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7 Income Streams That Anyone Can Create Easily

7 Income Streams That Anyone Can Create Easily

The days of having one job for 20 or 30 years, retiring and then receiving a pension are long gone. For many years, our parents or grandparents, devoted their lives to one company and were rewarded for their work at a regular retirement age. Unfortunately, that type of devotion no longer pays off. Instead, it’s important to consider you and your family your own personal “company” and to make sure you are being compensated adequately. This might mean taking on extra work, moonlighting or finding other ways to add to your income.

Creating multiple income streams is essential and can be a real boon during a hard time, particularly if you lose your job or have an unexpected expense.

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1. Bank your raise

Do you get a raise each year? If you do, and you are currently able to meet your expenses on what you earn, put the extra away in an emergency fund or savings plan. You’ll be amazed at how much you can save by ignoring the extra.

2. Match your 401k

Most employers offer some sort of match for your 401k plan. If you are not fully vested in your company’s 401k, you should be. Most companies will match your contribution up to a certain percentage or amount. Find out just how much your company is willing to contribute. This is about as close to “free” money as you are ever likely to get and even though it can be difficult, if you need to access that money or borrow from it at some point, you usually can without suffering too much of a penalty.

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3. Credit card points

A lot of credit cards will give you cash back for purchases or points for purchases in various departments — like gas or travel. Find out what your credit card offers. If you have a credit card that offers a good percentage, points or other bonuses, then use your card to pay for all of your purchases in a month and then pay off the balance at the end of the month with your paycheck. This will keep you from incurring interest and still get the benefits of the card.

4. Consulting

Are you an expert in a certain field? No matter what it is from writing to social media to restaurant management, you might be surprised at how much extra money you can make by offering your expertise. Make a list of your skills — things that you do on a regular basis either on your own or in your job. Are you the queen of organization? Do you create social media campaigns that get a lot of followers? Promote those skills and offer them to small businesses, large businesses and individuals. If you’re really good at what you do, start a blog, write a book and create even more income streams from this one area of your life.

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5. Sell it

Whether you have a garage filled with antiques or have a flair for turning someone else’s trash into a treasure, you can make a lot of money by selling things and it doesn’t take a lot of extra time or money to do so. Go through your household items and the stuff in your garage. You might be surprised by how many old toys, small appliances, tools and other items you have and don’t use anymore. Take a little time to take some pics of the stuff and place it for sale. Make sure you post good pictures and are accurate in your description. People are usually fine with something being used, dented or whatever as long as you’re honest about it and you give them a good deal.

6. Fitness benefit reimbursement

Have you recently lost weight or started a fitness program? Your health insurance company might give you some money back for taking care of yourself. Harvard Pilgrim Health, for example, gives up to $150 per family member for belonging to a qualified health and fitness club.

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7. Explore a hobby

Do you love dogs? Do you like to knit? Are you a great baker? Explore these hobbies and see if there are ways you can generate income from them. Even a few hundred dollars a month can contribute a lot to the household. Maybe you could teach knitting at the local fabric store and sell some of your creations at the local farmers market. Or maybe a roadside stand with your vegetables and baked goods could generate some extra income. Whatever your hobby, there is a likely a way to bring home at least enough extra cash to support the habit!

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Michelle Kennedy Hogan

Michelle is an explorer, editor, author of 15 books, and mom of eight.

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Last Updated on January 21, 2020

How to Develop a Millionaire Mindset in 6 Simple Steps

How to Develop a Millionaire Mindset in 6 Simple Steps

We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

How do you go about developing that millionaire mindset? By following these simple steps:

1. Focus On What You Want – And Take It!

So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

Millionaires play to win, not to avoid defeat.

This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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2. Become Goal-Orientated

It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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If you are to become a millionaire, you need to start accumulating money.

Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

3. Don’t Spend Your Money – Invest It

The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

Stop working for your money and make your money work for you.

Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

There’s not just the stock market — there’s also property, and your own education.

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4. Never Stop Learning

The best thing you can invest in is yourself.

Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

Learn everything you can about how economics works, how the stocks markets work, how they trend.

Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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5. Think Big

While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

Aim for the stars, if you fail you’ll still be over the moon.

6. Enjoy the Attention

To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

More About Thinking Smart

Featured photo credit: Austin Distel via unsplash.com

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