Are you struggling with debt or living paycheck to paycheck? What if you could change all that just by adding multiple streams of income to your life?
Earning extra income can change your life in a big way. It may seem overwhelming at first to think about making extra income but you can!
Learning how to make extra income is how I was able to travel the world and pay off my debt.
You may be skeptical about having a side job but it can change your life in a big way.
Think about all the ways that extra income can change your life:
- Pay off your debt. (this is a big one!)
- Take a vacation wherever you want.
- Stop worrying about money every week.
- Build up your savings account.
- And much more!
You may be on a strict budget and think that’s all you need to do to accomplish the above. But what happens when your budget just doesn’t stretch far enough to cover the basics?
That’s exactly the situation many people are in.
Multiple Streams of Income Gives You Options
Having more than one stream of income gives you options. When I decided to explore Costa Rica on an adventure tour, all I had to do was find the right tour.
The cost wasn’t a big concern because I had income coming in from multiple sources.
When I was laid off a job a few years ago, I didn’t panic.
I had a nice savings account from alternate income streams and my debt was also paid off.
Don’t get me wrong. I am a very frugal person and a minimalist. I don’t spend frivolously but when I go to the grocery store, I like to buy organic, healthy foods and not worry about the cost.
I like to have the option to visit my family who lives across the country.
If you are in a situation where you want one parent to stay home with the kids, that’s a great idea! Additional income streams can help you realize that option for your life.
One of the most important things about additional income streams is NOT to spend it all! Create a debt payoff plan, live on your budget and put as much income as possible in the bank. You will be surprised how much you have in a year.
Multiple Income Streams Help Pay Down Debt Faster
Most people have a significant amount of debt. The interest rates are astronomical and small payments will never pay it down. It can take forever.
If you already have a tight budget, it is tough to pay down that debt. When you have multiple streams of income, you can use the extra money to pay down your debt.
Additional Income Streams Help Long Term Wealth Creation
When I was a kid, employers gave pensions to their employees. Many of our older generation live on pensions. Today, if you work in a regular corporate job, a pension is a thing of the past.
You might get your company contribution to a 401K but that’s about it.
If you think social security will be the answer once you are of retirement age, don’t count on it. Most people can barely live on it.
So what’s the answer?
Using alternative income to create long term wealth. Saving for retirement is more important than ever and you can that with extra income to hit your long term financial goals.
How Do You Create Alternative Income Streams?
There are lots of ways to add more income to your life.
- Get a part-time job. Check with local retail stores for part-time work. You will get to meet lots of people and earn extra money!
- Start a blog to earn more income. Starting a blog is the best thing I ever did. I started my first blog a few years ago and still earn passive income. Learn more about starting a blog.
- Become a consultant. Do you have a special skill that can help others? It can be something as simple as being good at home organization. Many years ago I had a friend who was great at organizing. So, she started a business. You can make your own hours too!
- Be an Uber or Lyft driver. If the service exists in your area, you can pick up and drop off people and earn extra income. People are always looking for a ride!
For more ways to earn extra income online, read my article, 5 Online Jobs to Make Money from Home.
There are so many more ways to earn extra money so you can have options in your life.
Even if you had an extra $500 per month, that would be helpful, wouldn’t it? Think about all the ways that additional income streams would make a difference in your life.
My favorite way is blogging, which has earned me several hundreds of thousands of dollars. You can make it happen.