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Creating Incomes Streams to Make More Money

By Guest

This guest post comes from Kolton Green, CO-Founder of Financial Money Tips, a personal finance blog intended to help readers increase knowledge on financial assets and avenues. You can follow Financial Money Tips on Twitter @moneyperk.

Vending machines at Coca-Cola Bottling Company...

Image via Wikipedia

It just makes good financial sense to have money coming in from several different areas. If your only source of income is from just one job, what will you do if that job goes away? Hey, it’s happening to people every day. If you are able to have money flowing towards you from many different places you are creating a system of wealth and financial security that will help you no matter what happens.

Don’t think that you need to come up with one amazing money making idea. Just start small and pick out a few simple things that will allow for money to trickle in. It is going to start slowly, but overtime it will build up. Once you have a few trickles going pick out one of them and work on it more carefully. Invest some time and energy into that one side business and watch as that trickle turns into a stream.

[Kevin] I agree! We usually don’t invest entirely in one stock; why would we invest entirely in one job?

When your first stream is moving along and taking care of itself you can move on to the next one. Keep doing this and soon you’ll have up to a dozen different streams of money all flowing to you.

If you think that you can eventually have several streams of income so you don’t have to work your regular full time job anymore, be careful with that thinking. It is possible to get your income streams flowing so strongly that you don’t need to keep you ‘regular’ job, but don’t quit right off the bat. You need to get your income streams established before making any moves like that.

[Kevin] Or at least be in an industry with demand, have skills you can fall back on, and have a good stash of savings at your disposal.

So here are a few ideas to get you started thinking about alternative streams of income. Consider these a jumping off point; there are many more opportunities than just what you see here. The goal is to have them spread out into many different niches and markets to insure the money keeps flowing in.

  • Teach – Do you know a skill or have knowledge that others would be interested in learning? This doesn’t have to be related to the financial world, it could be anything. Could you teach fly fishing, investing, how to knit, skateboarding, guitar? There are an endless number of skills that people would be willing to pay you for.
  • Consulting – Maybe the idea of teaching for a large group of people makes you nervous. No problem, try coaching or consulting. As a consultant you can work with a small group of people or one on one, helping people to develop the skills that you have to offer.
  • Affiliate Marketing – There are several websites that will pay you pennies every time someone clicks to their website from a link on yours. People can literally make thousands of dollars a day without doing any work after the initial set up.
  • Residuals – There are hundreds of markets that offer residual income. Insurance sales, merchant services, and multi-level marketing are just a few examples of these. Of course, this means that you need to make some sales, but with little effort you could have a stream of continual money flowing to you from residuals.
  • Online Stores – There are many ways to sell things online. You could sell things that you have lying around the house on eBay or you could sell your old books through Amazon. There are also sites where you can create a store for your homemade items like etsy.com. Find a niche market and start selling!
  • Blogging – Is there a topic that you have a lot of information on? Are you a good writer with a lot of online contacts? You can easily start a blog for free and monetize it. All you have to do is keep writing and watch as the money comes rolling in. It is simple to create, easy to do, and take very little work and upkeep.
  • Freelance Work – There are dozens of websites where people post freelance job opportunities. These can range from writing to computer programming to virtual assisting. There are thousands of jobs out there and most often you can sign up for these websites for no cost. Start bidding on the jobs that sound fun, interesting, or easy and see how the extra income comes in.
  • Mystery Shopping – This might sound too good to be true, but it is a great way to pull in a little extra cash. Doing mystery shopping isn’t going to make you rich, but it can be an added income stream to help you make ends meet or at least pay for your groceries every month.
  • Vending Machines – Buying vending machines takes a small beginning investment, but quickly you will see how this simple investment can bring in a steady and impressive income stream. All of the vending machines in business complexes are actually owned by a third party and it’s easy to get involved.

As mentioned before, this is merely just the beginning of the opportunities around us all. After you have established multiple income streams it is smart to reinvest the profits into the stock market or a type of retirement account such as an IRA. This will allow for you to invest income you have created; not earned. Personally, it is much easier for me to invest extra income and treat myself with my earned income!

