Friday, May 7, 2021

CREATING NEW INCOME STREAMS

Hey beautiful Fam, give me a few minutes and read with me, but hey; promise you will not only ponder on this but take bold actions afterwards. 

Today, I’ll be talking to you about creating new income streams. 

When it comes to wealth-creation strategies, investing wisely and managing your money actively are important, but nothing beats having more coming in in the first place. Everybody benefits from some thought about where their incomes come from and how they can create another source of revenue. 

Check this out, look at any prosperous person you admire and see if diversity isn’t their tool for unlocking greater prosperity. The rich usually have several money-making sources going for them.

This is especially important for anybody who loves their work, but it doesn’t pay well. What you need is another income stream. SIMPLE.

And there are a couple of ways of doing this, The first is to turn surplus cash into assets that will work for you and bring in income, even when you are not there, rent from a buy-to-let property would be one example or annual dividends from shares you’ve brought.

Another way to create new income streams is to find ways of using your skills and expertise in more than one setting, so you aren’t just swapping your labour for a paycheck in your day job, this doesn’t necessarily mean packing in your day job. It might mean, for example, doing some freelance work either in the same area or a completely unrelated area where you also have skills and expertise; ask yourself this; do I have a hobby or other skills and expertise that could be used?

Is there anything you could teach or consult on, or that you could set up as a business? Or a business you can learn? I believe there are many business models out there you can leverage on.

When I say ‘create’ new income streams, what I mean is create them for you. They can be old ones in the marketplace, Just make sure that you are maximizing all your skills to bring in income, and that you are actively investing in assets that will earn money for you without you having to be there. Hope you got value in this, I hope you do because creating new income streams work.

You can read more on osgconsulting.biz

By Oluwatooni Simbo

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