6 Tips to Creating Multiple Income Streams

6 Tips to Creating Multiple Income Streams

Creating a budget will give you an overview of your financial picture. The best picture you want to see is your income is higher than your expenses. But this is not always the case. When your expenses are higher than your income that becomes a very challenging situation. You have a choice to accept it for what it is or you can explore and create multiple income streams in an effort to help you cover your expenses. This effort will be well worth your time and will pay dividends if you stick to a plan of action. You are no doubt a person who cares about your financial affairs and maybe up to this point you’ve tried to think of different methods and strategies to keep money flowing in. Just as maintaining a diverse investment portfolio is an effective strategy so is diversifying additional income streams as this will provide you with the financial life you rightfully deserve and so does your family – Get Prepared For Your Financial Future.

So now the question comes – how do you go about trying to find ways to bring in more money on a regular basis?

Since finance is my expertise then I feel you need for me to answer this question in the best way possible without adding any bull or shoe polish to the subject. check out the following 6 tips and use these ideas as your inspiration to discover your own strategies for getting additional income streams to improve your financial health:

1. Take a really good look at yourself and list each of your talents or skills that you have. Throughout this self-evaluation process keep an open-mind and be don’t reject or discard anything even if it is something that makes you feel a bit uncomfortable. After you have finished this exercise take a really good look at each talent and skill and ask yourself how these can be helpful in earning you some extra cash. Still stuck, check these out:

  • Do find you are good with numbers? Have you ever had the opportunity to analyze even the smallest report either data related or statistical in nature?
  • What about typing – can you type? If so how many words per minute can you type? Have you ever written any lyrics to a song? What about writing short stories?
  • What about experience in doing a voice recording, narrating short stories?
  • Do you have any landscaping skills, sewing skills, creative thinker? etc etc

Just keep thinking something is bound to hit a chord with you and you will be on your way to creating extra income streams.

2. This should have been number one as it is my favorite – have you ever considered using the internet to bring in some extra cash? The beauty here is you can start your own website with only a few extra dollars.

One idea is to register a domain name by using namecheap.com, get a hosting platform such as hostgator.com and use WordPress.org for excellent, easy, and free website management software to set up and run your site. A domain name costs less than $10 per year and for approx $10 per month you can host your website. These are not the only companies to acquire these services however they are the ones I believe have strong foundations and are very reputable. I have personally been using them for the past four years without any complaints what so ever. Here are some things you can do with a website once you are up and running:

  • Once you get traffic coming to your site why not attract related business owners to your site and sell advertising space – so much per month.
  • Use your knowledge and skills of interest – write poems or report on local news, you can write articles and post them at one of a number of websites and earn money for your page views.

3. Additional uses of an internet business could be getting hired through worksites and getting paid by the project. The number of worksites online is plentiful and definitely mind-boggling.
Websites such as Elance, voice.com, oDesk and many others provide listings of work that is available immediately. One of the fastest growing sites is Fiverr.com

Earlier we talked about statistical typing, writing short stories as these are skills you may have or could even develop as there are opportunities matching these skill sets. What about helping internet entrepreneurs to organize their website information, this can be a lucrative area. Your financial future is rich with opportunity using the internet,

This may seem like wishful thinking or all hype and BS but bringing in steady money online is a realistic income stream and there are many people like yourself doing just that.

4. What hobbies are you interested in? Model planes, crafts, Flea Marketing – Consider turning your hobbies into income streams. Maybe you sew really well or can design and make purses or sweaters to sell – I know a lady who makes her own preserves (jams, pickles etc) and makes a decent income to profit. Or maybe you’re a fix-it person and actually like doing repairs for others. Arts and craft products sell really well, especially on special holidays – Christmas being the biggest one.

It doesn’t have to be a ton of time, 4 or 5 hours per week of a marketable hobby will provide an additional income stream.

Think of the bonuses for you – improving your skills and level of creativity by continuing to make and sell your crafts.

5. The key here is to think outside of the box and yes I know you have probably heard this statement alot but it is so true. Refuse to allow your anxieties to get in the way of trying something new or different to get an income stream going. Before you throw an idea away or discount it as “crazy” investigate and really think of how this idea can be helpful to others. Don’t waste your skills – share them with the world.

6. Never, ever give up. If something doesn’t build the way you had hoped, start another new income stream. Confidence is an important aspect of finding and developing additional income streams. You can never fail unless you give up – Bottom line. Remember that when it comes to the internet, the possibilities for earning money are endless. Keep working at it, even if it is a little each day.

Open your mind to the many possibilities that you have all around you for multiple income streams. If you push yourself to go forward and start 2 or 3 different activities to bring in a trickle of cash and keep it going, a few years from now you’ll be surprised at the impact you can make on your budget as each income stream grows. Don’t be fooled into believing you can get rich quick, overnight – those are scams – save your money and develop at least two additional income streams over the next year and watch your income soar.