The income octopus: update

For almost two years I have been trying out the income octopus. You can see the original post if you follow the link.

Basically, it’s a method to ensure that you are earning income from at least eight different sources, and the idea is that if one source dries up, for whatever reason, whether temporarily or permanently, then at least you still have the other seven sources to fall back on while you (or they) sort things out.

It’s a great way to relieve the pressure if you rely on earning an income from your work.

Last year, I seem to have completed my last job for one client and I chose to stop working for another. That meant that not one but two of my tentacles were cut off. (Ouch!)

Over the Christmas break, I set out to replace those 2 tentacles, and I succeeded. But now I’m wondering how to categorise them. I could choose to have them as simply separate clients, or I could lump them together into the different types of work.

Here is how either option might look:

By client

  1. [Editing organisation] (US)
  2. [Publishing company] (Hong Kong)
  3. [SEO content producer] (Pakistan)
  4. [Individual author] (Australia)
  5. [Secret assignment organisation] (UK)
  6. Writing books, including ALCS, PLR, advances & royalties (UK)
  7. Writing short stories (International)
  8. Competitions & surveys (UK & US)

By type of work

  1. Editing
  2. Proofreading
  3. SEO content writing
  4. Creative writing
  5. Secret assignments
  6. Royalties, ALCS & PLR
  7. Editorial
  8. Competitions & surveys

It is very refreshing to see that in both cases I have things to lump together. Some of the work is still ad hoc, some is quite regular, and some, quite frankly, depends on how the stars are aligned.

I’ll continue to mull, in between drafts of this post, and will add my decision at the bottom once I have come to it. Tell me, though. Which way would you choose?

5 Comments Add yours

  1. I love that term, “Income Octopus.” How wonderful!

    Like

    1. Makes it all the more fun, having a catchy title!

      Like

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