How can i multiply my income stream?

There are many ways to multiply your income stream but before you try this there is some groundwork you need to do to build a solid Personal Finance Foundation. Before you even consider multiplying your income stream you need to do the following.

1. Avoid Getting into debt - There is no point in multiplying and boosting your income if you let your debt spiral out of control, essentially you'll end up where you started.

2. Avoid Lifestyle Inflation - Once you start to boost your income you need to be careful about spending more. We have a tendency to spend more when our income goes up. For a while you need to keep your lifestyle as it is or even deflate your spending so you have a budget surplus at the end of the month.

3. Increase Your Financial IQ - Unfortunately no one teaches us how to manage our finances and we pick up bad habits handed down by our parents. In order to improve our Personal Finances we need to become an expert in Personal Finance. You can easily educate yourself by popping into the library and reading some of the best books on personal finance. You should take time to read the following

- Rich Dad Poor Dad
- The Millionaire Fast Lane
- The Richest Man in Babylon
- The 80/20 Principle

Take your time when you read the books, there's no rush. It takes time to build a solid foundation when it comes to personal finance so read slowly and digest the advice thoroughly.

​

Once you've built a solid foundation you can now consider multiplying your income stream. Multiplying your income stream means you receive money from different sources. Normally most people rely on their earned income and this can be dangerous because if you lose your job you put yourself in a very dangerous position. Here are a list of ways you can multiply or raise your income to begin with

Employment

1. Ask for a Pay Rise - Before you ask your boss for a pay rise try to make a contribution which is greater than your pay. You should become indispensable to your organization. When you maneuver yourself in such a position asking and getting a pay rise become more realistic.

2. Find a Better Paid Job - If you feel your underpaid look for another job that pays more. Its unbelievable how many people just stick to a job which pays them peanuts when they are worth so much more. If you feel that your not getting value for money find another job.

3. Get a Second Job - If you're really determined you should consider getting a second job. This might be a weekend job or an evening job where your do a few hours a night. You could use the money you earn from your second job entirely for savings, investment and retirement.

Business

1. Start a eBay Business - If you've got a lot of clutter in your home you should consider getting rid of all this by selling the items on eBay. Just go through your entire home and find all the items you no longer need and then post them on eBay. Unbelievably there are individuals just like you and me who have become millionaires selling stuff on eBay. If you seriously want to pursue this avenue you need to find something that sells and become a professional seller of that item while blowing the competition away. It will take time but you could make a significant side income.

2. Start a Website - Monetizing your passion is something you can do to start a side income. I love writing and helping other people with finance which is why I created this Forum to help other people. I allow advertisers to advertise on this forum which gives me a steady monthly income stream. To start a website you need to think of a passion and then offer incredibly useful resources and information on the topic. The more quality information you can offer the more money you could make.

3. Sell a Product or Service - You should also consider selling a product or service either online or in person. There are so many things you can choose from and its wise to choose something you enjoy doing. You could offer a catering service if you love cooking. You could sell furniture if you love carpentry. What I've found is if you have a passion to do something your business will eventually flourish.

Once you've implemented all these ideas you should notice a rise in your income. Every month you should have more and more money rolling into your bank account which is a great feeling. Its important not to squander this hard earned money and instead think of ways to invest this money so you can further multiply your income.

Your aim of Financial Independence will be achieved when your expenses are met by the income your produce from your asset so its important to start buying assets. When buying assets its important to consider risk, there are so many individuals who have lost money because they started chasing a high yield on their investment. Just remember that if a investment return is too good to be true it usually is. You should consider investing in the following assets.

1. Emergency Fund - Before you start investing in assets you need to establish a sizable Emergency Fund just in case life goes pear shaped. There should be enough in your emergency fund so you last 3 months without having to earn any money.

2. Retirement Fund - You should also consider putting something away for retirement especially if your employer makes a contribution. Some employers match your contribution which means you are doubling your money straightaway when it comes to investing. Find out more about the retirement option your employer offers.

3. Property Investment - You could invest your savings into property and receive rental profit. When I started to think about multiplying my income stream I thought about property. I was fortunate enough to buy a house with a mortgage. I extended the property and then sublet the rooms and made a substantial side income.

4. Dividend Investing - You could invest your savings into quality stocks. Quality stocks like Johnson & Johnson pay a percentage of their profit to their shareholders. You should consider investing in Dividend Aristocrats which have a 25 year history of increasing their dividends. You could even consider the Dividend Kings which have a 50 year history of increasing their dividends.

Other assets that pay income include the following

5. Peer to Peer Lending
6. Investment in Royalties
7. Bank Accounts with high interest rates
8. Becoming a silent partner in a business

​

I truly believe that anyone can multiply and boost their income as long as they are determined and have a creative mind. At first you will notice small increases and it takes a while for everything to take off so be patient and persevere. It takes time to build something great and it will come. I hope this information helps you and feel free to reply if you want more help.