The average American is about two paychecks away from financial disaster. During this recession, that number is closer to one paycheck for many, and some have already hit their personal bottom. The age-old idea of getting a job, working hard and everything will be okay needs a little help these days. With layoffs and corporate dissolutions being announced almost daily, we need to dust off that ol’ American ingenuity and see what we can do. That, or just copy the rich.
The secret to their success isn’t in what they do, it’s in how many different ways they do it. Setting up and pursuing multiple streams of income will not only provide you with a safety net, but done right (or done often) can advance you more than you ever dreamed.
If you already own your own business, then you are ahead of the game because you already have the skill set required to set up and manage these streams of income. If you don’t own your own business, don’t freak out—it’s not hard to get those skills. The first thing you need to do is sit down and look at what you know and what you have. Specifically, do you have any talents that might be marketable? Do you have any hobbies that produce something marketable? Artists, gardeners, amateur chefs, musicians and everyone else has a product, be it something tangible or specific knowledge that you possess. You can turn those years of on-the-job training or that specialized degree into seminars, how-to books/articles or consulting services—all for a modest fee. The point here is that you, all by yourself, are an untapped resource. Look inside and around you and see what you have that you could offer an honest consumer.
Another source of revenue that people often overlook is rental income from your own home. Do you have an extra room? Rent it out! You can be as picky as you want about the tenant. Screen them up and down and even set rules for them to follow if the idea makes you squirm. If it doesn’t bother you, then what are you waiting for? That’s another several hundred bucks a month coming in without a huge increase in utilities for one more body. Also, you can structure the lease so that it runs month to month so you can try them out. If you have a duplex, an apartment above the garage, or even a space you can turn into an apartment: just do it! Get your proper permits and make sure it’s to code. This might cost you a little more, but the additional revenue and the increased value of your home should go over well with you and the bank. People gotta live somewhere…why not let them pay your mortgage while they’re at it?
Another great source of income, that is also a pretty rewarding hobby, is Internet sales. Whether you choose eBay, Craigslist, Etsy or something else, this can generate a lot of cash. I did this for a while just after college. I worked at an art supply clearance store, and auctioned off stuff I found there on eBay. It was great! You could even ship the stuff straight from the store using their shipping methods for a really great price. Another way to do this is to fix-up and sell things you got for free. You’ll be amazed at what you can find on a free list on Craigslist or even outside with the word free written on it. So far I’ve got an entire patio set, and there’s always a Jacuzzi or two on there that looks pretty tempting. If you’ve got a way with tools or can repackage found items, you could end up with some pretty good rewards there.
The number of sources of income (in addition to your job) can be limitless if you look hard enough. Ultimately, the goal is to create something that is totally hands-off and independent of you doing something. Imagine money coming in whether you were working hard or working on your tan. If you have a rental property, hire a property management company to run it. If you plan on selling something on Etsy, pay the neighbor kid to run the business for you. Get these things up and running and you are the project manager instead of the hired help. You choose when to work on your business, rather than being told when to work on someone else’s. You can stumble across money everywhere you turn if you look for it, so why not make the most of it?
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