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11 Steps To Create More Income Sources

11 Steps To Create More Income Sources

My grandfather once said that people had three chances in their lifetimes to strike out on their own and “make it” – the first time, they were too young to realize it; the second time, they were burdened with family responsibilities and were afraid; and the third time, they were too old. He was a smart man and made a million dollars as an entrepreneur. If he were alive today in the current economic landscape, I can imagine him telling me to generate multiple income streams, in order to prepare for the eventuality of job loss and outdated career skills.

The individual who has planned ahead for job loss and has developed other income sources, may take loss of a job as an opportunity to focus on other streams and develop new ones. Here are 11 clever tips that will help you be that person.

1. Don’t quit your day job (yet)

You may dream of striking out on your own, but you do have to eat and keep a roof over your head. Begin your other income streams gradually, one at a time, until you have enough income to at least replace what you are earning now.

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2. Identify what you have passions for

Find out what specific skills and talents you have and then do some research about what income streams are available for you. Here’s a case in point: A friend of mine was quite a successful mortgage underwriter, but began to have concerns about the industry quite a while before it collapsed in 2008. She was also a skilled pianist, and decided to use that skill to generate another income source. She began to work for a music school evenings and weekends – teaching keyboard classes to young children and taking on private students as well. She saved all of her second income and, over time, was able to rent a small space for her own studio. Ultimately, she lost her underwriting position, and took her show “on the road,” marketing her teaching skills to day care centers who were thrilled to have someone come in during the day and teach music classes. Today, she has a huge day care business, with two other teachers working for her, and maintains her studio as well, not to mention that she has also taken a position as a church music director. One talent – 3 income streams! Now that the housing market has begun to pick up, she also freelances as an underwriter for two small mortgage companies. A busy lady, but one who loves the variety.

3. Acquire new skills

E-business is a wonderful thing, and there are so many ways to make money online. Take some online or evening courses in web and graphic design, or read some SEO tips to get started with your own online business and website. World Web is opened for you – find some peculiar skills you would like to develop. Check online for matches between your skills and talents and income opportunities, to determine viability and demand for your current skills or those you intend to acquire.

4. Determine your market

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    Who wants or needs what you have to sell? This may take a bit of research, but you can visit freelance sites and quickly discover what services are in demand for freelancers. If you have product(s), who will want to buy them? Part of making money quickly is to locate potential customers as quickly and cheaply as possible, insert yourself (and your product) into that market.

    5. Start marketing your service or product

    This may be the most difficult endeavor. If your skill or product will be sold locally, you go to potential consumers and sell yourself or that product. If, however, you are looking for consumers online, your activities will be very different. If you are not an online marketing specialist/expert, getting help from a professional will be money well invested. If you have some expertise and the time, look at the marketing strategies that successful online businesses use and emulate them.

    6. Set up a blog, a website, and social media accounts

    Whether your business is local or more widespread, you need these things. At a local level, you can spend lots of money placing ads in mailers or getting a few radio slots; you can distribute flyers and place an ad on Craigslist. But people are tech savvy and mobile – they tend to throw mailings and flyers away. You have to “meet” them where they are, and that is online. If you are uncertain about how to start a blog, check out the numerous free help guides on the web. You can do so many things with a blog. Of course, you will provide great information and education about services and products related to your business. You can link your blog to all of your social media accounts (you must have these) and to your website (you must have one).

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    Once you have your blog, website, and social media accounts, drive people to your website by offering freebies – a sample, an e-book, etc. You will get their email addresses and this grows your email list, steadily and efficiently. Offer to give webinars or face-to-face seminars related to your services. This may serve two purposes – either obtaining new clients or, as your business grows, bringing in others to work for and with you. On your website or on your blog, run a survey, and find out what your potential/actual customers still want or need. Use the results to expand what you offer.

    7. Embrace the power of networking

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      Join a local business networking organization of your Chamber of Commerce. You can develop contacts with other business owners and set up mutual referral activities. Members in these groups come from all types of businesses, organizations, and enterprises, and when their customers are looking for what you offer, they will refer you. Of course, you will do the same thing for them.

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      8. Set up both active and passive income streams.

