As you contemplate your economic situation it is helpful to keep in mind the concept of multiple income streams.  The basic idea is to create a river of income by creating different streams of income for your household.  You may have one larger stream that is created through your dominant place of work.  However if you have any of the following on your financial horizons then you will want some other streams feeding the river: large financial goals, accelerating the payment of debt, a holiday, or savings.

There are many ways of creating multiple income streams.  You could get a second job.  Rent out a room or a garage, get a roommate, or take a homestay student.  You could put items on consignment, have a garage sale, turn a hobby into sales on eBay, or find a way to turn a skill utilized in your main job into a secondary part-time work for someone else.  Another way of looking at the streams is to consider what is required of you to generate the income on a passive to active continuum.  Healthy living and priorities such as the time you give to the top values in your life–relationships, family, serving others must not be neglected.  It may be possible to bear down for a time, but you need to make sure that a goal is announced and agreed upon with your significant others so that they know with you that there is light at the end of the tunnel.

Multiple income streams are most helpful if you determine to live within one income and use the second, third and forth for other goals or needs that fall outside your regular monthly expense.  What creative things have you done to create multiple income streams?

Advertisement