Kevin writes at 20smoney.com about financial topics including building income streams. His opinions do not necessarily reflect those of Quicken Loans nor its writers.
When it comes to personal finance, most of us are content to simply focus on the money management side of the equation. What this means is that we focus on budgeting, managing expenses, spending less, etc. While these are all important pursuits as we focus on achieving financial freedom, there’s a side that often goes unaddressed. That side is the income side of the equation.
Why do we avoid talking about income so often? Well, first, we typically view income as something that is beyond our control. We focus on things we can control more which tend to be how we spend our money, creating budgets, etc. When it comes to bringing in money via income, we far too often view it as something that we can’t impact.
I think we can impact our income, and can do so significantly. Let’s look at how we might do this.
First, assuming you have an income (many do not these days – if you do not, you need to find a job, any job, immediately), there are ways to position ourselves to improve our main income. For example, discuss with your boss how you might be able to increase your performance-based compensation. Obviously, this means you need to perform in order to be compensated.
Next, let’s look at increasing our income through additional income streams. Finding ways to bring in some extra cash in addition to your main job or career can have a major impact on your overall financial situation. Even just a few hundred bucks by working an extra part-time job, doing some tasks for your neighbor, or building an online income stream can bring some nice added relief to your strained fiscal situation.
I would strongly encourage you to consider various ways you might be able to start a second income stream. The sky is the limit and it is very possible for anybody no matter what your skill set looks like. Be creative, think outside-the-box and be willing to work for it. It will definitely require work.
For me, thankfully, I’ve actually increased my overall income over the last two years amidst a very tough economic backdrop. While opportunities have dried up in my main job which has resulted in flat income for years now, I’ve managed to build an additional income stream through the internet. The supplemental income has been crucial for me to hit my overall financial goals with regards to saving and investing. The combination of strict spending management, developing my various income streams and consistent saving and investing should lead me to a very positive place financially. I encourage you to consider all of the above!
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