Could you use a little extra income?

The concept of having multiple income streams is not new. In fact, at one point or another most of us find ourselves searching for ‘extra cash’ to pay down debt or increase our investments. However, one mistake many people make is assuming that income streams only come in the form of J.O.B’s. Picking up extra hours at the Home Depot or at Duncan Donuts is something we could all do, but that’s not what I had in mind.

Much like cash flows from Multifamily Properties, income streams shouldn’t take up all of our time and make us crazy! When assessing multiple income streams, there are a few factors that should be considered.

Will you have fun? Generating additional sources of income can be a lot of work, so you might as well enjoy what you’re doing.

Keep it inexpensive! A lot of income generating opportunities requires massive investment both to get started and to maintain. Look for opportunities with a proven system in place. Implementation shouldn’t be rocket science and maintaining the business shouldn’t mean you constantly have to dip back into your pocket… That defeats the purpose of having an additional stream of income!

Don’t create another job, create another income! The ideal source of extra income will allow you to call the shots when it comes to your time. Particularly if you have a full time job, the last thing you want is being tied down to an additional set of commitments that make your life miserable.

Make sure it isn’t something that only works one time! The ideal extra income source will continue to generate cash even when you’re not working at it. The idea is to build something that can eventually function without you. (That’s one of the reasons I chose multi family investing!)

Will it get better? Look for income sources that have at least the possibility of generating substantial amounts of income. Finding something that is scalable online is a big plus as I outlined in my book The Six Figure Second Income.

Earning extra income can take work, but its payoff can be huge. Next week I’m having a webinar on creating a new income stream and getting your real estate business online to maximize your pay out. I’ll be e-mailing you soon.

To Your Success,

Dave

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