If you’re striving to enhance your wealth and secure your financial future, diversifying your income streams can be a powerful strategy. Embracing a holistic approach to your finances, which includes understanding the psychology of money, can further empower you in this journey.

Income isn’t just what you earn from your employer or your business. It can come from various sources, each contributing to a more solid financial foundation.


Here are some income streams to consider:

  • Salary/Wages/Commissions/Bonuses: This is the money you earn in exchange for your time, skills, and effort. It’s essential to recognize the value of your work and negotiate for fair compensation.
  • Lump Sum/Termination Payments: This includes payments for unused annual leave, long service leave, and redundancy. Viewing these funds as opportunities for strategic financial planning can make a significant difference.
  • Bank Interest: Earned by lending or investing money, this income represents the power of letting your money work for you.
  • Dividends: Income from holding stocks in companies that distribute profits to shareholders. This can be a testament to the benefits of investing wisely and patiently.
  • Employee Share Schemes: Owning shares in your company or the company your work for can foster a sense of ownership and long-term investment in your workplace.
  • Managed Funds Income: Earnings from assets in managed funds, including dividends, rental income, and interest.
  • Rental Property Income: Income from leasing investment properties. Real estate can provide both steady income and long-term growth, aligning with a balanced investment approach.
  • Foreign Income: Income from international business, employment, pensions, annuities, and super funds. Diversifying geographically can provide a hedge against local economic fluctuations.
  • Capital Gains: Profits from selling investments that have appreciated in value. Recognizing these opportunities requires a long-term vision and strategic planning.
  • Cryptocurrency Gains: Similar to capital gains, these are realized from the sale of cryptocurrencies. This modern investment avenue requires careful consideration and understanding.
  • Royalty Income: Payments for the use of your intellectual property, like books, movies, and TV shows. This is a great example of leveraging your creativity and expertise for ongoing income.
  • Business Profit Income: The total financial gain from your business sales after expenses. Effective business management and growth strategies are key here.
BUsiness income

You can diversify your business income by offering complementary services.  For instance, if you’re a coach, consider adding consulting, mentoring, and digital products like courses to your offerings.  Additionally, investing in other promising businesses can provide growth and profitability.


Active Income: This comes from providing services or doing work, such as coaching, consulting, or mentoring. It reflects the direct exchange of your time and expertise for money.

Passive Income: This includes earnings not directly tied to active work, like income from digital courses or investments that provide regular returns, such as dividends and rental properties. Building passive income streams can free up your time and provide financial security.

By understanding the psychological aspects of money and actively managing diverse income sources, you can safeguard against unforeseen events, achieve financial stability, and build lasting wealth.

Click here for information on income sources that must be declared for tax purposes.

The information above is general in nature and is to be used for education purposes only.  Before acting on any information, you should consider the appropriateness of the information provided and how this may impact your personal needs, objectives, and financial situation which have not been taken into account.  It is recommended that you seek guidance from a qualified financial specialist such as a financial adviser, accountant or tax agent before implementing. An Accountant or Tax Agent can help you plan ahead and research the appropriateness for tax efficiency and to maximise the amount of money you get back.

Suzanne X

Working with a Certified Financial Coach can help you to gain clarity around creating money and managing money. If you would like to explore this further, please book in for a free 15 minute chat.


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