Do you want to be financially free? Do you want to end your money pressures forever? Would you like to double your income… while working half as much or even less?
Would you like to make just a few dollars to get through the end of the money?
Through difficult economies and prosperous times, through bull and bear markets, countless financially secure people have created and continued to enjoy a comfortable lifestyle because of what they learned and did to succeed.
Today you’ll discover how to quickly and easily create streams of income that can get you on the road to financial success for the rest of your life.
Let’s face it. You can never make too much money. Every dollar that you earn can be used for something that you need or want. Whether you sock away the extra cash for a rainy day or opt to replace an aging appliance, one thing is certain.
Money makes it easier for you to accomplish short-term and long-term goals. Without it, you may be stuck using something far longer than its intended use or worse yet, you may have to make do with nothing at all or go into debt.
Many Americans are unable to make ends meet. Those that are fortunate to have a job may be stretched so thin that they are unable to see the silver lining among the clouds. The following four suggestions can help give your income a boost this year.
Are you sick of making the same income that you did five years ago? Or, maybe you’re actually making less since the downturn of the economy. Isn’t it about time to change that!
Let’s figure out how to increase your income with Multiple Streams of Income!
At times it can get feel like meeting your financial goals is an enormous feat. From day-to-day expenses to increasingly costly bills, consumers can sometimes feel as though they’re being tugged every which way with their finances.
Although keeping on top of your financial obligations can be a major stress, there are some small – but significant – ways to boost your monthly income and start creating Multiple Streams of Income.
Multiple Stream (1): Increase Your Income Streams at Your Current Job
Sometimes when you work for an employer for a few years you start to get into a rut, which typically means that you’re no longer striving to learn and do more. This inevitably means that your wages stay the same as well. Here’s a few things you can do at your job to get noticed and inevitably increase your income streams!
1) Enroll in Personal and Business Development Classes – many organizations have classes that you can sign up for to develop yourself in some way. It might be a class about leadership or maybe its purpose is to teach you more about the company and their operations. No matter what they’re teaching, you’d better believe that they’re taking note of the sharp students in the class. Participate and take it seriously – you’ll most likely be noticed and earn more.
2) Enroll Class Outside of Work – If your employer reimburses you for college classes, this is a no brainer! And, don’t look at it as a way for you to add some letters behind your professional name, take classes that will help you succeed in your current or desired role. When you understand more about your work, your employer will notice and pay you more.
3) Seek Out a personal Development or Business Coach or Mentor – If your work has a mentorship program, I would strongly suggest that you sign up. Not only does this allow you to learn from a person that’s already been through the corporate “mine field”, but this allows you to share your interests with a person that can make it happen! Find that mentor and you’ll never regret that you did. With a mentor you can substantially increase your income.
4) Adjust your tax withholding. You can adjust your tax withholding to make sure you’re getting the right amount deducted. Be careful not to adjust too much, however – you could inadvertently end up owing more the next time tax season rolls around. Use the IRS’ tax withholding calculator to figure out how much you should withhold.
5) Ask for a raise. Depending on your performance and time since your last raise, you might be able to request a raise from your manager. Make sure you understand your company’s policy about giving raises before approaching your manager. It’s also a good idea to review your previous evaluations and prepare a list of things you’ve done that make you deserving of a promotion or paycheck increase.
6) Ask for some overtime. You may be able to work a few extra hours to bring in more income. Make sure you clear any overtime with your supervisor before taking it. If anything, employees will see the most results when they’re the most transparent with their employers, meaning that being upfront and honest about your financial struggles could prove beneficial.
7) Optimize your benefits package. The more you have cut from your paycheck to fund benefits, the less money you’ll bring home. Talk with your human resources department regarding your ability to swap or improve benefits packages, as some companies only allow you to make changes at certain times during the year.
Multiple Stream (2): Increase Your Income Streams with a New Job
Sometimes it’s tough to increase your income at your current job. If you feel as though that option is impossible, then maybe it’s time that you explore your other options outside of the company.
1. Find Your Dream Job – If you have not been able to climb the ladder at work (even though you’ve done all of the things mentioned above), it’s time to reach out beyond the walls of your current employer. In order to get a hike in pay, sometimes it’s even necessary to travel out of state.
2. Get a second job. If time allows, consumers can always consider tacking on a second – or third – form of income. However, this can be a sizable struggle if you’re already being stretched with a strenuous daytime job. Consider if a small weekend, night or from-home business might fit with your schedule. Freelance work (tailored to your talents), babysitting and bartending gigs are all great examples of manageable second income streams.
3. Make money from a hobby. You can take things you enjoy doing in your spare time and have other people pay you for doing them. You’d be surprised at how your talents and skills can be used to make more money. If you’re good at making crafts, sell them. If you like dogs, considering offering dog walking services. And as was already discussed, opting for at-home freelance work tailored to your talents can be an excellent way to drive in more income.
