Create new sources of income

Create new sources of income

November 30
22:53 2012

When we analyze the issue of wealth creation strategy, a wise investment policy and dynamic management of savings is a very important aspect. However, in terms of relevance, nothing can beat a new source of revenue generation. Anyone is trying to figure out how to get income and to create new opportunities for profit.

This is similar to the business of street musicians, where it is essential to ensure that they have a numerous places of performance. If at any of those musicians do not succeed, then pack up their stuff and go to the next place. But, instead of having pack up the stuff and go away, you should create your own twin (a clone, so to say) and not only continue playing music at an unprofitable place, but it should be done elsewhere, at the same time. The more hats you will place in different locations, the better profit opportunities will be.

Do not trust only to what I say – check it out yourself! Take a look at some wealthy person that you admire and revere, and find out if he does not increase his wealth by diversifying the deal. Rich people usually have developed a number of schemes that works for them and make profit.

This is particularly important for those who love their work, but do not get a decent pay for it. In this case, an additional source of income must be looked for.

That can be done in several ways. First, the excess savings can be converted in assets, which will accumulate money even when you will not be present. For example, you could buy a piece of property and then rent it out or profit from the annual dividends you receive from your shares.

Secondly, another way how to generate new revenue sources is to use our knowledge and experience in various workplaces and get paid for the daily work.

That does not necessarily mean abandoning the permanent job. For example, you can do some contract work in the same area where you work or earn extra in a completely different area in which you are competent and have accumulated certain skills (maybe you have a hobby, where your acquired skills will be useful in earning money?). Maybe you can teach something or advice on a specific topic? Maybe, using your knowledge, you can set up your own business?

When I talk about the creation of a new source of income, I mean that you should create it for YOURSELF. Those could be old and proven occupations, which still would find their place in a market niche. Just make sure that for pursuit of profit you use your knowledge and abilities at most.

Just take care that all your knowledge and skills are used maximum in order to make a profit. Remember that money must be invested in such assets that makes money even if you are not present (I understand that physically it is not possible to create your own clone)!

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