Building Wealth in 2018
October: Discovering New Income Streams
Throughout the year, our Building Wealth in 2018 series has delved into different opportunities to help you save money to invest it in ways that will create long-term wealth. In this article, we’re going to shift our focus from saving money to finding new income streams. After all, there’s only so much you can save!
The real opportunities for growth start to appear when there is more cash available beyond what exists in your weekly paycheck. Is your salary the only source of income? If you’re not earning enough in your salary to meet your lifelong financial goals, then you may want to consider building in some additional income sources in order to build wealth over the long-term. Most people immediately think this means taking on a second job, but in today’s on-demand, digital economy, the possibilities are endless.
- Do you have a few hours available each week and a reliable vehicle? Perhaps you could drive for a ride-sharing or delivery service?
- Do you own a piece of property that you would be willing to rent out on AirBnB? Even a room above your garage could bring in additional income if it’s in the right location.
- Have a skill you would be willing to share? You may be able to teach a class online.
- Love dogs and have a semi-flexible schedule or do you work from home? Your neighbors may be very happy to pay you to walk their dogs during the week.
There are countless opportunities to generate additional income for a wide range of skill sets and schedules; try performing an online search or reach out to your social media network for ideas. The key is to take this additional income and invest it in ways that will build long-term wealth. For example, $100 per week in extra cash could add up to years’ worth of retirement income, depending on how you invest it and when you start.
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