Tuesday, October 11, 2016

Multiple Sources of Income



Desire more money?

I had once attended a workshop on ‘Prosperity’ by a trainer from Louise Hay teachings. I was struggling with finances back then, and the 25 others who attended, all seemed to have some sort of issue with money / earnings / savings etc.
Among others things, one topic which caught my attention was ‘How to have more money?’
For example: You have a job and earn a decent income, but somehow feel it is meeting your needs but there is not enough surplus. Or the job is unreliable and how to meet your needs in case there is a downturn. Or you have been wanting to buy / upgrade a vehicle/ electronic item etc. But don’t have the money, Or simply want to have more savings and investments. 

Back to the question, ‘How can one have more money?’   

The answer is to Have Multiple streams of income!!! And this has changed the way I looked at money since.

First let us look at why multiple streams. Some of you must already be struggling to manage one job or one source and two sources in some cases. You already tried working longer hours and it was eating into your other duties or not producing nearly enough income; or tried getting a better paying job, which may not have been so easy, so on so forth. So, you may want to ask that you are finding it difficult to increase one income leave alone several incomes?
It is not as difficult as it seems. First let us understand -
What do I mean by Multiple streams of income? It simply means income from several sources.
You may say that you spend all your week days at a job and get a salary, where are these other sources of income coming from. Valid question.
1.       You may already be receiving income from few other sources other your salary / wages / commissions (whichever is your main source of income), which you are not aware of.
Eg: Interest on savings bank account. It is too less to be counted? May be...
2.       Cash gifts that friends and family give
3.       House hold items you were planning to chuck, but some one pays for it and takes it off your hands etc.
From the above examples, you will notice that money is coming from other than your primary source. These are all incomes. They may not be much in terms of amount and may not be regular or consistent, BUT they still are INCOMES. Become aware of them! The point is not whether a source of income is big or small. Never look down on small amounts of money. Remember that money grows with time. A small amount over a longer period grows to big amounts. I look at it another way, small amount fulfill smaller goals, but goals nevertheless.
Maintain a record of your incomes with dates and sources. You will notice to your pleasant surprise, how much it all adds up to, by the end of the year; Rs.240 in quarterly bank interest goes unnoticed; Rs. 1800 at the end of the year is something! 

Possible multiple sources of income could be:


  1. Interest on savings bank deposits
  2. Interest from fixed deposits
  3. Cash back from insurance schemes
  4. Cash back from purchases
  5. Dividends from investments in stocks
  6. Dividends from investments in Mutual funds
  7. Interest from investments in government securities or Bonds or company CDs
  8. Rental income from real estate investments
  9. Rental income from any of your possessions
  10. Income from sale of securities / stocks (if you made a profit)
  11. Income from redemption of mutual fund schemes (if you made a profit)
  12. Cash Gifts from family and friends
  13. Income from 2nd job / weekend job / odd job
  14. Income from royalties (on books, music, content, art etc.)
  15. Income from internet or blogging
  16. Income from teaching classes (music/art/driving/cooking/sewing/computer skills or anything else)
  17. If you have skills and monetise them, you can build a study source of income over time
      These are some of the streams I am working on. Do you know of any more? I am very interested. Do drop a line.


Thanks for reading. Rest in the next capsule ....

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