When it comes to having multiple sources of income, there are obvious advantages as well as other distinct benefits you may not have thought of. When I first graduated college, I did exactly what the average graduate does: Update my resume, fire off about a thousand of them, and wait for a job that seems relatively entertaining with a potential for growth.
Even after I got my first job in Financial Services, however, the focus on investing and saving really began to rub off on me. These guys (and girls!) were pulling in thousands of dollars a month, just from INTEREST, because they were smart and socked away large portions of their income rather than blow it on an even bigger plasma TV that they won’t have time to use anyway because they are clocking 12 hour days at the office. I decided that my best bet was to learn from these people, and find a way to make these advantages my own.
So, I began to document why I wanted to create more income outside of my normal job. Here’s what I came up with:
1. Diversity: Diversification is the foundation of almost any investment plan, and diversifying your income is just as important. It provides you with a safety net in case things go wrong, or if one source of income dries up. For most people, if they lose their job tomorrow, they are dead in the water. I didn’t want to live at the mercy of my paycheck every 2 weeks.
2. Freedom: I liked my job, but grinding out the 5-day 40+ hour work week month in and month out began to wear on me. I didn’t want the traditional 9-5, I wanted to be flexible, I wanted to be able to travel, and I wanted to be able to make money even if I wasn’t “on the clock.” Additional streams of income provide this flexibility.
3.Fun: The money you make yourself from a side project, especially the very first one, is an experience like no other. It turns making money into a game, not a grind, and allows you to have fun and make money at the same time.
Now, it’s important to note that the road to a diverse portfolio of different income streams is not easy. In fact, it’s very hard work! However, you can always start somewhere. If you don’t know where to begin but want to start making money now, survey services are always a good place to start for the average person. My personal favorite is surveyspot.com, and be sure to avoid any survey sites that charge a fee, they are paying you, remember? If you’re looking for additional information about making money online, head to the pros of the business. In particular, my favorites are geniustypes.com, problogger.net, and shoemoney.com.
It won’t happen overnight, but anyone is capable of creating additional income to supplement or replace the money they make from their job.