Recurring Income Streams
The goal of any person should be in finding recurring streams of income. This income is essential for you to grow and increase your wealth. Some people have huge recurring income streams…and we often call those jobs. Other people are entrepreneurs and they might have less consistent income streams, but they can still be great sources of revenue for the individual. The goal or perfect situation is to find growing sources of income streams to build your wealth. You can go about doing this in many ways, and one of the primary ways is through a regular job and lets discuss this first.
Your Day Job
The 9-5 job is critical for most people to make ends meet and to have a source of income. To get more wealthy, we have to start with stable forms of income, and unless your have another line of income arranged you should stay focused on building your career. We have another page on choosing a career, so check page out for additional tips. But to continue on…if you are in a 9-5 situation, and want to increase your salary and wealth, apply some of the following tips:
- Don’t be shy to ask for more money: Never, Never, Never, have the mindset that you are owed anything by your employer. This will not only have the opposite effect of getting you a raise, but it may be a stepping stone to being asked to leave. Remember, your boss has you there to help him/her and not to cause additional stress and headaches. So, here is the approach that you should have. “Man I love this place and want to be here for a long time, how can I grow with the firm, and increase my salary. Is there anything that I can do to help the company earn more money and work towards getting a raise?” Be sure to be very clear that you don’t want a handout, but instead that you want to define a path to help the company get more profitable, and hopefully get some of that shared with your paycheck. Be on the side of management and things will go your way.
- Man Up or Woman Up: Put on your big girl pants and get to work. You’re probably going to have to stand out and work harder and smarter than the rest to get that extra bump in recurring salary.
- If your not on commission, get on commission: Now this situation may not apply for everyone, or every situation, but hear it out. If you work in the accounting department, or marketing department, but don’t actually get compensated for sales, maybe you can ask to get commissioned for sales. You’ll have to look into your own situation, but a lot of small businesses compensate for bringing in customers to the business. So, the discussion would go like this: “I love accounting, and my current role, and I don’t want to change that. But in my spare time, I was thinking that I could help the company in additional ways. I’d like to try and find more customers for the company, is there a way that I can do this?” The point here is to phrase it like a question, and by phrasing it like a question you’ll be able to get your boss thinking and talking about this great new idea you have. Explore it in a gentle way, and employ the same mindset as always….”How can I help out?”
Side Income – Passive Income
Getting that perfect side income or passive income is really what we want to do as we become more wealthy. These can be found in many forms and as you work towards getting more wealthy you can employ these strategies in many ways. Do your research, and look into things that you already know about or subjects you are really interested in. Start to brainstorm about how you can setup streams of income in the things you love and who knows where it will lead you. As you find out things and research, always turn your thoughts back to, “How can I get a stream of income from this.” This is the goal here. Here are a few suggestions to get your mind thinking:
- Love Soccer – Setup a website and coaching clinic that is once or twice per week for youth players to develop skills
- Love Painting – Teach classes at night or form an art school with some peers who can help devote time.
- Love History, English, Math – Provide hourly tutoring, create an online tutoring resource, start a tutoring company.
- Love Gardening – Start a company to plan seasonal plants and tend gardens after work hours.
These brief examples will show you that it is possible to take almost any passion and turn it into a stream of income. These aren’t get rich quick scams, but instead they are more passions or interests that you have in real life, and how you can use these passions to add additional streams of income to you life.
Online Income Streams
Many people are able to find income streams using online strategies to generate income. Some of the following online income can be found in:
- Writing content for websites
- Programming or Developing for clients
- Setting up an Affiliate Marketing Program
- Selling products or running e-commerce platform.
These online strategies are just a couple of examples of how you can build revenue streams online.
Get a mindset focused on streams of income, and make it fun and enjoyable. If you have any suggestions, please comment down below and we can add your thoughts to our article.