Tight Cash Flow Part 2
In part one of this topic; we identified 6 potential ways of adding additional sources of income. We expanded the first three options and now we will look deeper into the last 3 options we have identified.
- Invest in Real Estate
- This has been the source of wealth for countless millions of people
- Simply put you take some of the equity in your current home and invest in a rental property. You structure this so that all the expenses, mortgage, maintenance, taxes are fully covered. The trick is to grow the equity in this home and use it to purchase another and so on and so forth.
- A long term plan to generate personal wealth.
- A Home Based Business
- This is the fastest and most immediate way to add additional long term streams of income and can be done in several ways.
- Turn your hobbies into a business, i.e. sell what your hobby can produce. You have the fun and enjoyment of your hobbies and make money at the same time.
- Multi Level Marketing / Direct Marketing
- This is the fastest growing and least understood industry in the world.
- Many direct marketing companies that have been around forever.
- New ones start every day, most of which do not last past the first year.
- Some research is required but these can be the source of significant immediate part time or full time income.
- This is the fastest and most immediate way to add additional long term streams of income and can be done in several ways.
- Ride it out and hope for the best
- This is simply not the answer.
The economy has changed and will continue to change at an ever increasing rate. We need to establish the multiple lines of income that will allow us to handle these changes and insure the retirement we all want. The best part: You’re never too old to establish this long term security.
In coming posts we will look more closely at the Real Estate option and the Multi level / Direct Marketing opportunity.
0 Responses
Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.