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Why is it that nowadays we should have more than one source of income? The answer is simple. If your day job is lost either through retrenchment or if the company goes bust, your sole source of income is then gone. If you have other additional income streams, they will help tide you over the period while you look for another day job. Then again, if your multiple streams of income are huge and sustainable, you may no longer need a day job altogether.

Creating multiple streams of income isn’t rocket science and is very achievable. Broadly, you can consider multiple streams of income from the stock market, real estate and the Internet. When you create multiple streams of income, you are forming a powerful tide of prosperity that can carry you along for a lifetime of fortune and freedom.

So here are some examples of additional income streams.

1. Have multiple clients.

If you are in business, even though you have one major client, never neglect all your other clients. Each and everyone of them can be your next major client. It pays to treat all your clients well.

2. Have a part-time job.

If you have other skills besides your day job, consider taking up a part time job. It can be good money and enhance your skillsets. Web design, cooking, massage therapy skills are but just a few examples. You can also be a part time property agent or realtor, or insurance agent too. Just remember to get suitably qualified for your work.

3. Rent out your property.

If you have a spare room which you do not need, or even an apartment to spare, get passive income immediately by renting out the room or unit. Of course you need to consider convenience and flexibility in your arrangements. If you decide to rent out your entire apartment, you can always consider bunking in at your girlfriend’s place or moving back to your parents’ or in-laws’ place and use the income generated to further your investments to make even more money!

4. Go on the Internet.

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You can start a blog. You can blog using Blogger or WordPress to begin with. You can join affiliate programs promoting products or from advertisers like Google Adsense. Of course it can take sometime for a blog to make any money. But this is the same with any business, don’t you agree?
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5. Create an information product.
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If you currently provide a service as a freelancer, you provide the service once and get paid once. Then you have to provide the service again to get paid again. Ghost writers and web designers over the internet start out this way. Go check out www.elance.com for starters. An E-book is an information product. Network marketers also go up this revenue generating path. Once the information product is set up, you can collect an income stream thereafter.

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6. Teach a class.

If you have valuable knowledge or skills, teaching that to others can pay well. Go teach a second language, a sports skill, cooking, dancing or even “how to flirt” courses. Hahaha.

7. Offer personalized coaching.

Instead of teaching an entire class, you can coach people one-to-one (or in small groups) or teach them how to set something e.g. options trading, technical charting, web design consulting etc. Of course your fees charged will be higher to make up for specialize courses and a smaller group of participants.

8. Start a small business.

This time this small business is not on the internet, but more of a traditional type of business. I read of someone who set up a vending machine business, for example, where he made the initial outlay of cash, and then hired employees to restock the vending machines and collect his coins. He makes a good side income from it, and his small business loan for the initial outlay is paid off. There are many opportunities like this to create a passive stream of income.

So there you go. No matter what your day job is, you can generate multiple streams of income to enhance your financial resources. If you put your immense brain power to work, you will know that multiple streams of income is indeed very achievable to those who dare try. A proven example of a young Singaporean millionaire who made it big this way is Singapore’s homegrown entrepreneur Adam Khoo.

As we embark on our journey to financial freedom, it is wise to adopt a millionaire’s perspective. The type of mindset that we adopt will largely determine how we will fare financially in our life.

All the Best!