6 Ways to Create Multiple Streams of Income

income streams

 

To achieve financial freedom, one cannot only depend on the earned income from his/her day job. One needs to create multiple streams of income, by tapping into the different channels of opportunities.

Let me share with you 6 main types of income streams that you can do in your spare time and from home:

1. Write your own books; create your own audio cds, e-books, video etc. Then earn royalties and fees from licensing or selling your intellectual products. Or “partner up” with an author and record their book for them and get royalties from that.

2. Conduct seminars and workshops so as to magnify your value by reaching to more people at one time. In this way, the money that you will earn from each workshop or seminar will not be fixed; it will all depend on how many people you are willing to reach. This should grow over time. Be sure to get people’s contact information so you can invite them back.

3. Start your own business. Earn dividends as an investor or directors of a business, earn salary as a CEO, and earn through royalties from the brand of a business.

Yes, this is something that WILL take time, but it’s worth it. Especially if it’s something you love doing! You can fund your new start up with your own money, or even look to investors or try a Kick Starter campaign.

4. Earn commissions from sales, or referrals. For e.g. through online affiliate programs, through downlines, Google Adsense, etc.

5. Earn through investment in real estate by collecting passive income from rental fees

6. Earn through investment in paper assets such as stocks, mutual funds, bonds, etc.

Numbers 5 & 6 do take initial investment. And to be successful takes time and a knowledge of markets, so resort to these options ONLY if you have a large appetite for risk.

8 Strategies to Manage Your Personal Finance

personal finance
Managing personal finance is a very important skill that everyone must master. But sad to say, our schools do not teach this important skill.

Let me share with you my 2 cents worth of insights about managing your personal finance.

1. Always buy your stuffs at a discount. Some people think that buying at a discount is being cheap, but I think only fools will not take advantage of this chance to save some money.

2. Always ask for a receipt. Review all your receipts at the end of the day so that you can track your expenses of the day.

3. Record your daily or monthly expenses. Do some simple bookkeeping so that you can understand your spending habits.

4. Pay yourself first. EARN, then you SAVE, before you SPEND it. Usually people adopt this system of EARN – SPEND – SAVE, rather than EARN – SAVE – SPEND.

5. Cut off all credit cards but one. You do not need so many credit cards. Kill off the temptation.

6. Use a credit card whenever you can, but you MUST be able to PAY OFF the FULL BALANCE every month. Credit card company will send you your spending statement every month, which can serve as a reference for you.

7. Do your monthly income statements checking. It is essential to know every single detail of your income statements.

8. Before you decide to buy anything, stop and procrastinate. Usually if you tell yourself to buy the stuff later, you will not buy it.

Taking on the Challenges in Life

life challenges

 

Along one’s life journey, there will definitely be ups and downs. There will be storms and difficult times. Have you wondered why this is so?

Basically, there are 5 reasons, which are:

1. To develop your character. When you are facing the most challenging time in your life, it is usually the best time to see your character. Do you give up easily? Or do you continue to bite your teeth and fight on like a warrior?

2. To test your faith. Usually prior to your success, you will face a lot of setbacks, and will start to lose confidence and faith. During this difficult time, it is the best time to test your faith, whether you believe that your success will be a reality in the near future.

3. To learn new things. Every setback results from a cause, and this is the best time to learn from your mistakes, correct them, and not to make the same mistakes again in the future.

4. To strengthen yourself. There is a quote which says “Things that do not kill you will only make you stronger”. After every setback, bounce back and be stronger.

5. To get out of comfort zone. Sometimes, when you are too comfortable in your work or journey to success, you will not improve, and tend to become complacent. Setbacks will only wake you up, and urge you to become hungrier for success.

Just remember, success is usually 1 step away. Work hard towards your goal now.

Or regret not even trying for the rest of your life.