Friday 7 October 2011

Building Multiple Streams of Income

With acknowledgements to the "Saving Money Today" blog

Ever since my wife quit her job to stay home and raise our kids I’ve been on a quest to create as many streams of income as possible.  I currently have this blog and a small portfolio of web sites that earn me a nice little side income.

In addition to the obvious benefit of extra income, my online efforts offer us some protection by diversifying our income sources.  While my online income can’t replace the salary I receive at my full-time job (not yet anyway!) it would buy us some extra time and breathing room if I were to lose my job.
If you haven’t already started building multiple streams of income for yourself, perhaps it’s time you started.    Take baby steps and add one small income stream at a time.   And keep reminding yourself that as you build those income streams they will slowly join together to form a raging river!

Ideas For Building Multiple Streams of Income

Working part-time at a second job is probably the first idea people have when brainstorming ways to make extra money.   You can also earn extra money by pet sitting, mowing lawns, delivering newspapers, or doing odd jobs around the neighborhood.
The downside to these methods is that your earning potential is limited to the number of hours you can work.  If you’re too tired, sick, or just plain busy to deliver papers or mow lawns…you don’t get paid.
I prefer to search for more passive income ideas.  Enter the internet.
I launched my first web site back in 2004.  It was nothing fancy, just a small static site consisting of about a dozen pages about wine.  Right now that site is  averaging about $2 a day in Google AdSense revenue.  That may not sound like much, but that’s for a site that I have barely touched in years and do almost nothing to promote.
I have other sites too in addition to this blog and they are online 24 hours a day, 365 days a week.  Even if I’m sleeping or away on vacation, they are running and making me money.  That’s about as close to passive income as you can get.
Have you ever considered launching your own website to make extra money?  Why not?
You’d probably be surprised how easy it is to get started, and it requires almost no start up costs.  You can get your own domain and web hosting package for about $100 a year.
Now don’t get me wrong.  Making money online does take hard work and patience.  Anyone who says otherwise is trying to sell you something.
But, the beauty of the internet is that once you go through the initial effort of setting everything up, it can be relatively easy to maintain.

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