      There are only so many hours in a day. If you are still working a “day job,” you may only be able to develop one or two other streams in which you must play an active role. But part of security in income is developing passive income sources as well. If you have some additional cash to invest, look for safe and reliable places to invest for a return. Several years ago, I placed money with a real estate investor who purchased foreclosures for rental property. I do nothing but receive a monthly check based upon rental incomes from the properties he and I partner on. He takes care of leasing, maintenance and repair, takes a percentage of the income for that, and I get the rest.

      9. Get help from others

      Use the experience of those who have successful streams of income. Learn how they began and how they grew their streams over time. To get started I would advise browsing Pat Flying’s Smart Passive Income blog and podcasts and Tim Ferris’ iconic book and blog – the Four Hour Workweek. Need more guidance? There are plenty of mentors and business coaches available online these days. Just make sure you have read reviews about them or talked to someone using their services.

      10. Do not be afraid to ask

      Ask current customers for referrals, testimonials, and to act as references to potential customers/clients. Satisfied customers with whom you have developed a good relationship will usually be happy to do these things. Pay for them to join Angie’s list and write good reviews about your services/products.

      11. Sell Ads

      As you gain popularity on social media and through your blog and website, sell advertising on your blog and/or site for related businesses. There are some hugely popular bloggers who have a lucrative income from their advertising. Contact related businesses and enterprises and offer paid ads on your website, blog and social media accounts. The more popular your online presences become, the more people will want to advertise with you and establish long-term partnership.

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      Elena Prokopets

      Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

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      Published on November 11, 2020

      10 Best Ways to Save Money Faster and Smarter

      10 Best Ways to Save Money Faster and Smarter

      People love to talk about budgeting, reducing spending. and investing. But unfortunately, talk is cheap, and poor money management is expensive. It’s easy to talk about the best way to save money, but putting it into practice is a different thing.

      What people need to talk about is the practical and efficient ways you can quickly save money to accomplish your goals. After all, they don’t teach this stuff in school.

      Here are the 10 best ways to save money faster and smarter.

      1. Cancel All Your Subscriptions

      Yes, all of them.

      Okay, you can keep your wifi and trash. But other than that, cancel all your monthly subscriptions for one month. You will survive, I promise. Better yet, you will realize you won’t miss all of them.

      Now that you have had 30 days to examine what you really missed and what you never thought twice about, you can add some of them back in. The others? you never have to think about them again.

      This is something you can and should do with every part of your life. If it’s clutter, cancel it. Being able to step back and see what is cluttering your life and what is excelling your forward helps improve your quality of life and financial standing.

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      2. Automate Savings From Your Paycheck

      Many of us are so excited about getting a new job that we rush through the paperwork during the hiring process. Good news for you, I have had lots of jobs so I have seen it a million times.

      There is an option for a portion of your paycheck to go directly into a secondary savings account. This is by far the most effective way to save money every month. We tend to spend most of what we have. So, if we take it off the top first, then it’s less likely to be spent. Just head over to HR and ask. It will only take two minutes.

      3. Cancel the Happy Hours for the Rest of the Pandemic

      We are in the middle of a global pandemic, which means that there is no better time to buy some drinks from the local store and stop shelling out $5 a drink at the local cocktail bar. When we look back at our bank statements, we are always shocked that fast food and alcohol can add up so quickly. You can easily save a couple of hundred dollars just by taking this step.

      A great exercise is to print out your last bank statement and highlight all the areas of alcohol and fast food. The amount may surprise you and make you think twice about that old fashion.

      4. Online Grocery Shopping

      Some people think online shopping increases the amount they spend. For the most part, I would agree—except for this category.

      Online grocery shopping is now a no-brainer, though. Whenever you walk through a grocery store, two things always happen: you always grab impulse items, and you never know the total of your cart until you checkout. This means that we always spend more than we originally planned.

      With online shopping, you can see your total as you add items to your cart. You are way less inclined to make those impulse purchases and because of that, I would venture to say that you could even pay to have them delivered to your door and still save money each month by choosing online grocery shopping.

