Person explaining of various sources of income

Various sources of income

How to make money varies greatly from person to person and one must have the following things clear that more sources of income require hard work, especially during the start-up period.

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If you also want to get your account to grow, but do not know exactly where to put your workforce, you need to read sharply. By implementing this information in your own life, you are a step towards creating a perfect economy that does not depend on income and is thus more robust and sustainable for you.

Many economists have studied the phenomenon of what separates rich and poor people. Of course, there are deviations, but with large amounts of data one can separate the trends one sees from those who have in abundance and those who do not. A tendency that separates the two is the more sources of income, the greater the account. 

There are plenty of options to choose from nowadays, but it can be really hard to make a right decision. Let’s say you want to start something of yours. You can either use a kick-starter as many people do, or you can ask for a loan which is much faster and less time consuming especially if you have a clear vision of your idea 

Advantages of multiple sources

It is easier to create three sources that pay out $5 000 instead of a source that pays $15 000.

  • You reduce the risk by standing without an income at all if eg. Your workplace goes bankrupt and you are free to take out a loan to make it up until you find a new job.
  • You are not getting bored with working the same day in and out.
  • You can make money from your hobbies, interests and passions.
Advantages of multiple sources

Disadvantages of multiple sources

Various sources of income can be very dangerous but also super beneficial

Managing multiple sources is challenging and knowing where to prioritize his/her time can become unmanageable.

The start-up time for each source is time and energy consuming.

Regardless of the disadvantages, they become small trifles in relation to the benefits. However, it is an advantage if you already have one of the following

  • Independent business
  • Hobby
  • A fortune in the bank ready to be invested

But by far, the majority do not have any of the above.

Each situation is unique. Some have strengths others do not, but the process of the various forces resembles each other. What I can do for you, is to help you on the road to identifying your strengths so you can understand how to leverage them for your benefit.

  • Mindmap. Take a blank sheet of paper and write down the possible products / services you can offer for customers iso you can always come back to it later. Write down passions, all your hobbies as well as possible future hobbies and then interests. You must categorize them afterwards.
  • Frame them into different categories, such as Services, Products and Miscellaneous. These categories must include options for generating revenue.
  • Now take the ideas you like and make suggestions on how to profit from it, whether it will be advertisement for a website, a robotic kitchen garden, or a freelancer.
  • First, focus on ideas that can give you passive earnings. For instance, sources you have started that are not commission-paid. Can you, for example, create a product that consumers need? Can you help other people in a way that they pay you a sum of money each month?
  • Think about how the remaining methods can lead to income, for example. public speaking, freelancing etc .. (commission-paid methods)
  • Choose one of the ideas and start implementing it …

I hope this article was helpful and you found a courage and motivation to start on your goal. It is very important to measure/keep track of your doings not just while doing business, but also in a personal life. Do not forget to do a research before going all in and be realistic.

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