You want to live the good life. You have a fine day job that pays the bills, but you want to travel. You need more money to pay off debt. You have a side hustle and you want to parlay your work into more time. Multiple streams of income can make your dreams come true.
The concept is pretty simple. You make money from a variety of sources: your 9 to 5, the room you rent, the articles you write on the side, the electronics you refurbish and sell on Craigslist. Multiple streams of income mean that if you suffer a blow in one area of your financial life, you’re not helpless. Multiple streams of income mean that you meet your needs and go beyond.
Some ideas for multiple streams of income:
*Work. Do a little moonlighting. Start a microbusiness doing something you love. My friend Michelle worked as a waitress on top of her 9 to 5 to pay for her dream trip to Italy. Worth every ounce of effort, according to her.
*Sell. Find something you can buy cheaply, fix up, and then sell. We bought our lawnmower six years ago from a guy on Craigslist who makes a nice income buying broken lawn equipment, repairing it, and selling it. I paid for my grad school textbooks by selling books on Amazon.
*Rent. If you own a rental property, that’s a great source for one stream of income. You could rent a room at your house, go AirBNB, or “rent” your car by driving for Uber or Lyft.
*Invest. Make your money work for you by investing for income. Living the 25 percent life means you can put money into investments that grow over time.
What can you do to add multiple streams of income to your money life?