Multiple sources of income

When working for yourself, especially in today’s tough economy, it is not wise to rely on just one source of income.  Although I am currently employed full time, my goal is to replace my current income completely with income from my own home-based business.  My plan for that business involves several different sources of income.  The origin of this blog came from my search for the best sources of revenue.

It’s easy and (relatively) secure to stay in your full-time job, but the last few years of a bad economy have proved that our jobs may not be all that secure after all.  So even if you have no plans to leave your full-time job, it is a good idea to supplement that income in other ways.  This doesn’t necessarily mean you need to do some sort of contract work for another business, instead you could make and sell a product of your own, invest in stocks or a business venture, start an online business, or find a way to make money from a hobby.

If you find several ways to supplement your income, and one or two of them falls through or isn’t paying as much as before, you won’t be hurt as much if there are other sources to cover the loss.  It’s probably a good idea to always be on the lookout for even more ways to make money.  The internet landscape changes all the time, ways to make money come and go, you have to stay alert for changes and be ready to take advantage of new opportunities.

How many sources of income is enough?  It depends on how much you need to earn, the state of the economy and the quality of your business ventures.  My philosophy is that more is always better.  I plan to have as many ventures going as I can manage, that way I will have the flexibility to handle changes in the economy and to increase my income if my circumstances change and I need more revenue.

The philosophy of this blog is to search for the best ways to make extra money.  I find the ideas, try them out and report on what I find.  What works great for me may not work for you.  Or something that didn’t work for me might be a fantastic opportunity for someone else.  Try everything and go with what works.

Next, I’m trying Mechanical Turk.