The IMMENSE Value of a Second Income:
A few years ago I was discussing with a friend the income I earn online. At the time I was earning about $1,500 per month. He asked why I get so excited about this income given that it is a lot less than what I made from my job. So here are a couple of different ways to look at an extra $1,500 per month:
Savings account: To earn $1,500 a month ($18,000 per year) in a savings account at 1% (the current rate for top paying savings accounts), you would need to save $1,800,000!
Investment account: To earn $18,000 from investments at 10%, you would need to invest $180,000. Looking at the best robo advisors or online discount brokers is a good place to start.
Employment: For many, to get $18,000 in raises could take several years of dedicated service to your employer.
Financial Freedom: Extra income of $1,500 per month could cover car payments, help pay down credit card debt, or cover some or even all of a mortgage payment.
The point is that even relatively small amounts of extra income can go a long way.
What Makes for a Great Source of Extra Income
We could all go out and get a second job at Home Depot or Starbucks to earn some extra income. As you might imagine, however, that's not what I have in mind. When assessing how you can generate multiple income streams, consider these factors:
Flexible: The ideal source of extra income will allow you to call the shots when it comes to your time. Particularly if you have a full-time job, the last thing you want is being tied down to working a set number of hours each week at a second job.
Scalable: Look for income sources that have at least the possibility of generating substantial amounts of income.
Sustainable: The ideal extra income source will continue to generate cash even when you're not working at it. The idea is to build something that can eventually function without you.
Enjoyable: Generating additional sources of income is a lot of work, so you might as well enjoy what you're doing.
Inexpensive: I don't like income-generating ideas that require a big financial investment.
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