Having one stream of income is almost unheard of anymore in this day and age. People have to resort to second jobs and both spouses have to keep a full time job just to make ends meet. Inflation has gotten the best of a lot of people and one income just won’t foot the bills and allow for much savings. If you are struggling and are at your wits end, you might be looking into what else can be done. I was there at one point and I knew that something had to change in order for my family to prepare for the future in the proper way. The only logical explanation at the time was finding an additional steam of income, and that is what I did.
The benefits of my additional income were tremendous. I still worked my full-time job but on the side I did network marketing, which allowed me to build my income over time. Eventually I was able to quit my full-time job and focus solely on my network marketing business and it has created a wonderful extra income for my entire family.
If you are to the point where you are barely making ends meet, I want you to looks at the many reasons why having an additional stream of income can benefit you and your family.
Unemployment- How safe is your job? Let’s face it, no job is really ever safe, especially in a tough recession. Having other sources of income can help you deal with a job loss much easier than being caught off guard. Even if your other sources of cash can’t cover all of your monthly expenses, it can still give you time to figure things out.
Paying for College- How much are you saving for your kids college? Instead of putting your retirement at risk by saving up for your child’s secondary education, why not create an alternative income stream to help out. Having multiple streams of income bringing in cash every month can help ease the burden of paying for college.
Living Within Your Means- In order to build true wealth, you must be able to live within your means. If it is impossible to cut your spending any further, or you just don’t want to sacrifice anymore—create a new source of money. There are only two ways to live within your means — either spend less or make more money.
Pay Cash for Purchases How- many times have you been able to pay cash for a car or could pay for a large home improvement project without taking out a loan? A second or third income stream could be used to save for these types of purchases so you don’t have to take out a loan and pay any interest. What a concept—pay less interest and keep more of your money!
Build a New Income Stream- What better way to use your extra income then using it to grow another income stream? If you don’t need it to survive, then why not use your extra income to your advantage to increase your monthly cash flow and become financially independent?
Pay Down Debt -Paying off your mortgage, vehicle, or credit cards is a great use for an extra income stream. If you can avoid paying tons of interest on a loan by making extra payments on existing debt, then you could be on your way to financial freedom.
Build a Holiday Fund- Instead of stressing about how you will pay for all the extra holiday expenses this year, you can simply designated this alternative income stream to be used for the holidays.
Take Control of Income When was the last time you got a raise at work? Even if you have received one in the past year, there is no guarantee you will be getting one next year, especially the way the economy is behaving. Do yourself a favor and take control of your finances by creating multiple streams of income. That way you have the power to give yourself a raise anytime you like!