Why You Should Think About Earning Multiple Streams Of Income
Posted by Allison on 4 April 2009, 10:01
It seems as though we've gone from having a strong economy to one that is teetering on the verge of causing us all sorts of problems. While there are now very few jobs that you could call jobs for life any more, people are quite rightly starting to worry about their futures.
Recent years have seen people in many developed countries such as America and the UK overstretching themselves with their finances. Experts warned that when the economy took a downturn – as it always does, sooner or later – those same people would soon become unstuck. Overextending yourself by buying a bigger house than you can really afford, or even borrowing money to get the deposit to get on the housing ladder, became a frequent tactic to get what you wanted without having to save first.
But wherever you live and whatever currency you might have bought your house with, you will no doubt be a little worried about how the future looks. But this is actually the best time to start thinking about your future, because you do still have control over it and if you want to put yourself in a position where your future is a little more secure, then you shouldn't just be relying on one job anymore.
You see, some people are starting to catch on to the idea of having more than one job. Some people need to do this to make ends meet, but in some cases although they have the idea right they aren't executing it in the best way. I'm sure you have heard of people in various countries working a full time job and then going off to an evening job and getting paid their local currency cash in hand to keep them going for another few days. While this does bring in more than one income stream that person is sacrificing a lot of their own personal time to be able to carry on paying the bills.
The trouble is that while most people can grasp the idea of earning their currency from more than one income source, they don't always make the best use of their time to do that. For example in the story above, this person is only getting paid for the hours they are actually working. If they were to have an evening off for any reason they would not receive any money.
So what can be done? The answer lies in the internet. Today more than ever people are beginning to sit up and realise that there are people who are living a wonderful life free of worry and debt, and yet they are raking in more money than they ever thought they would.
These people are leveraging their time to bring in multiple streams of income that require very little effort to keep going once they are set up, and with the right knowledge there is no reason why you can't do the same.
You can sell plenty of things online but the best commodity to sell is information. After all, what are you looking for when you go online? Most of the time, the answer to that question is information. If you know a lot about a specific subject there are websites that will help you create and upload an e-book to sell to other people in return for a small cut of the profits. It costs nothing to get started, you can often go into your account and convert any foreign currency amounts into your own currency so you get paid correctly, and it can be a great way to share what you know while you find out more about the way that e-books work.
But there are other ways to set up multiple streams of income too. The key is to research as many different ways to do it as possible and set them up one at a time, so that you can give each one your full attention before moving on to the next one.
It doesn't matter if you need to devote some time to some of them as you go along; some naturally need a little more attention than others. But if you have a website and you put Adsense advertising on it then that will run by itself. So long as you have traffic going to it then it's not an issue.
The key to making some really significant income with this method of earning money is to set up an income stream that easily brings in perhaps £20 or £30 a month (or the equivalent in your own currency) and then repeat that pattern. Lots of people do this with small websites that give people information and links to specific products they can make money on. Once you have done it once or twice you will find the whole process much faster.
So is this the new way of earning money in the future? Whatever happens it's clear that the internet has made it possible to change the way we look at our lives and our jobs. More and more people seem to be asking why we do things in a certain way, when there are ways that are much better, bring in more money and are far more rewarding.
It's not likely that the workforce as a whole is going to ditch their office jobs and start working from home and setting up lots of little income streams any time soon, but the more people find out about this possibility the more people are likely to give it a go.
The best part is that you can start on a part time basis, perhaps at the weekends when you've got a spare couple of hours. Once you get involved you will find it hard to leave it alone! After all, it could lead to a whole new future for you – one that doesn't involve the nine to five rush every weekday.