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6 POSSIBLE WAYS TO CREATE NEW INCOME STREAM

Updated on April 9, 2015

When it comes to wealth creation strategies, investing wisely and managing your money are actively important. Most people who are into circular jobs do not realize the idea that it is quite possible to find something else doing that can be another source of income. The rich usually have several money making schemes going on for them, as a result, they find it rare to be in need of money to solve one problem or the other. Money knows nobody, it doesn’t discriminate. Your perception and idea of money is the limit you set for yourself to have access to it. Anybody can make money, it isn’t selective or discriminatory. Most people think there is no way they can find the time or energy to engage in other things, but the idea is that personal plan and projects mustn’t begin all at once, it best to take them one after another.

It’s important to have more than one source of income in order to be able to stand when one source dries up. Life is filled with uncertainties; therefore one has to prepare for the rainy day. Imagine what’s going to happen if you loose your day job like thousands of employees did during the economic meltdown; some went borrowing money, while some sold what they had to survive. This is a result of lack of planning. If you fail to plan, then you are planning to fail. There are lots of certain benefits that are enjoyed when you have multiple streams of income. These are the least of benefits you will get from having a multiple stream of income. Now the question is how do you develop a multiple stream of income?

A. Selling information in book or magazine format: this is possible when you are always up to date with news and upcoming programs or events. When information is gathered from genuine sources, it should be analyzed and edited carefully, it can then be put in place with images of your own, neatly typed and packaged, with an attractive and catchy front cover. You can also open an information office with this procedure.

B. Create eBooks: ebooks are very fast and easiest way of making money online. The procedure of is adventurous but at the same time, you get to discover more of your writing skills. If you have written some articles with very interesting topics, its time you make it a book, an ebook precisely.

C. Freelance jobs: this is another way of making money with ease. It involves having an agreement with a company, firm, a business group, or a website owner. If for example you are a writer, you can get paid as a freelancer by writing and posting updates for websites and blogs.

D. Business Partnership: you can partner with a company, bank or a manufacturing industry by buying shares from them, whenever they make a profit from any transaction, you will get a part of it, consequentially, if they loose, you will also loose with them. My advice in this case is that you need to partner with companies or industries that produce products that are consumed daily, these kind of companies hardly suffer losses, so its advisable to partner with them full time.

E. Online Affiliate marketing: this is a great way to generate income without having your own product. Before you can engage in affiliate marketing, you first have a website or blog to post quality reviews about the product you are promoting and have your blog or website ranked high in Google search page.

F.Consulting opportunities: you can earn money from offering consulting services to companies or industries with your basic knowledge. Consultants earn huge sums of money in a days work, with little or no struggle. You can also get paid by private counseling and tutorials.

There are other ways of generating more streams of income, but the ones listed above are most of the basic and more reliable methods of generating income. If these methods are applied with adequate guidance, you will be amazed at the outcome.

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    • rapture15 profile image
      Author

      PRINCE DIKE 2 years ago from AFRICA

      Hello Dear Besarien, thanks for your comments and for stopping by to read my hub. I'm glad you voted up. Thanks a million times!

    • Besarien profile image

      Besarien 2 years ago

      Great topic for a hub. I like your ideas for creating new income streams! Voted up!

    • rapture15 profile image
      Author

      PRINCE DIKE 2 years ago from AFRICA

      Hi PurvisBobbi44, thanks a million for finding my hub informative and most importantly, thanks for stopping by to read. That's a great idea, please go on and share. Cheers!

    • PurvisBobbi44 profile image

      PurvisBobbi44 2 years ago from Florida

      Hi,

      This is a good informative hub that will help many people who are looking for a second income or just want to work from home.

      I will share this with Twitter, G+ and pin on my Re-Pin Board on Pinterest.

      Have fun enjoying writing here.

      Bobbi Purvis

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