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10 Ideas for Multiple Streams (Sources) of Income

by C.S. Clarke, Ph.D.

I've read so much hype on line about "multiple streams of income" that I simply had to say a few words about it myself.

Despite the number of people who write about it as an exciting, modern idea, it is old. It is common as dirt. Primitive hunter/gatherer populations got their incomes (food and clothing) from multiple sources -- hunting and gathering. Trade caravans, millennia ago, passed through village, town and farm, trading their goods for agricultural products, crafts, and services. In each place, such as a farm, for example, they would find families wherein the men would grow the crops, the women would spin and weave and the kids might carve wood figures.

Today, the typical family has two parents working at jobs and the kids might take on work like babysitting or tutoring other kids. Most folks also try for some passive income like stocks or CD's or TBills. Of course, everybody and his brother are starting blogs, in hopes of secondary active income.

It's true that you need more than one income source. But just like your primary source of income, secondary sources are going to require time, effort, energy and patience. Get rich quick schemes are no better for secondary sources than primary sources. So forget the hype.

But get started with developing multiple sources of income.

You can do this while employed full time. You can do this while employed part-time. You can do this while unemployed and looking for a job. You can do this as small business person. You can do this as a stay-at-home Mom (Dad). You can do this after retirement. You can do this while you're a student.

Here are the most usual ways of having more than one income:

1. Moonlighting. You have a full-time job and a part-time job. Not only do you get extra money, but you also get a cushion if you lose your main employment and have to find another job.

2. Multiple part-time jobs. You can't get full-time employment, so you take two or three part-time jobs.

3. Starting a small business while employed full-time. In fact, this is the most popular method of starting up.

4. Selling on eBay, Amazon, Etsy, etc. while employed full-time.

5. Take work through a temp agency and work on your own business on the side or during down times.

6. Work full-time and freelance after hours. Similar to moonlighting but closer to having your own business. Best way is to go through the freelance job boards like elance.com or guru.com. If you don't have the skills for the kind of work available at the older and more up-scale sites, there's always fiverr.com or its imitators.

7. Teaching. If you have a skill that's in demand, you can earn extra $$ by teaching it at places like your local community college extension.

8. Working or going to school full-time, while running your own website or blog. And, within your blog or website, you can get multiple sources of income through accepting advertising (like GoogleAdsense), promoting affiliate products (like Amazon.com), offering a membership service, promoting your own ebooks, and so on.

9. Multiple small business ventures. It doesn't matter if you're online or off. Most small business ventures fail. If you establish 3 - 5 or even more highly-niched micro-businesses, you not only are putting together multiple income sources, but also giving yourself a better chance of making at least one of your businesses a long-term success.

10. Serial Entrepreneurism. Thinking about micro-businesses, you can also purposely set up businesses that you expect to be short-term. For example, if you find a profitable eBay niche that you think will last about six months, just get yourself a business name and account for that one temporary business and go to if for as long as it lasts.

This all might sound less exciting than the hype you've read on flipping houses while flipping pancakes and becoming a millionaire in five minutes flat, but it's all been tried successfully and profitably by others. And my suggestions are just the tip of the iceberg.



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Warning: date(): It is not safe to rely on the system's timezone settings. You are *required* to use the date.timezone setting or the date_default_timezone_set() function. In case you used any of those methods and you are still getting this warning, you most likely misspelled the timezone identifier. We selected the timezone 'UTC' for now, but please set date.timezone to select your timezone. in /home/superp5/public_html/10-Ideas-for-Multiple-Streams-of-Income.php on line 131
Dec-03-2016



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