A Real Guide to Generating Multiple Streams of Income

How important is having multiple streams of Income? Multiple active income streams will help to ensure that your earnings are somewhat stable. They will help to close gaps between earnings and spending. However, minimizing spending is a better way in shrinking those gags. Make a serious commitment to spend less than you earn. Focus on paying down your debt with the difference in your earning and your spending once you have built a small emergency fund. Next figure out what you are good at doing. When you know that, figure out a way to make some additional cash from what you are good at doing. There is usually a market of some sort for most our traits and skills. Once you know what you are good at and know of a way to make some money, commit some time. Turn off the television for a couple of hours each day. Use that time to make some money with that new found time. Chances are good that you can make some cash, though maybe not much in the beginning, with your time. This time will become your first alternative income stream. Then use the cash from that first income stream to something financially positive. Do not spend the money right away. Instead pay down some more debt or invest it into another income stream. Our real goal should be financial independence. If we are not completely dependent upon one sole income stream - like a primary job - then we have some independence to have and to make more choices in our lives that will make our lives more enjoyable, rewarding, and meaningful.