We spend a great deal of time tweaking and strategizing how to manage our money.
While this is important and a core component of a sound financial strategy, I don’t think we spend enough time attempting to increase the money coming into our lives.
By combining an effort to produce additional income with the sound personal finance strategies we already know, financial freedom is definitely attainable.
Pursuing an increase in income typically comes in two forms:
- increasing your current salary/income (getting a raise) or
- creating multiple income streams.
I believe you should pursue both.
But since increasing your income at your job is a very personal situation depending on your individual circumstances, we are going to talk about the latter strategy of creating multiple income streams.
Why Multiple Income Streams?
There are two reasons why you want to create multiple income streams. First, the obvious reason is becomes it’s more money! What would you do with an extra $1,000 a month? How fast could you get out of debt or pay off your house? Or, how might your retirement picture be changed with a second income stream? I would submit that the impact would be significant for many of us.
The other reason why we want to create another income stream is because we want to diversify our income. With the “new normal” of high unemployment, it’s silly to be complacent about our income. Multiple, diversified income streams is a major contributor to financial security.
How to Find Multiple Income
Now that we’ve established that creating another income stream is a wise move for all of us, let’s look at a few ways that we might go about creating them. The first place to start is with your current skill set, career & industry. The skills you possess due to your real work experience are likely very valuable.
For example, maybe you are a technician, consider if those skills might translate into opportunities for people you know such as your neighbors. Nowadays, people are looking for ways to save money, so if you can help them with a service for cheaper than through an established company, it might be an easy way to make extra money on the side.
Second, for the younger folks with above average computer skills, there are significant opportunities on the world wide web. Earning extra income through a website is very, very do-able, and it requires less technical skills than you think. If you’re skeptical of the “making money by blogging” approach, know that there are plenty of income strategies in addition to blogging. For me, I’ve had some success with a range of these strategies – much of which is documented on my online income resources page.
Venturing into the world of online income might seem either trivial to you or maybe intimidating, but I would suggest you at least consider it as many people are using it to bring in some nice additional income – anywhere from a few hundred to multiple thousands per month. Either way, the boost that such income would provide to ones’ financial situation could be very impactful.
Creating secondary income streams is difficult because it requires you to work “outside of work” – we’re all busy in life with commitments and our main careers, but implementing some time management and keeping your eye focused on the end result can help you reach this goal.
It started two years ago for me, and I’ve made significant progress. Many times, I struggled to continue working towards it and many times I considering throwing in the towel. Recently, I’ve had enough success to motivate me to keep going. I hope that I can encourage you to do the same.
Keep working hard to pay off your debt, manage your expenses and get your financial house in order. When you do, consider shifting that laser focus into the world of income streams. There are plenty of opportunities available for creative individuals who are willing to work hard to make their dreams a reality.
I wish you the most success in your endeavors, and I would love to hear personally from you who are doing what I’ve described in this post!
This article is from Kevin of 20smoney.com.