Ways to have multiple income streams

There's no security of businesses in today's time. They might be doing well now, but get shut down when the recession hits the market. You need to have multiple income streams to become financially abundant and live a stress-free life.

Nov 19, 2015 02:11 IST India Infoline News Service

You may be earning Rs.100 crores from your business, but if it's the only income source you have, the risk is huge. There's no security of businesses in today's time. They might be doing well now, but get shut down when the recession hits the market. You need to have multiple income streams to become financially abundant and live a stress-free life. Here's how you can do that.

Spouse Income
Gone are those days when you could get a job at the age of 25 and dream of retiring from the same at 60. Today, there's no security in government jobs, let alone the private sector. If you are the only earning member of the family, motivate your spouse to get a part time job as well. This income might not be more than 30%-40% of your salary, but something is always better than nothing.

Moreover, there are many jobs that one can do from home with the help of a computer and internet connection. Your spouse can opt for such jobs and start making additional income, which can be used either in household expenses or saved for future.

Find a hobby and turn it into a money making tool
It may not sound attractive, but you can use your hobbies to create extra income source. Everyone has a hobby; if you don't have one, first you need to find a hobby and then turn it into a secondary income source. It will not only keep you at peace and away from wasting time, but also help you fill pockets with some extra cash.

Passive Income
Successful businessmen/women enjoy financial freedom because their businesses make money for them even when they're sleeping. Thus, put your dreams to work for you. It can be any blog, news portal, e-commerce site, consultancy business or anything else.

These are some of the most preferred and sought after ways through which you can create multiple income streams and achieve financial freedom in the long-term.

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