Thursday, December 1, 2011

Why Everybody Needs Multiple Income Streams

It seems like everybody I talk to earns some additional money on the side. Most of them is from some sort of hobby or something that interests them (unlike their job).

I found this concept absolutely fascinating and was rather disappointed in myself for not thinking of it earlier. Duh. Of course - it makes sense! People are earning less today than they did a decade ago - no wonder people are reaching out to other avenues to earn a little extra cash.

From a financial standpoint, it's a brilliant idea. We all know it's not wise to put all of your eggs in one basket, but a lot of us still do. By this, I mean having only one stream of income coming in to your household. Absolutely everybody has things they enjoy doing outside of work. Why not find a way to capitalize on it? Trust me, if you like it, that means there is a niche for it. I love you, but you're not that unique. There is at least one other person on the planet that enjoys what you do, no matter how obscure. If you can't find a niche, create one. Putting up a blog like this one is the best place to start. They'll find you - don't worry.

A few things to consider with establishing a new income stream is what it's purpose is. Is it fun money, money to save, money to be used for a large purchase? Though you enjoy it, how knowledgeable about the topic are you? Learn all that you can about whatever it is and start sharing that information. It IS that easy. The hard part is just keeping at it. That's where the enjoyment part kicks in. I, for example, enjoy helping people getting their financial houses in order. It's not very sexy, but I truly enjoy it and can talk and talk and talk and talk about it. That topic never gets old. I find I can spin it in different ways to appeal to different types of readers. Or suit my mood at the moment, like now.

The point is, you never know when your primary income stream will end. For many people, it's unexpected. They did not plan for it and have nothing to fall back on. Take a glimpse at the latest unemployment numbers, or the number of people entering poverty if you question my logic. Despite what the welfare agencies might say, welfare is designed to keep people poor. Kind of a poorly designed system if you ask me, but it is what is. Ok, I'm going to drop that topic before I tick anybody off.

Back to my point - establish an additional (or more) income stream! Pick something you enjoy and let it rip. Nurture it, sustain it, and it will deliver for you.

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