Imagine 2 offline investors.
The first person invests their entire nest egg in a volatile stock.
The second person invests their nest egg across 4 different financial instruments, each one a varied mix of aggressive, conservative and middle of the road investment vehicles.
At the end of the year – or at the end of 10 years – who is gonna be ahead 99.99% of the time?
Unless the volatile stock has 1 in a billion Google-type growth the person betting the farm on the single stock loses the farm. Almost every time.
Meanwhile, the person who invested their money in a series of investment vehicles yielding different, but steady returns is likely to have earned a steady increase on their annual investment and a hefty increase over their 10 year investment period.
Which is exactly why you’d be nuts trying to earn income through YouTube alone.
As I see more green online entrepreneurs advising that YouTube is a great way to make money online I cringe.
YouTube is an inanimate object. Inanimate objects do NOT make money online.
People who develop skills over the courses of months and years make money online if they develop their skills and friend network to a point where they allow in money for honing their craft.
If however you wrongly believe that putting all of your attention and energy into developing a skillset related to a single, *rented* online income stream (Google owns YouTube; you are just a squatter) you are essentially putting yourself in the same shoes as the guy putting all of his retirement savings into a volatile stock.
A few creative video ninjas may make serious coin through YouTube but make no mistake about it; they are still YouTube’s Biatch. An algorithm change. A nudge in one direction. Different monetization policy. You can be screwed in seconds.
In a way, developing your skills for 1 online income stream which is rented/squatted upon cyber property, owned by someone else, is like working a job. You can be fired (banned) at any time for any reason. Your paycheck (online profits) are 100% subject to policy changes in the hands of ownership.
So you are skating on thin cyber ice buddy when you use YouTube alone to generate income.
But unless you all but make terroristic threats you will never, ever have your self-hosted WordPress blog taken down by the hosting company. You own that real estate. It’s yours.
You set the policies too. You are the CEO of your blog. The Big Cyber Cheese.
Here’s what you do: buy your domain and hosting to set up a self-hosted WordPress blog.
This is like the investor who puts their nest egg in a collection of financial instruments (multiple streams of online income).
I currently earn money through these blogging income streams:
.eBooks on Amazon
.Audiobooks on iTunes
.Paperbacks on Amazon
.Blog consulting services
.Freelance writing services
.eBooks on Selz
.Various consulting streams
I chose 9 income streams (investment vehicles) through which to diversify my blogging income. If something happens to Selz today, I have 124 eBooks on Amazon earning me royalty payments and commission payments via my Amazon Associates account.
Blogs are 1 stop shopping for potential customers. Only they get to choose from a smorgasbord of various channels.
A few minutes ago someone told me they were buying my blogging course tomorrow, which is a $340 profit for me. The day before I sold some of my Amazon eBooks. The day before I sold a Selz eBook. I just received payment for various consulting services too.
Can you see how all this chedda adds up?
Can you also see how diversifying your income streams is the way to go?
But that’s not all! (cue 70’s game show host)
Blogs are content central.
This means you can publish text posts, videos, podcasts, InfoGraphics, reviews and pretty much any form of content on the network. Which makes you more of a well-rounded expert. Which builds your authority. Which helps you make more money in your niche.
You can still publish YouTube videos on your blog if you are a Video Blogger yet you *own* that cyber real estate as long as you renew your domain yearly and pay your hosting fees monthly.
Can you see why profiting through a self-hosted blog beats trying to profit solely through YouTube? Every time?
P.S. If you have a second, sharing this article with your twitter followers would be a huge help. (It’s just to the left) I know, I’m shamelessly asking you to tweet my article, but it’s easy. And thank you very much…