This article was published on Home Business Magazine and can be found here.
Your income is supposedly created from your job, however many of us will find that a single income is not enough to sustain the majority of desired living standards. What if your job wasn’t the sole source of your income? Many people have heard the adage “Don’t put all your eggs in one basket,” however, how many people actually put this practice to use? The tools you have are only useful if you use them.
Create a side business
It may sound counter-intuitive for the modern day busy person, however successful businesses all over the world have been created by people who had too much on their plate. Creating a part-time business can be done with a minimal amount of your time, proven you are committed to making it a reality. Ask yourself, “what other possibilities are available that I have not considered?” and as different ideas come up, keep asking the question. The more different possibilities you have to look at, the more you have to choose from rather than making a decision after only one answer.
Once you have come up with your business idea, start looking at what action is required of you each day. By being willing to take one simple action each day and follow the leads that come your way, you will find that your side business snowballs in an organic way that creates a far greater result than working yourself to the bone. Following what you intuitively know will not only create your business as a joy but also instill in yourself a deep trust that you are more capable than you previously thought.
Turn a hobby into an income stream
Money follows joy – joy does not follow money. Turning something you are good at (and love to do) into another source of income, is a sure-fire way to make more money. Start by writing out a list of everything that you love to do and are good at. Chances are that you can also monetize this in the age of outsourcing.
Once you have written your “love list” consider each item on the list and as a question like, “what revenue stream possibility could this [insert the item] create?” If you keep an open mind, more opportunities will come to you.
We all know investing your money is supposed to be a good idea, however too many horror stories of getting in over your head often keep us paralyzed from taking up this opportunity. Although it goes against most of our financial survival instincts, you must be willing to lose the money you invest in order to be successful in investing. If you are worried you will lose too much money, you are investing the wrong amount for you. There is no right or wrong amount to invest if you have the willingness to see what will occur with no expectation. This way you can invest freely, not from expectation of the outcome, but from being willing to explore a gainful possibility with no limitation.
Start small, you can even start by going to Garage Sales and picking up items you know you can re-sell for greater value. Investing is not just playing in a stock market or buying big amounts of property. Investment is simply the act of investing your money in something in order for it to grow greater. So what if you ask yourself, “What can I invest my money in that would allow it to grow?”
When looking to create extra income, one of the major pieces we forget is to put you first. When you don’t put yourself first on the list, you are sending a message that everything else comes before you and you are your last priority. Have you looked at where you are on your list of priorities?
One of the greatest ways to start prioritizing you is to put away 10% of everything you earn. You will find that once you have accumulated a certain amount in this ‘Honoring Account’ that you have a sense of ease around money. Another side effect if you put this amount away in a bank account is that financially, you will start to look very good on paper and have better offers for investment opportunities.
When you start to create a financial reality outside your current job, you will find that money is not created from your work output but from the creation you know is possible. Money is a continuous possibility available to you if you are willing to apply yourself to choosing it. There are multiple income streams waiting for you to choose. The important thing to remember is that it’s not about what you do; it’s about your point of view.