing wealth is not my focus right now (I'm working on filling in the gaps in my resume), it's definitely something I'll be looking into in a few years.

By the way, your picture should have been Niagara Falls! :)

Mrs. Micah · 1 year ago

I like the phrase. So snowflaking and wealthstreaming. The advantage of the former is that it can be applied to anything you're trying to build up. But the latter works quite well in this particular instance.

My money income is a bunch of streams: hospital, library, blog, freelance gigs, site testing, sewing, random.

Bill · 1 year ago

Great concept, though I don't like the name. Wealth, to me, implies net worth, which is great, but what you're talking about is multiple streams of income, right?

Incomestreaming? Earnstreaming? Revenuestreaming? Now that sounds like a winner to me...

paidtwice · 1 year ago

Oh how I love when those not in debt realize that snowflaking can apply to them too. Yay! :)

I likey the wealthstreaming. I wrote about snowflaking my income a few days ago on the revolurion site, but I didn't have a catchy name for it or be so thorough. Great post! I have much random income.... no big faucet though :)

AJC @ 7million7years · 1 year ago

Earnings/schmearnings ... as long as you're making money :) I want to think of using your 'weatherstreaming' concept to help evaluate whether an Opportunity is Worth Pursuing ... I'll let you know if I come up with anything, but you just might have something here!

TapWater · 1 year ago

This is exactly how I've been envisioning my plan for financial success. This post would be an amazing guest post.

pat · 1 year ago

The original "snowball" debt elimination concept was Amy Dacyczyn's (The Tightwad Gazette), not Dave Ramsey's.

Steve (Brip Blap) · 1 year ago

@Pat: While I'm sure the concept even predates Dacyczyn, I think Ramsey coined the actual "snowball" term. I haven't read either of their books, and I'm relying on other sources (internet, other blogs, etc.) so I could certainly be wrong, but what I know seems to indicate that Ramsey came up with the term.

I'm sure even wealthstreaming isn't an "original" term by a long shot!