[Kevin] Dear reader, how have you been increasing your side income? What are your current strategies? I don’t believe these income streams are necessarily passive — blogging for one takes a lot of time :), but it definitely feels good to have something you can call your own. I would love to hear your stories.


This was a guest post by Kolton Green, CO-Founder of Financial Money Tips, a personal finance blog intended to help readers increase knowledge on financial assets and avenues. You can follow Financial Money Tips on Twitter @moneyperk.

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Filed Under: Growing Your Wealth, Miscellaneous, Opinion Tagged With: Affiliate marketing, business, EBay, investing, Investment, passive income, Twitter, Vending machine

About Guest

Comments

  1. moneyperk says

    February 10, 2012 at 12:20 pm

    That’s the thing about dividends. You might think it’s not that much of a return on investment, but it is much better than just a simple savings bond now days. I think you and I are very alike, we have big plans for our financial future!

  2. My Own Advisor says

    February 11, 2012 at 7:33 am

    Great ideas. Personally, I hope my blog grows more and over time, I’d like to get into some freelance work.

    Blogging can take some time Kevin, no doubt, especially when you put so much work into your craft like you do 🙂 Keep up the great work and great posts.

    • InvestItWisely says

      February 11, 2012 at 5:50 pm

      @My Own Advisor Your blog has been growing phenomenally ever since you got your own domain! I am happy to see your growth, and congrats on all of the mentions, too! When is the first book coming out? 😉

  3. SavvyScot says

    February 11, 2012 at 10:07 am

    Nice post – I am currently trying to get into the blogging side of things and agree that it takes a LOT of time. Do you know of any success stories through vending machines?

    • InvestItWisely says

      February 11, 2012 at 5:51 pm

      @SavvyScot I wonder if @moneyperk does? Blogging does take a lot of time, but it can be a very enjoyable hobby and side income.

      • moneyperk says

        February 11, 2012 at 9:53 pm

        @InvestItWisely @SavvyScot Blogging does take initial time to create content and personally interact with readers and fellow bloggers. But, it is easy to outsource most of the work hiring personal writers, guest posts, etc.

        Don’t know of someone with a successful vending service. Although, It’s just like any other franchise business, if you can find the right real estate it can make you money.

  4. Thad P says

    February 11, 2012 at 1:26 pm

    Great post on developing additional streams of income. One way of earning residual is through social buying sites…one I follow in particular is found here http://moola.la/Aojeq3 I also like Amazon Affiliates. They have so much to offer it is incredible.

    And I am trying to grow my own blog, so I’m on that part!

    • InvestItWisely says

      February 11, 2012 at 5:52 pm

      @Thad P I haven’t used moola before — interesting name! Looking forward to seeing the site grow. 🙂

  5. InvestItWisely says

    February 11, 2012 at 5:52 pm

    Haha, agreed — “passive” is a misnomer!

  6. Yakezie says

    February 11, 2012 at 6:57 pm

    If I ever go full time, I’m going to do consulting work in career, MBA, and online. Seems like a helpful way to increase income.

    • moneyperk says

      February 11, 2012 at 11:03 pm

      @Yakezie I’ve always wanted to start a batting lesson service in my basement or a barn in the back yard. Some day…some day…

      Passive income or not, its about helping others and creating multiple incomes.

  7. moneyperk says

    February 11, 2012 at 10:14 pm

    Blogging is a job if you make it out to be. However, it can be accomplished. It actually has been done before.

  8. Economically Humble says

    February 11, 2012 at 10:35 pm

    Consulting looks like a great way to go. I, for example, am a great researcher and am looking into ways to develop streams of income from training or conducting online research. I may also but a few online books together.

    • moneyperk says

      February 11, 2012 at 11:21 pm

      @Economically Humble You have some great ideas! I think if you can train others about your research expertise you could make more money that way. Conducting research for others would just be freelance work.

      • Economically Humble says

        February 11, 2012 at 11:23 pm

        @moneyperk Good point — and consulting is fun, too.

  9. Kanwal Sarai says

    February 12, 2012 at 12:59 pm

    Baby steps are key. Before you know it you’ll be earning 4 or 5-figure dividends each year. Most of my investing peers are making 4-5 figure dividends annually.

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