Streams

05/13/2014

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Have you experienced stress over the possibility of losing your job; having sufficient income to meet your financial obligations; establishing an emergency fund, etc.? If so, you're in good company. This is why I think it's important to have what I've heard referred to as "streams of income." Streams of income are simply multiple sources of income that may, for example, help ensure that the loss of one source of income doesn't cause significant financial upheaval. The additional income may also assist in meeting financial goals, etc.

I believe we all have gifts, skills, and/or talents we can utilize to generate streams of income. It's also possible to generate streams from our hobbies. Some may turn their professional expertise into streams. For example, some might provide consulting services to small start-up businesses. Some might consider creating an e-book on a subject within their expertise. Others might generate streams by cleaning their closets and/or basement and selling unneeded/unwanted clothing, household items, etc., on eBay or similar e-commerce websites, for example. Some may rent an extra room in their home; give private or group lessons on something about which they're passionate, such as a foreign language or music. Others might sell photos on a site such as Foap; create a side business on YouTube. Some may sell the crafts/products they make as a hobby on sites like Etsy or Scoutmob. The possibilities are endless.

Whatever your chosen activity, it may not be something you want to/can do on a daily or weekly basis. Moreover, not all streams will
provide a steady flow; some may trickle. Either way, it's another opportunity to invest in yourself and, hopefully, provide some financial breathing room.
 


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