How to Manage Multiple Streams of Income

*This is a sponsored post. All opinions are my own.

Multiple streams of income is always a great idea. Whether you are starting out and trying to make ends meet or already established and desire additional income for an investment opportunity there are always benefits from multiple streams of income. Many people say you need at least three to seven streams of income at one time and I believe it. Here is why. One stream to pay your basic bills such as rent, utilities, groceries etc. Another stream for your living luxuries which may include a car note, dining out, entertainment funds, etc. Then another stream which may include emergencies, vacations and mad money. No matter how many streams you have, need, desire or want there are creative ways to earn them. Some require hard work while other do not.  Let’s explore options.

First decide how many streams of income you will be working toward. Set a budget and be honest with yourself regarding your needs, wants and desires. How do you define these?

Needs – These are expenses you know you need. Your basics that include housing, utilities, food, etc. Carefully price these needs.

Wants – Wants are things you would like to have but can function on a basic level without. Example: You need groceries however you do not need the name brand of everything. The store brand of most items are comparable and will do just fine.

Desires – Are things you want beyond your wants. They are items you are splurging on. An example of this is buying a new pair of shoes for $200 versus a basic new pair of shoes for $60.

Distinguish between the three. Reevaluate your budget versus your income and decide how many streams of income you will need to realistically create the life you want.

Poto Credit | Money Tree

Writing Your Own Check

Writing your own check is important.  To create these multiple streams of income you must explore your personal circumstances and schedule. Ask yourself these questions to determine what income streams opportunities to explore:

– How flexible is my schedule?
– What hours could I create additional income?
– Do I want to create additional income online, offline or both?
– What skillsets do I currently have that can earn me extra income?

Take your answers and use them to create the income streams you need.  Be mindful and flexible in the beginning. It is important to realize the time and energy you need may fluctuate however can be managed with proper planning.

Income Opportunities

Income opportunities can be endless depending on what you are looking for. There are traditional 9-5 jobs, jobs with eight hours to ten hours scheduled throughout a twenty-four-hour period, non-traditional jobs and the wonderful world of entrepreneurship. Again, the options are endless for additional streams of income and you must decide what is best for your lifestyle. There are websites to help you with this search. Consider CareerBuilder.com, Indeed.com, SnagAJob.com, Monster.com and others. If you need flexibility, you may want to consider part time sales or investing in a direct sales. There are a few direct sales guidance sites you can explore like The Best Direct Sales Company; Money Making Mom; The Work at Home Woman; and the Direct Sales Association to name a few. Each gives great insight on several direct sales opportunities and guide you through making the best decision for you.

Photo Credit | Careers.com

Entrepreneurship

Entrepreneurship is a different ball game and stream of income as well. Whether you are rehabbing houses, buying foreclosed storage units, running an online shop or selling junk cars –  there are plenty in these streams of income, as well. Rehabbing houses can bring you at least $10K per project. Buying foreclosed storage units can bring you at least $250 to $2K per storage unit monthly. Running an online shop can bring you $100 to $10K a month depending on the price points of the item(s) you are selling. Selling junk cars with Omar’s Extreme Cash for Junk Cars can bring you $300 to $1,100 per car. Your income streams are unlimited. You just need set a budget and an income goal. Multiple streams of income are easy to manage and very possible.

Photo Credit | Omar’s Extreme Cash for Cars

Omar’s Extreme Cash for Cars has been in business for over ten years now and they have their business down to a successful science. When you win, they win. Covering Metro Atlanta, they have established themselves as a dependable resource when wanting to recycle a vehicle. They say, “It takes only a minute and if you accept our offer then in most cases we can schedule an appointment within hours to tow away your automobile.”  They have a very knowledgeable team of buyers who can quickly accommodate you.

No matter what your choice for an added income level please know you can be successful and have multiple streams of income.

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