Money is one commodity that we never seem to have enough of. In essence money is merely used as a medium of exchange and a store of value. In more primitive times we would have had to spend all our time meeting our basic needs for survival. Nowadays we are working all day to pay off that new car, plasma TV, boat and of course the house we live in.
Ditch the Day Job
In the book The Four Hour Work Week there is an excellent description of what having a job means, shown below:
Just Over Broke
The problem with a job means a lack of flexibility and the sheer number of hours that you are required to work leave little time for anything else. It is a sad indictment on modern living that some of us are spending more time with our work colleges then we do with our own families. My question to you is this:
Why are you working so hard for someone else’s benefit?
You may say I have a mortgage to pay a family to support and so on. These are all problems that can be overcome; you merely need to take the first step. That first step is always the hardest to take.
Take The First Step Today
The ultimate goal will be to get rid of your day job this will be a gradual process. As with most endeavours this will be a gradual process and will not happen overnight. In order for you to move away from working fulltime you need to identify your passions. Take the first step now stop reading and write down ten things you are passionate about.
Stop Reading…
If you didn’t stop reading and write out your list you really need to do this NOW. It is one thing to read about life change it is another to take action and move towards it. Taking action is crucial to your success.
Multiple Income Streams…. Cash Flow is King
Most of us have only one income stream that is our weekly or fortnightly pay check. In business if a company had only one income stream or only one strategy any volatility in that stream could cause bankruptcy. It is no different for us, if you lost your job tomorrow what would you do? Sure you could find another job but there would be a lag time.
Setting up a Second Income Source
There are many ways to attain a second income source and these include.
- Rental income from investment property.
- Trading equities, futures or currency markets.
- Sell items on ebay that you no longer use.
- Become a distributor for a product or service.
- Start and Blog.
- Become an affiliate for a product or service.
- Build a Niche ebay store.
- And many more.
I personally have started several sites, created a custom ebay store and soon I will begin trading currency. This will ensure that I am well diversified and eventually my income will not be dependent on any one of these endeavours. To start with however I would recommend only adding one income extra income stream as you do not want to spread yourself to thin.
You Have to Have Passion
The key to success of your second income stream is passion; you need to be passionate about it. It will be hard to maintain your motivation if you have no real interest in what you selling, creating or doing.
By now you should have a list of your passions and in upcoming articles we will look at turning your passions into profits. Until then there are some excellent articles about work, life and balance below:
- Ten reasons you should never get a job.
- Trading Penny Stocks for a living.
- Work Life Balance.
- Review of The Four Hour Work Week.
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