Multiple Stream (3): Increase Your Income Streams with a Business
Start a small business. You can take your money-making hobby a step further and make it into a small business. Check with your state’s Department of Revenue or Corporations to find out what you have to do to start operating a business.
Have you ever heard the phrase, “Diversify your investments”? I think we all have. Simply put, it means that you shouldn’t just invest in one single company stock, because at any moment that company might go bankrupt, which would make your life’s investment completely worthless!
You know, the same thing could happen with your job! I have heard so many people tell me that they are too important to their company to get fired, or that their job is 100% stable, and they have since been let go. None of us can predict the future, and I say the best safety net is to increase your income by diversifying your income! Here are some great ways to do it.
Types of Business Streams of Income:
a. Sell Online – Much like a blog, selling a product online is easier than ever today. If you see demand rising for a particular product that hasn’t quite gone mainstream yet, do your best to make some connections with a supplier and start a site today! The income might only last for a couple of years, but many times it can equate to thousands, or maybe even millions of dollars.
b. Sell a Service – There must be something that you’re great at outside of work. Maybe you’re amazing teacher – so become a tutor! Maybe you know all there is to know about playing the piano. Give some lessons! Whatever your talent may be, have some fun and make some money at the same time.
c. Write-Sell an eBook – If you enjoy writing, why not make a little side income by writing an eBook? Being an author isn’t nearly as difficult as it used to be. Type out your book in Word, save it as a PDF, and publish it through Amazon. The cost to you is absolutely nothing, and who knows, maybe your book will be a big hit!
d. Start a Blog – Did you know that some bloggers earn an extra $2,000-$3,000 a month? If you have a passion for something, don’t be afraid to start a blog through a cheap webhost. The cost could be as little as $40 for the entire first year!
e. Get Paid for Your Time Online. Did you know that there are companies that will pay you to read e-mails, to do web searches and to complete other online activities? It’s true. Sign up with several of them, and get paid for the time that you spend online. Check out my blog http://cybercashplus.blogspot.com for a list of companies to consider.
f. Get Paid to Take Surveys. Turn your opinions into cash by answering online surveys. Just sign up with several survey sites, and wait for the survey invitations to roll in.
g. Have Your Car Wrapped. Do you spend a lot of time on the road? Then, consider turning your car into a rolling billboard. Many companies-big and small-are willing to pay to have your car “wrapped” with their advertisements.http://advertising.about.com/od/carrelatednews/a/carwraps.htm
h. Get a Paper Route. Paper routes aren’t just for kids with bicycles any more. If you have a reliable vehicle and a need or desire to boost your income by several hundred dollars a week, a newspaper route could be the answer. Talk to your local newspaper to find out what routes they have available in the area.
i. Tutor. Are you a math whiz? A grammar pro? A chemistry master? Then, become a
tutor, and transform your knowledge into a paycheck. Just advertise where
parents are likely to look – on campuses, at the library, in the newspaper – and you’ll soon build a list of clients.
j. Become a Mystery Shopper. Like to shop? Yep, you can get paid to do that too. Sign up to become a mystery shopper, and turn your trips to the mall into a source of income.http://frugalliving.about.com/od/bargainshopping/p/Mystery_Shop.htm
k. Recycle. Your trash can or cluttered garage could be yet another source for money.
Aluminum, steel and many other materials can be recycled for profit – now,
that’s good news for your bank account and the environment.
l. Sell Things You No Longer Need. Are things that you no longer need or use
cluttering up your home? Then, turn them into cash. You can clean the clutter from your home and make extra money by selling unwanted or unneeded household on eBay.com and Craigslist.org. High-valued unsecured assets can sell for higher. Sell any items of value on EBay http://www.ebay.com/, in the newspaper classifieds or at a consignment store. Then, have a yard sale to sell the rest.
m. Rent out a spare room in your home. If you have some extra space in your home, you may be able to find a tenant to pay rent. The extra rent would help you make the mortgage and pay some household expenses.
n. Flip Houses – This is certainly not an easy task, nor do you get paid a weekly salary to do so. But, if you’re handy and have an eye for real estate deals, this skill could earn you an extra $30,000 a year.
o. Craigslist Flipping-The trick to flipping on craigslist is to research a particular item, figure the median asking price, then find someone with a quality product that’s below what people are willing to pay. I know this is deep stuff. Just as an example, a friend of mine once bought a 6 month-old couch for $300, which was originally purchased for $650. This was not a common find, but he snatched it up, and he kept that couch for a year till he moved out. He listed the used couch for $400 knowing the median value, and it sold the next day. How much could he have made if he had flipped right when he bought it?
p. Services for Sale: The list for this can be endless, just a few ideas to increase your income would be:
- Pet sitting/walking
- House Cleaning
Have you ever stared at a dirty room, or a disorganized pantry and thought, I would pay someone to clean this up. I know I’ve thought that staring at a sink full of dishes. Market yourself first to friends and family and see where it takes you from there. Talk to everyone, and make your services known.
q. Donate plasma-I think this has to top every list of easy ways to make more money. Nearly anyone can do it, and you can get between $35 and $50 a donation. This is something you can do two times in any seven-day period, as long as there are two days between each donation. Get on a regular schedule, and you can increase your income by up to $800 a month.
r. Other ways. There are many other ways to increase your income with a business. Think about it.
