Most of us would like the chance to spend more time with our families, work a lot less and still bring in a sizeable income. If you’re only going to rely on your current income, the chances of that happening are pretty small, unless you’ve got an incredible job. However, there are ways that you can achieve this dream and they’re a lot easier than you might think. You’re about to learn how to work smarter and less and still make more money than you are right now.
The key to working less is having more than one stream of income coming into your pocket every month. This is a sound principle for many different reasons. First, you’re reducing your risks by not having to rely on your main source of income to pay your bills and keep living well. You can spread that risk around and if you do lose your job, you’ll have the resources on hand to keep paying your bills until you can find a new one.
Another benefit of having multiple streams of income is that you can eventually phase out your full time job, if you’re making the right investments, and start working part time. The old adage that two part time jobs make one full time job is certainly true here. By creating another stream of steady income that you can rely on, you can eventually scale back your current hours until you’re working only part time. If you’ve got some really great streams of income coming in, you may even be able to quit that full time job and focus on these streams instead.
Ok, so we understand how multiple streams of income can make your life easier, but how do you get started? You’ll need to take a small amount of risk here if you want to get to the point of being able to spend less time at work, but it is well worth it. It is best to try to reduce these risks when you’re first getting started so that you don’t jeopardize your finances, but with smart choices, it’s easy to pick a great income stream.
Some of the most common forms of creating multiple streams of income are actually the most simple. Let’s say that you have a knack for fixing cars. During the day, you’re a buttoned down corporate worker, but on the weekends, you’re a car fixing fool. Start taking on outside work during those weekends and boom – you’ve got your first income stream coming in. As word of mouth travels, you’ll get more business and it will most likely pay better than your current job.
Other streams of income include investing in P2P lending, other business opportunities, or even stocks and bonds that have a steady rate of return. The main goal of using multiple income streams to work less is to stop treading water at your job and start doing what you love while you’re getting paid for it. With the right amount of dedication, you should be able to go part time or even quit your old job.
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Originally posted 2008-12-04 23:42:16. Republished by Old Post Promoter
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Diversification, Financial Security, Income Streams, Money, P2P Lending, Personal Finance
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4 comments ↓
I think it is a good idea to have multiple streams of income; mainly for the reasons you mentioned. There are so many good resources that give ideas on how to use your current skills, hobbies, and interest as a potential source of income.
In our current economic situation there is so much uncertainty surrounding employment. Having multiple streams helps to minimize the impact should you lose your job.
I just started my stock market journey and I help to eventually have investments as a strong flowing stream of income. You are welcome to join me on my journey:
http://www.ourstockmarketjourney.blogspot.com/
Be well.
[...] may not be able to give yourself a raise, but you can work on creating new modes of income for yourself. Let’s say that you are a minimum wage worker with little experience, but you have [...]
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I feel that you should do whatever possible in order to prepare yourself for the worst case scenario in terms of the economy. Having more than one income is definitely beneficial during such uncertain times that we are facing.
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