Creating multiple sources of income
Multiple Income Streams
by Melodee K. Currier
The 5 Best Ways to Make More Money
Scrapbooking for Money Taking in a Renter
A friend of mine travels fifty miles a day to a job she doesn't like. She's waiting for the day she can collect her pension and social security. This woman is an artist and a great home stager, yet she spends her days gritting her teeth at a job she can't wait to leave. Life is too short to spend time waiting for tomorrow!
Many people are realizing they aren't guaranteed the luxury of a lifetime job anymore so it makes sense not to rely on one stream of income. Now is the time to consider the possibilities of creating multiple income streams.
I left corporate America three years ago to start a virtual trademark paralegal service. The first day I opened my "virtual doors" I thought my phone would ring off the hook. When it didn't, I needed to find additional ways to make money. I remembered the term "multiple income streams" and decided to put that concept into action.
Multiple streams of income are ideal for anyone who has the talent, energy, and ideas to put them into action. When one profit center fails to generate the income you require, you can take the energy you were spending on that profit center and put it into the ones that are still working. Once you know how to develop multiple streams of income, the time you put into them is minimal. The advantage of having multiple streams of income is you don't need to devote all your time and energy to each and every profit center. And it enables you to enjoy life and try new opportunities while income is still coming in from different avenues.
One of my friends puts this principle nicely to work by having a part-time job at a fabric store, teaching sewing workshops, creating and selling beautiful jewelry, and doing clothing alterations.
The magazine business is a good example of how multiple streams of income work in traditional business. They sell magazines in stores and by subscription, may sell subscriptions to online magazines, and sell advertising space.
If you believe the concept of multiple income streams may be for you, there are many ways to decide on your profit centers. Starting with an open mind and paper and pencil, make a list of all the things you like to do. From that list, choose those that fit your interests and personality. You may have certain skills and training that will guide you in certain directions. From the remaining list, pick the top three that would bring you the most joy. Those are the profit centers you should begin with, adding more when you are able.
Since you may not generate sufficient income at first, you will need to devise a plan to meet your expenses. The most obvious is to save as much money as you can before you start your profit centers. Also, a second income (a spouse's income, a part-time job, a temporary assignment with an agency or, if you are 62 or older, collecting social security) is an additional option for you. It may take some time for the income to start flowing from your profit centers, but once it starts, it should continue. You will need to be focused and have patience during this time.
Following are various streams of income for you to consider. The possibilities are only limited by your imagination!
- Services: Ideas in the area of services include babysitting, assisting elders, pet sitting, house sitting, house cleaning, lawn mowing, a wake up service, a clipping service, typing resumes or papers.
- Internet: Websites can make their money from more than one product or service. Also pay per lead or pay per clicks can be profitable. You will need to have a blog or website for this. One of the best sources for pay for action is Google Adsense ( https://www.google.com/adsense/).
- Virtual Assistant: As a Virtual Assistant, you can assist clients all over the world from your computer.
- Photos: You can sell your photos to a website. After you take the photo you can sell it as many times as you wish. You can also do this with DVD, eBooks, or podcasts. Your photos will make money for you while you are sleeping.
- Real Estate: Investing in real estate requires money, however, the potential is great, especially now when it's an ideal time to buy property.
- eBay Store: You can purchase products to resell on an online eBay store, or you can have an online store to sell products on eBay (or on your own website) and earn a commission.
- Website Designing: There are many options online to learn how to be a Website Designer, and you can earn a good income.
- Freelance Writing: If you are a writer, you can write for magazines, write a book, create text for a website, or teach writing classes.
- Investing: Retirement plans can benefit from multiple income streams. Great investments will continue to gather rewards for many years to come. It can be fun and profitable to research and buy stocks, especially those that have dividends. Start with inexpensive and safe investments and the returns become a profit center. A valuable suggestion is to put all of your multiple income streams into a high interest account to make even more money.
- Mail Order: You can sell many things by mail order, such as recipes, booklets, kits, and handmade jewelry. The sky's the limit. Just get a post office box and a PayPal account, put an ad in a newspaper or magazine, ship the merchandise, and wait for the money to appear.
- Miscellaneous: Some other ideas to consider are entering sweepstakes, raffles, contests, lottery tickets, winning TV call in prizes, and using coupons. And don't forget to go to the grocery store that gives you gas perks and/or food perks for shopping. When you win or save money on a continuing basis, it can be considered your "lucky" profit center.
Hopefully some of the above ideas will resonate with you and you can begin to live the life you love. I have never met a person who said they didn't enjoy working on multiple income streams and would rather go back to working for "the man."
The rewards of having profit centers are endless! One is that you can go for a daily walk or to the health club whenever you feel like it, go to a movie, shop, or make an appointment during the normal workday. You can always work on your profit centers when you want (early, late, or in between), not just 8 to 5!
Melodee K. Currier lives in Dublin, Ohio with her husband. She left corporate America where she was an intellectual property paralegal. Since then she has devoted her time to writing and has had articles published on a wide variety of topics.
Take the Next Step:
- For more on bringing in extra income, please visit The Dollar Stretcher Library .
Share your thoughts about this article with the editor: Click Here
Trending on TDS
- 8 things your kids need to know about money
- Why Millennials should use credit
- Estate planning in a second marriage
- Finding an inheritance
- 5 steps to take if a debt collector calls
- What millennials need to do today to avoid Social Security problems later
- How investing style changes over your lifetime
- 5 poor ways to save (and how to do better)
- What to do if your credit card rate goes up
- 3 steps to rebuilding an emergency fund
- 5 big bills you can cut fast
- Money-saving secrets of the rich and frugal
- Reduce your debt with this free debt course by The Dollar Stretcher
- Reduce your debt payoff time
- Find a better credit card rate
- Get better savings & MMA rates