Budget Bootcamp Day 29: Multiple Streams Of Income

budget bootcamp day 29 multiple streams of income
Multiple Streams of Income

For most people, their job is their only source of income; their only method of earning money. We have been trained to go to school, get good grades, go to college, get a degree and then spend the next upteen years making someone else’s dream come true by working at a traditional job. Now don’t get me wrong, I am not knocking a 9-5, as a matter of fact, I work. But, my job is not my only source of income and hasn’t been for many years. I believe in multiple streams of income.

I started earning extra money to pay off my student loans, but even I after I paid them off, earning extra income became a part of my life. Having one source of income is just like having an investment portfolio where all of your money is invested in that one stock. If the only source of income is your job, what happens if you lose that job? You and your family may endure financial ruin.

Don’t put all of your eggs in one basket; create more sources of revenue, even if they aren’t as much as your full time job, so if something happens it won’t be nearly as disastrous. Here are a few way’s that you too can create multiple streams of income.

1. Take paid survey’s

Companies desperately want your opinion, and they are willing to pay for it. The trick, of course, is knowing where to find the paid surveys that pay the best. One of the most popular and legitimate survey sites is Swagbucks.  Not only can you make money taking surveys, but you can also make money by watching videos and even surfing the net. They also offer significant cash back for online shopping. This is something you can do from the comfort of your own home at your own leisure.

2. Ebay

It’s now easier than ever to run an online Ebay store. You can of course acquire products to resell on Ebay. But you can also create an online store to market products that others are selling on Ebay and share in the commissions generated by the sales.

3. Start and online business

Making money online requires very little cash investment and can be done on your schedule from home. There are two approaches to getting started. First, you can build a blog. Setting up a blog takes just minutes and costs very little. Second, you can set up a website. It’s much easier than you think.  Setting up a website a snap.

4. Virtual Assistant

Virtual assistants today can do just about anything for you that doesn’t require their physical presence. Many virtual assistants from places like India are working full time for people in the U.S. The best VAs can earn $30 to $50 per hour. The starting place if you are interested is Elance.

5. Home based business

The ideas and potential for a home based business are limitless. In fact, since I already have a camera, lighting equipment and editing software, I am thinking of adding video and photography as another stream of income. That added to my make-up business, my blog and my full-time job, will give me four streams of income. One of the great benefits about running a home based business is that it greatly reduces your initial investment.

Generating income (along with minimizing expenses) is the foundation of smarter money management. While earning extra income does take work, its payoff can be huge. If you are interested to taking the leap, I would love to hear your ideas. Comment below and let me know what you can do to create multiple streams of income.

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