It is easy to learn online, flex your income-earning muscles and cross-train your brain to create multiple income streams. If you learn this, you will supercharge your income and live a more lucrative day.
Additional income streams are not a new idea. Most people, with even a slightly entrepreneurial mindset, have dabbled in shares or property. Novices may even have a few hundred a month flowing into their investment portfolio. Whether your are adding to a wage through a second job, or buying an additional income stream via shares or real estate, supplementary income streams have many financial benefits.
Stretch your brain and your earning potential
If you work full time, you need to look for income-earning ideas that are not too time-consuming, especially if you have family commitments. Jump online and learn the new skills you need to benefit from a second or third income stream. For example, online courses can teach you the share market or foreign exchange trading or even real estate investing strategies. Some of these training organisations, such as Knowledge To Action, offer some of their information for free via websites or through their Facebook page.
Online learning is as flexible as a good dog pose
With a simple internet connection, you can access a wide range of online education resources. Among astute seekers of wealth there is high demand for information aimed at creating supplementary income paths. Online resources include classes, lessons, forums, workshops and more. The delivery of these courses is flexible for those employed full-time. You can learn new money-generating stuff around current commitments. You can study early in the morning, on weekends or in the evenings after the kids go to bed. Online education has made wealth creation opportunities more readily accessible and easier to pursue than ever before.
Muscle-in on a great group
You can also access online communities and network with others who are working towards a similar goal to you. Being plugged into a network of likeminded people can be a huge help in terms of staying motivated or continually challenged in your chosen field.
Cross-train your income-earning capability
Diversifying your income makes sense in this era where jobs are less secure. Feeding extra funds into a bank account can significantly reduce the impact of redundancy or business insolvency.
Get busy comparing possible new income streams as opposed to your current salary. Work out how much time and effort it currently takes you to manage a career including the cost of getting there (transportation), childcare and also small incidentals such as lunches and stress-related coffees or nights out after work. These costs all add up.
Compare these costs to the effort required to manage a rental property, for example. Generally, an agent will manage the property, and you’ll only need to meet with them twice a year for inspections.
Reap the benefits
After analysing the difference, you may well find that the secondary income streams you are considering are potentially more lucrative. The key is to make any money you bring in work for you, as opposed to you working harder for that dollar..
Of all the supplementary income streams available, which one most appeals to you and why? Start a conversation in the comments box below.