Are you overly reliant on the income you make from a job? What would happen if you were laid off? Would you continue to earn income? Or would your income suddenly come grinding to a halt?
If you’re like most people, you may not have a Plan B. You depend on the income you earn from your job to pay your living expenses.
There is another way. You can create multiple streams of income.
Think about a basket of eggs. What if you dropped the basket? All of the eggs would break. It doesn’t make sense to put all of your eggs in one basket. And it doesn’t make sense to depend solely on a job for income.
It makes a lot of sense to find other ways to earn income. That way, if you lose your job or your spouse loses a job, you can still earn money to pay bills.
So, what can you do to get started?
Here are a few ideas:
1) Invest in real estate
Many people make money by investing in real estate. In reality, there is a lot of risk in buying and flipping properties. And unless you want to become a full time property manager, it may be a hassle to have to deal with leaky faucets and broken toilets.
2) Purchase a franchise business
Some of the most successful businesses in the world use a franchise model. You can purchase a franchise. It can also be very costly and really doesn’t make sense unless you can run the business full time and you have a big savings account to help fund the business.
3) Start a part-time business
One of the easiest to create multiple streams of income is to start a part-time business.
It’s also very cost-effective. In some cases you can get started for only a few hundred dollars. Not only that, you can even get training and coaching to help start your business.
Would you like to create multiple streams of income?
Then, take the next step and start researching options to get started.
Thomas Holthus is a Business Mentor who teaches people on strategies to start and run a successful business. He has a background as a Senior Program/Project Manager and System Engineer with extensive experience proposing, winning and managing high technology programs. For a Free Video with tips on how to start your own business, visit http://yoursuccessandwealth.com/wealth/.
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