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.
Photo Credits: 1
Originally posted 2008-12-04 23:42:16. Republished by Blog Post Promoter
Related Posts -
Creating Income Streams That Last Whether you are decades away from retirement, or it is staring you in the face, creating multiple streams of income is considered to be one of the best ways to secure your financial future. However, it is important to consider not only how much these streams can bring you, but...... -
Introduction to Mortgages pt 1 of 5 The housing market is an interesting beast, because it comes and goes, rises and falls, allows some people to flourish and brings others to ruins. If you want to understand how the housing market works, you should begin with an introduction to home mortgages. This is part one in a...... -
4 Ideas to Create Multiple Income Streams Online In the past, creating multiple streams of income required a lot of footwork and there were few passive stream opportunities available. However, thanks to the Internet, it has never been easier to create multiple streams of income online and many are passive! Let’s go into a few ideas that you...... -
Personal Finance Credit Crunch Budgets are unfortunately quite the necessary evil when it comes to managing your own personal credit crunch. Everyone is going through a credit crunch, even those who have relatively healthy credit. The only practical way to keep yourself financially stable in this volatile market is to get a grip on...... -
The Benefits of Leveraging Debt to Create Multiple Income Streams Let’s face it, debt has managed to earn itself a pretty bad name in most circles, but in many cases, this stigma is undeserved. Debt, when used properly, can help you secure your financial future. While no one is arguing that improperly used debt is a bad thing, good debt......
Related Websites -
The Final Chapter Of My Mortgage Refinancing Journey, Hopefully The last post about my mortgage refinance journey left off with me waiting for either the DU refi program to come through or Fannie/Freddie to revoke their ridiculous hatred towards condos. So I waited and waited for one of the two situations to shake out so I could reap...... - Quit Your Job, Work At Home, Save Some Money, Or What The Hell Was I Thinking? So the title of this post is a little, um, overstating it. But really, this is exactly what I did and so far, it has worked out well for me. When you consider all the financial and emotional expenses that can come along with a "real" job, sometimes its best......
-
10 Reasons You Should Hire an Accountant I consider myself to be a fairly smart guy, but for the life of me, I've always suffered from performance anxiety when attempting to file my taxes. Something about the process of organizing all that data, identifying all the necessary forms, and hopefully plugging and chugging out the correct answers...... - Monetize Your Photos with a Personal Endorsement from Udorse.com If you think you deserve an endorsement deal from Nike because half your wardrobe is branded with their distinctive swoosh, or you've got the most awesome Facebook profile picture ever of all of your friends chugging Bud Light, you might want to checkout Udorse.com. Udorse has devised a quick and......
- A Realistic Look At Financial Security The following post is from Kevin of 20smoney.com and SimpleFinancialFreedom.com. There are a few ideas and terms that the masses throw around in an effort to mitigate risk and be more financially secure. The terms that come to mind are emergency fund and diversification. While these are valid concepts, I......
- Personal, Field Gear Original Items Current Militaria 2001-Now Militaria Collectibles
- Work Womens Shoes
Categories:
Diversification, Financial Security, Income Streams, Money, P2P Lending, Personal Finance
Tags:
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 [...]
[...] presents How to Work Less and Make More Money With Multiple Streams of Income posted at Rich [...]
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.
Leave a Comment