Multiple Income Streams
You may have heard the term multiple income streams, but what exactly does it mean?
Quite simply, we can no longer afford to rely on any one income source. We have learned that valuable lesson with the current U.S. and world economy. If you have recently lost your job - that is reason enough!
In years past it was okay to have one job - and it was a location that we physically went to every day away from our homes. There was such a thing as job security. It was common to work for one company an entire life time, until retirement. So there was no need for multiple income streams, oh and receiving a pension was normal and expected. But we all know that times have changed!
We now have to protect our finances in case of job loss. We can no longer afford to assume that our jobs are secure and our families are safe from financial ruin.
Having multiple sources of income is the answer to financial security. If you are working for a company and get laid off, you need to have something to fall back on. If you have a spouse or significant other that has a job, then you already have two income sources. But it makes sense to add a few more. There have been times when my husband and I were both off work at the same time. We were fortunate to be able to collect unemployment, but that was a significant decrease from our normal income.
So what are some other income sources? Some of the ideas we will be exploring in this website include:
- Home based businesses
- Freelance jobs
- Creating your own website
- Affiliate programs
- Turning hobbies into income
These ideas are only limited by your imagination! Once you start brainstorming and exploring, you will discover more income opportunities.
Garage sales, selling crafts, doing odd jobs - these all qualify as an income stream will little overhead. Not everything has to be extremely profitable. But added together they can help to provide financial security. I have used several of these ideas to create income both online and offline. This website itself is one of my ventures, and you will learn how to create your own website in future sections. I also started an online shop selling t-shirts and gifts. I found a company that prints the items from my uploaded designs, so I do not have to keep an inventory or ship products to customers.
There are so many ideas for multiple income streams - and they are only limited by your imagination.
Start writing down any and all ideas even if you're not sure how they would qualify as an income stream. You can explore them further later on and learn how to create a profit.
In summary: Even though this website is devoted to career change - consider multiple ventures in addition to that one new exciting career you are considering. Then you will always have a Plan B, or Plan C, or Plan D to fall back on if needed.
Get your imagination started and keep moving toward your dreams!
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