We are at such a time when earning extra income has become a necessity to many individuals and families. Gone are the days when an individual or family could survive upon a single income.
Today, the economic factors are such that survival on a single or two incomes has become hand to mouth. Going by this trend we can very well imagine what the future holds for us. A single or two incomes certainly will not be enough. It’s best then to have extra income streams flow into your personal finances than to face an insecure future. The concept and importance of extra income becomes all the more apparent.
People who have been financially smart have always known and taken care of this. If one income dries up, one can always fall back upon the other income streams, and if all go well you can only get richer, no harm in that. The average living person has always been in a dilemma regarding this. Loss of one income really affects them adversely and it would take years of hard work before any normalcy returns. Not to mention, the rippling effects of financial anguish that could cause a lot of unwanted emotional disturbances and sufferings.
Having several sources of extra income gives you a backup to fall back upon. If one source dries up, you should not feel the difference. You should have enough time to reorganize and regroup, that’s it, and you are back on the happiness highway, safe and sound.
When assessing how you can generate multiple income streams, consider these factors:
The kind of extra income ideas you will implement will depend on various factors including your financial goals, skills and interests, current job or business, financial intelligence and education, single or married, if married, whether one partner is working or both, available financial resources and spiritual beliefs.
Here are three (3) major areas to find your multiple income streams ideas:
You will be surprised to find that there are a lot of things around your home that you can rent out to get additional income. Just look around the house. It can be machines like lawn mowers, ac/dc power generators, or tools and equipment of your failed business venture.
Rent out a spare room. Got an extra room in your house/apartment? Consider renting it out.
Rent out your Car/Van/RV. You can rent out your car to a car hire or tour company and get paid monthly. Negotiate for a better deal.
Sell ad space on your car/van/RV. Depending on your location, the make and model of your car, and your daily commute, you can actually make a decent amount of money by letting an advertising agency “wrap” your car with advertisements.
Resources:Check out these rental sites.
Evaluate your skills to find a niche for a small home/part-time business or job you would enjoy doing. Write down a list of all the jobs you've held and see if that generates any ideas.
Do freelance work e.g. writing freelance articles / or books
Teaching / tutoring - Depending on your educational background, this can be a good source of cash.
Become a tutor. Do you live near a high school or college? Are there any subjects that you’re particularly good at? If so, then consider tutoring in your spare time.
Teach a language. For those that are fortunate enough to be fluent in a second language, you can make money teaching it to others. Do tax preparation on the side, if you are skilled in tax matters.
Most people have a thing or two in their lives that they’re deeply passionate about. Why not convert your hobby or passion into a source of extra income.
What’s your hobby?
Photography: freelance photography, travel photography, child photography, pet photography
Drawing and painting: portrait sketches, pet sketches, reproduction prints, book illustration
Carpentry: wooden toys, dolls houses, rustic garden furniture, woodcrafts, tree house manufacturer
Computers: computer training, computer repairs, web design, book-keeping, CV writing, desktop publishing
Gardening: landscape gardening, garden maintenance, garden tools hire, florist shop, tree pruning
Cooking: catering service, frozen foods, personal chef service, cookery book or articles writer
Do You Know Something About Anything? A Hobby? A Passion? Any Interests? Experience?