PDA

View Full Version : Benefiting from Multiple Streams of Income



toprunner
01-09-2006, 09:16 AM
The days are over, when most of the people have worked for the same company for decades until they have reached their pension age. More and more jobs are outsourced from the traditional industrial countries to developing economies. China is becoming the factory of the world. Even well paid jobs in the field of programming are concerned.

Many people worry, if they will get their pension when they retire from work. They pay in retirement schemes by the state or by companies, but they are not confident if they ever will receive their full pension. The financial press has reported that most of the pension schemes of British companies are not sufficient financed. There is a risk that the assets will not be able to cover the liabilities. Experts fear that the pensions could be up to 40% lower in the future. More industrialized countries struggle with similar problems.

It is therefore recommendable to develop and to manage multiple streams of income.

The Salary as First Stream!

The monthly salary can be considered as the first stream of income as well as an already existing pension income. Further income sources have to be detected besides this regular income. A lot of people want to live independently and try to start a business that can help to replace the salary from a job step by step.

Managing the Savings and Assets

Are your savings well invested? Can you make more money out of your money? Well managed savings can provide a sound second income stream. You need to sit down and analyze matters. Many people own a house. Is your real estate enough spacious? Can you spare room? You also can make some money by renting out some room that you can spare. Some people rent out room for storing goods. Others, who live in towns, convert some land around their building in parking lots that can be rented out.

A Side Income from an Internet Business

You can add an income from a home business to your salary or pension. The internet offers a lot of ways to build up a home business. The investment expenses are low. Skills and dedication, however, are needed. Itís possible to run different websites as an affiliate and to make money from different sources. You need to try out a work that you like most. If you enjoy what you do, you have a better chance to succeed. The business opportunities are in the World Wide Web. You need to research them. If you run different income generating websites, you can make your income streams work together.

[Edited: Reason for edit - removal of ad link]