The Importance of Multiple Source of Income (MSI) – Blueprint to Escape from the Rat Race

The Peril of Only One Stream of Income

There are many people out there who are relying on only one source of income. That is a pretty risky proposition. In this time of economic difficulties, companies are looking to cut costs and hire on a contractual or semi-permanent basis. What does this mean?

This means your job in which you depend so much as a lone income source, may no longer be safe like it used to be. It is never good to be too confident to assume that you are safe in your job as you never know what is your future will be. What if you have a big disagreement with your employers? What if there is a big conflict in the office that you may have to step down? Worst still, what if your company suddenly ran into a serious problem and has to be closed down? Are you ready if these kinds of situations happen and do you have any backup plan?

Multiple Source of Income (MSI)

As you can see, it is very important that you make a plan to get yourself more than one source of income. You should have multiple sources of income so that you do not have to depend too much on only one source of income. Even a modest extra income earned could go a long way to paying out your debt or increase your investment.

The Value of a Second Income Stream

So let say that you have a second stream of income you earned modestly at $500 from an online site that you built. What can you do with your extra $500?

• Pay your credit card debt
• Cover your car payments
• Save & invest in a safe & proven fund
• Think of it as a pay raise of $500 from your current salary

Above are just some examples and the point is that even a relatively small or modest extra income can go a long way for you financially.

What Makes a Great Source of Extra Income for You

There are many ways to get yourself an extra income. You heard of people who get themselves a second job at Walmart or Starbucks to earn some extra income. However, that option is a bit of a stretch, especially when you have long-hour job in the office or family and children at home.

For a great source of income, consider these factors for generating multiple income streams:

Flexible – The most ideal source of extra income if you are able to set your own time. This especially true if you have a full-time job, and the last thing you need is to be tied down or committed to another second job that eats up your already limited hours in a week.

Scalable – You should look at income sources that have the opportunity to generate substantial amounts of income.

Sustainable – It would be ideal if your extra source of income still able to generate cash or make money for you even when you’re not working at it. It should be something that can eventually function even if you are not around.

Enjoyable – It is a lot of work to generate an additional source of income. Therefore, you might as well enjoy and have fun in what you are doing.

Inexpensive – It is not advisable to start income-generating ideas that require huge investment. You may risk falling further financially if it doesn’t work out. It is okay to start small.

Extra Income Ideas for You

Now is the time to get some ideas on generating extra income for yourself. You may want to choose something that can fit based on your interest and personality. If you have certain skills, training, or education, this can help to dictate what is the best option for you. Please see below some extra income ideas that you can consider:

1. Taking Paid Surveys from Home: Paid surveys can be a little ambiguous sometimes. However, there are a few websites out there that actually do pay for helping them to take surveys. The fact is that companies desperately want your opinion, and they are willing to pay it. The challenge is knowing which paid surveys to pay the best. One of the most popular and legitimate survey sites is CashCrate. You don’t only make money taking surveys, but you can also make money by referring friends and family to CashCrate.
2. eBay Store: It is easy to run an online eBay store now. You can either acquire products for reselling on eBay, or you can also create an online store to promote and sell products that others are selling on eBay. You get a share of the commissions from the sales generated.
3. Build Your Own Online Business: To make money online does not require much cash investment and you can do it from the comfort of your own home. To be able to make money from your own online business, having your own website or blog is very important for your online business success. I have a page dedicated to building a website for online business here. I have also made a review on a top-ranking, affiliate marketing site here called the Wealthy Affiliate. That is where I started and they teach step-by-step processes on how to make money online the right and proper way.
4. Real Estate: Selling real estate or becoming a real estate agent may seem a bit off right now, but usually in a slow market, many competitions fled off and you find yourself with a lot of opportunities. You will need an initial investment to obtain your real estate license, but in the long term, you have the potential to earn a nice income.
5. Website Design: Website design has continued to become a fast-growing industry with the rapid growth of the Internet. If you don’t have the required skills, you will need to spend some time learning the technology and process. Not to worry, available online resources are plentiful and the best in the business has the potential to earn a great income.
6. Graphic Designer/Artist: There are many ways to earn income through graphics. As simple as a logo design business could keep you busy and earn income if you have the skills for developing cool graphics.
7. Virtual Assistant: What does a virtual assistant do? Well, basically a virtual assistant today can do just about anything for you that does not require their physical presence. There are many virtual assistants from places like India who are working full time for people in the U.S. The best virtual assistant can earn up to $30 to $50 per hour. One of the best starting places is at Elance.
8. Freelance writer: Have the knack for writing? Freelancing is a great way to earn income by writing for others. As a start, you can contact bloggers who are always looking for great writing. You can also find writing gigs at Elance or Fiverr if you are just starting and looking for some extra cash.
9. Home business: There are limitless ideas and potential for home business. Some conventional businesses can be started from home and renting a shop is not necessary. Examples are the catering business, wedding decorations, cake baking, custom-made cupcakes, sound studios, and much more. Running a business from home, greatly reduced your initial investment. Promotions can be done cheaply or at no cost through word of mouth or common social media platforms.
10. Sell products: If you have your own product that you made or created, by all mean make an effort to promote them and earn income for you. It may be hard work, but it is more satisfying if you’re doing something that you are passionate about. While you are at it, why not learn to promote your product online here.

The above list is just 10 of the many ways to generate extra income or multiple sources of income. I hope you get something out of my article on some ways to get multiple sources of income (MSI). For me personally, other than my full-time job at a company, I am also working on multiple streams of income through online business.

I learned my trade through this great online course here, and I am so thankful for it. I am looking forward to the day when I can eventually leave and escape the rat race.

If you have any questions or comments, you can write to my Wealthy Affiliate profile here or just leave a comment below!

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