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Dear Friends
Let me ask you this…. do you think we should we have more than one source of income?
Well, if your day job is lost either through retrenchment or company bankruptcy (especially due to the current global credit crunch), your sole source of income is totally gone. If you have other additional income streams, they will help tide you over the period while you look for another day job.
Creating multiple streams of income is not difficult and very achievable if you just make an effort to start. When you create multiple streams of income, you are forming a powerful tide of prosperity that can carry you along for a lifetime of financial freedom and happiness.
So here are some examples of additional income streams.
1. Have a part-time job
If you have other skills besides your day job, consider taking up a part time job. It can be good money and enhance your skillsets. Web design, cooking, massage therapy skills are but just a few examples. You can also be a part time property agent or realtor, or insurance agent too. Just remember to get suitably qualified for your work.
2. Rent out your property
If you have a spare room which you do not need, or even an apartment to spare, get passive income immediately by renting out the room or unit. Of course you need to consider convenience and flexibility in your arrangements. If you decide to rent out your entire apartment, you can always consider bunking in at your girlfriend’s place or moving back to your parents’ or in-laws’ place and use the income generated to further your investments to make even more money!
3. Get PAID Just to read Emails
If you have valuable knowledge or skills, teaching that to others can pay well. Go teach a second language, a sports skill, cooking, dancing or even “how to flirt” courses. Hahaha. Or instead of teaching an entire class, you can coach people one-to-one (or in small groups) or teach them how to set something e.g. options trading, technical charting, web design consulting etc. Of course your fees charged will be higher to make up for specialize courses and a smaller group of participants.
8. Start a small business
This time this small business is not on the internet, but more of a traditional type of business. I read of someone who set up a vending machine business, for example, where he made the initial outlay of cash, and then hired employees to restock the vending machines and collect his coins. He makes a good side income from it, and his small business loan for the initial outlay is paid off. There are many opportunities like this to create a passive stream of income.
9. Job Openings
And if all else fails for the moment, try your best to stay employed in the looming global recession. The doom and gloom may persist for a few years, not unlike the Great Depression in the 1920s. So there is no guarantee that everything will be sunny any time soon. The good news is that Marina Bay Sands Singapore is hiring now.
The bad news is that on 6 Nov the auditors have expressed doubt on Las Vegas Sands’ ability to continue as a going concern.
