How To Create Multiple Streams Of Income

The current economic crisis has us all looking for ways to make extra money. Bringing in some extra income can mean the difference between being comfortable or stressed out. Creating an income stream is a great way of keeping the money flowing in month after month. There are two types of income that you can use to build wealth. One is active income and the second is passive income. Active income is generated from working for it and passive income comes from activities in which you don’t have any direct involvement in. Both of these forms of income increase your bottom line.

Let’s take a look at a few ways to increase your income stream.

1. Entrepreneurship

Are you tired of worrying that you may be facing a possible layoff? If so, then you may want to consider starting you own business. Owning your own business puts you in control of your financial life. It can lead to a sense of fulfillment, accomplishment, and financial success. You can increase your earnings power by starting your own business. It can either be full time job or a part time venture. Many of the articles on Moneyed up feature tips that will help you become a successful business owner. You can start a franchise, write a book, become a drop shipper, or start a temp agency. These are just a few ideas that can put you on the road to entrepreneurial success.

2. Investing

Investing is a great way to build wealth over time. Some of the world’s wealthiest people got rich through investing. Warren Buffett, George Soros, and Eddie Lampert are living examples of the power of investing. You too can become wealthy by investing. It doesn’t take a great sum of money to invest either! You can open a mutual fund or buy your first stock for $50. There are even dividend reinvestment plans (DRIP) that you can invest in for just $25. Bonds and blue chip stocks are a great source of steady consistent dividend income. Companies like Johnson & Johnson and Proctor & Gamble have been rewarding shareholders with generous dividends for over 25 years. Dividend income can really add up over time.

3. Promotion

Have you been working in the same position for the past few years? Well, it just might be time to jumpstart your career. If you have been passed over for a promotion over and over again, then it’s time to put yourself in position for a career upgrade. Anything that you do to make yourself more valuable to your employer is a plus. You can always pursue higher education or learn a new job skill. Take a management training class or attend a business seminar. Ask your employer can you take the point position in a group project. All of these things will demonstrate your leadership skills and help to put you on the path to a promotion. A promotion will bring more money, benefits, and perks.

4. Freelance

Freelance work is a way to pick up some extra side money without quitting your full time job. You can become a freelance writer, artist, designer, blogger, editor, or computer programmer. You can do freelance work in just about any field. Shop your skills around to a number of different employers. Visit internet job boards, blogger websites, and freelance sites.You may find that you can bring in a $1,000 or more in monthly income as a contract freelancer.