Multiple Streams of Income - Part 1

One of the greatest trajedies that happens in any person's life is when they have to come home and report to their spouse that they lost their job. The feelings that goes through a person's brain during that time can be very extreme. You are hit with depression, not being good enough, a complete and utter failure... and much more. Being laid off from your job is not always your fault but it does become personal everytime. What if your could alieviate some of that pain when that moment comes? What if your livelihood didn't depend on one income?

Being laid off is one issue you overcome with multiple streams of income, the simplest one is simply making more money, so how do you do this. The question is what are you good at?

1. CREATIVES/PROFESSIONALS - Become a freelancer in your free time. There are always individuals and businesses that are looking for someone with talent. You can join websites such as Upwork.com or Fiverr.com to promote your abilities. Whether you are a master illustrator or a professional marketer, your skills can be used to bring in extra income.

2. WRITE A BOOK - Most people will laugh at some of these but if you can write well, write a book and publish it digitally. Use a freelancer to put it in a professional format and sell it online or try to sell it to a publisher. This is one stream that takes a good amount of time to set up but then will continue to pay you throughout the years without you needing much involvement.

3. WRITE A BLOG - One blog post a day and you will have a professional blog that is content rich. These days you won't even need to spend that much time on marketing because the words in the blogs get picked up by Google or other search engines. This will also give you more credibility in whatever industry you want to go into. To sound more professional, visit sites on the internet with similar topics as yours and learn from them, then add that information to your blog.

4. CREATE A YOUTUBE CHANNEL - These are the next best way of earning a little side money. Begin creating videos that people will visit to learn how to do something or simply watch for their entertainment value. If your subject and title are relevant, you will draw people to watch with very little effort. The search engine on YouTube will find your viewers for you. For example: when I started my App Review, I had a dozen people start watching my videos within the first week, when I only had 3 videos on my channel. Then when you have viewers and subscribers, then you can monitize them. People will pay you to advertise like-products or simply allow YouTube to sell ads before your video and you collect some of that money. Easy enough, it may just take time to start.

These are just a few simple ways to get a little extra money flowing into your home. The best source will always be the one you set up and not have to deal with, yet it continues to bring in money. I will hit on specific lines of income later on in the blog.

ACTION ITEMS:

1) Find one line of extra income that you can bring into your household, the second will be easier but getting started and having the confidence needed is always hard in getting started.

2) Later, find a line of income that can run residually, so you will continue to earn money after you stop doing work on that line.