Multiple Stream (4): Increase Your Income with Investments
Some of the richest people in America got that way by investing their money. Talk with your financial adviser about putting some money into lucrative investments.
For those who feel that investments aren’t worth the effort, let me ask a question. Are you really happy with the same amount of salary each month? Look at the expenses creeping up each month. Fuel prices, rent, clothes, your favorite fizz drink all just got dearer. You just can’t enjoy the good things in life with your salary. Therefore, you need to jack-up your income flow. And, how do you do that?
First of all you need to work on those grey cells of yours, and plan. Things like how much money you need, the risk you are willing to take, how much you want to save etc. must be decided beforehand. Once you have completed this task there are many options from which you can choose that suits you.
When you plunge into these different salary supplement options, the first thing is to know the risks associated with each. There are highly risky options with high returns and there are low risk ones with low returns. Then there are the hybrid options with medium risks and moderate returns.
High Risk Investments
Equities and Commodities: These are the riskiest options to make money to supplement your salary and the ones that will give you the highest returns. You can either invest on your own or trust some fund manager to make money for you.
Join up with a stock broking company that gives you good service and tips about the general movement of the market. Get all the information that you can gather about the markets and the individual companies that you are planning to invest.
The equity and commodity markets are highly volatile. Only experience and patience can see you through this volatility. Therefore make sure you study well the markets before investing in it. Remember, always speculate and never gamble. So what is the difference? Speculation involves a minimum level of understanding about the company or commodity that you are trading in, while gambling is simply making trades without a clue about the stock or commodity.
Mutual Funds: If you think that you are not fit for the roller coaster ride of the stock market don’t go for trading by yourselves. Leave it to the experts. Investing in mutual funds are the best options for that. These are fund managers who have years of experience behind them about the markets. They know what to do best with your money. When you decide to go for a mutual fund, make a background check and see if they are able to deliver on their promise. However you must realize that no fund manager can assure you 100% success. There are risks involved because they too are investing in stocks.
Monthly Income Plans Mutual Funds: These are mutual funds itself that give you a fixed monthly return for your investments. These are less risky than the usual mutual fund because these funds invest mostly in government bonds with only a small portion going into risky equities. This gives MIP double advantage; low risk and monthly income.
Fixed Deposits: Invest in fixed deposits and you can earn the interest accruing for the fund. You can go for monthly interest bearing FDs. However, this interest is lower than if you go for quarterly, half-yearly or yearly interest bearing FDs.
Different Bank Investing: Try investing in different banks to take advantage of fluctuating interest rates on FDs. These investments are low on risk and the returns are low and fixed.
Low Risk Investments
Government Bonds: Government bonds are one of the most secure investments because it is issued by the government and thus the returns are guaranteed by the government itself. These bonds give good yield if you keep it till maturity. Otherwise you can trade it in the secondary bond market. However if you opt to trade in bonds then you lose the low risk feature of the instrument. If you wish to trade in bonds then it is better you invest in a Gilt funds that have a good track record. Gilt funds only invest in government securities or bonds so these aren’t as risky as mutual funds.
How Have You Created Multiple Stream of Income?
Well there you have it, “The four ways to increase your income”. It’s true the money made here will be pennies and dimes, but it’s this entrepreneurial thinking that will lead you to the next level of income.
You don’t have to depend solely on your single income to make ends meet. There is a multitude of ways you can bring in more money – you just have to put in the effort and creativity to see significant results.
What if you were successful in just a couple of these? You would certainly increase your income, and better yet, you’d gain the knowledge of how to increase your income in the future as well. Best of luck to you!
We know there are many ways to increase your income, we’ll leave them up to you, let us know which ways you have used to increase your income, and help other readers learn about how you were able stretch your bottom line.
Are you currently making an effort to increase your income? How do you think you’ll do it?
Start enjoying multiple streams of effortless income in as little as 90 days from now! Call 415-678-9965 for a Free coaching Session that will help you create Multiple Streams of Income for a New Millennium. We’ll reveal the ultimate wealth secret: how to quickly and easily create “automatic” streams of effortless income that will support you for the rest of your life.
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