3/27/2017

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Streams Of Income
by John M. Roberts

Multiple streams of income can have a big impact on your financial health.

As the economy continues to chug along at a very slow pace, people are looking for additional ways to make money. One of the best ways to increase your income is to put together a plan for developing and maintaining multiple streams of income.

What are multiple streams of income? Multiple streams of income is money that comes from two or more sources. It can be counted as additional income from your job, business, investments, retirement, social security, or other sources.

Extra income can go a long way in improving your financial stability and help you create a more comfortable and debt free lifestyle. Imagine having an additional $300, $400, $500, $1000 or more added to your regular monthly income. For most people, that would make a big impact on their lives and be a much needed boost in helping to pay down debt.

To achieve multiple streams of income, you may have to do things that you wouldn't normally do. If you work a full time job, you may have to take a second job or start a business on the side. If you already own a business, you may have to take on a part time job. You may have to work after hours and on your days off.

Whatever you decide to do to earn extra money, it can make a big difference in your ability to pay bills and keep your head above water.

When the economy is bad, many people go into sales which allows them to work from home. Some companies such as Amway, Princess House, Mary Kay, Tupperware, Home Interior, and PartyLite provide excellent opportunities to make extra money.

There are many other ways of generating streams of income that include selling insurance, real estate, home security systems, building web sites, writing articles for blogger's and internet sites, and recycling cans, bottles, newspapers, cardboard, and iron and other metals.

If you own a home, you can rent a room, baby sit, or start a home based business such as baking cakes and cookies, making jams and jellies, sewing clothes or knitting quilts and blankets.

Multiple streams of income are not just for short term gain. Wealthy people understand the need for diversity in their financial portfolios that produce and pay long term dividends. They have streams of income from investments that include residential and commercial real estate, stocks and bonds, 401k plans, annuities, and other vehicles that they have had for years.

Remember, the operation of certain businesses require that you get inspections and get an appropriate license. Others require that you purchase starter kits, buy materials, and/or invest in products that are needed to grow a business.

Before starting your quest for multiple streams of income, you should think clearly and gather all the necessary information and details before you take on extra work or start a home based business. There are some pitfalls, but if you plan ahead, things will happen in a positive way and you will reap the benefits.

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