Money Girl discusses why you should create multiple sources of income, the best ways and places to get started, and important tax considerations - plus tools and tips to make sure you manage home business income the right way.
By
Laura Adams, MBA,
December 17, 2014
Episode #382
One of the most effective ways to turbo charge your financial success is to ramp up your household income. No matter your skills or interests, there are many legitimate - and even quick - ways to make money from home.
In this episode, I’ll discuss why you should create multiple sources of income, the best ways and places to get started, and important tax considerations, plus tools and tips to make sure you make money from home the right way..
Why You Should Make Money from Home
Many people have realized that working for the same employer for 30 or 40 years and then retiring on a fat pension is an outdated, unrealistic work model. Not only are pensions a rare benefit these days, most people want a diversified career that reaches far beyond a single organization.
Having one or more side businesses—even in addition to holding down a traditional W-2 job—is getting more and more common. One of my all-time favorite books, Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth, explains why you should have several income streams, and details the main types that are possible.
The benefit to having multiple sources of income is more financial security. If one income stream dries up because you lose your job or the market changes, you have one or more other streams that keep flowing into your bank account.
The book was a huge influence on my career because it got me to think big early on. All of a sudden, I realized that there are hundreds of creative and fun ways make money outside of, or in addition to, a 9 to 5 job, such as in real estate or intellectual property.
How many income streams you can manage will depend on the amount of time each one requires. I love passive income streams that pay you while you sleep, such as royalties and certain types of online business, because they allow you to really leverage your time.
The benefit to having multiple sources of income is more financial security. If one income stream dries up because you lose your job or the market changes, you have one or more other streams that keep flowing into your bank account.
There are many unexpected benefits that I’ve received from side hustles, besides extra money. They can help you develop new skills, meet new people, become more creative, and offer experiences that boost your happiness.
5 Tips to Make Money from Home
Here are 5 important tips and ideas for making more money working from home:
Tip #1: Leverage Skills You Already Have
To figure out what side-hustle(s) you should have, ask yourself these questions:
- When I have spare time, what do I enjoy doing?
- When people come to me for advice, what’s it typically about?
- What problem have I recently helped solve for someone that was easy for me?
Maybe you’re the go-to guy when a friend has a computer problem, a car problem, or needs advice about how to redecorate. Or maybe you love writing, cooking, doing graphic design, or taking pictures in your spare time. These are all great niches that you can monetize.
See also: Retire Rich Using These 5 Tips
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