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      5. Get a Famzoo Debit Card

      This is something my wife and I swear by, and it’s great for the entire family! Famzoo strictly exists to help families and kids budget their money better. Each month, my wife and I have an allotted amount loaded onto our pre-paid Famzoo debit card. This amount has changed every year depending on promotions, kids, stage of life, etc.

      The important part is that when you give yourself the freedom to spend a certain amount, you are more likely to only spend the allotted amount. Think of it as a diet. If you are counting calories, you are more likely to stick close to the amount you set. You can also look for some tips online to better stick to your family budget.

      6. Purge

      This is actually my favorite to do, and it is actually one of the best ways to save money. Raise your hand if you have ever moved. Okay, so everyone.

      When we move, we are always amazed at how much junk we have acquired. I have found that about every 6 months, I can find a couple of boxes to sell online of things that we never use. This not only gives you so extra quick cash, but it also keeps your house more tidy and organized.

      Now, go clean out that garage!

      7. Amazon Subscribe and Save

      32! That is how many items I have setup on amazon subscribe and save. Let me explain.

      This sounds expensive, I know. But it actually saves us hundreds of dollars per year! We all need toothpaste, shampoo, razors, laundry detergent, toilet paper right? This feature is truly a triple threat. When you have more than 5 items on subscribe and save, you automatically unlock the max savings for every product on your list. This can be up to 20% per item!

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      Now, even better is that it ships straight to your door on the exact day you want the item, maybe monthly or maybe you only need it every 4 months. This way, you never have too much or never run out. Either way, it’s totally customizable.

      Lastly, there is no contract for any items, which means you can switch brands or items at any given time at no cost. My advice: every single staple item should be on your subscribe and save.

      8. Rewards

      This may ruffle some feathers, but if you are using your debit card for purchases, you are missing out on free money! We have this notion that credit cards are evil but in reality, they are the same piece of plastic as your debit card.

      How you use it can be bad, don’t get me wrong. But if you want my opinion though, ditch the debit card and get a rewards credit card. Use it just like you would your debit card and make sure to pay it off as soon as the statement comes in!

      Just to give you an idea of how powerful this can be in terms of money, here are some things that our miles have paid for:

      • 4 nights in Vail with Flight
      • Rental car in Vail (convertible might I add)
      • Flight to Ireland
      • Flight to Hawaii
      • Multiple staycations at very nice Hotels

      That’s roughly about 7 thousand dollars in travel expenses so far! Remember that the credit card is just a tool and can be one that benefits you if you use it wisely. Ironically, this can be an effective way to save money.

      Pro tip: If you don’t trust yourself carrying around a credit card, then set up all your monthly bills with your credit and leave it in a drawer at home. This way, you rack up miles but don’t get tempted to overspend.

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      9. Vacation With Friends

      Now, I know travel is hard right now but what a perfect time to go grab an Airbnb in the woods with a couple of friends and detox from the world right now!

      Vacationing alone can be pricey and get rather boring quickly, but if you split lodging and set out for a road trip, it can become affordable quickly! For a couple of hundred bucks apiece, you can have one of the most relaxing vacations ever. Don’t forget to pick up your food at the local grocery store to avoid eating out every meal!

      10. Make a Budget

      When is the last time you updated your budget or made one for that matter? Making a budget is like writing down your goals. If you don’t make a budget, then you will struggle to save.

      How can you know if you are spending wisely if you are not tracking everything?

      Our advice would be to get a finance app like Mint, Every dollar, or personal capital. All these apps are free and do a tremendous job of tracking spending and budgeting. I still am old-school and have an excel spreadsheet which I do highly recommend.

      Work Smarter, Not Harder

      The entire goal is to boost your bank account while reducing the effort required. Efficiency is the name of the game, and automation is the key player. Luckily, we live in a world that has more perks than we can ever take advantage of. But if I were to choose a few, it would be the ones above.

      Taking on all 10 of these steps may seem a little daunting. You can first try to pick three of your favorite and start there. Saving money doesn’t have to be a chore as long. As we use the tools correctly, it can be quite effortless. And now, you have a great blueprint to get started!

      More Tips on Saving Money

      Featured photo credit: Sharon McCutcheon via unsplash.com

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