NEWS

Shoestring Living: Multiple income streams, part 2

Molly Logan Anderson

Writing last week’s column about multiple income streams and how they can catapult your level of financial security into the stratosphere has gotten me really excited. You see, I deal with the same struggles that many folks face when it comes to feeling good about my family’s financial state. We’re always looking for additional streams of income that will get us to our goals more quickly.

So many people grow up believing that financial security is something that just happens. And while it does appear to be that way for a lucky few, the vast majority has no magic answer. Realization of this dream lies in plain hard work, total commitment and creativity. For those of you that are up for the challenge, here are some thoughts on “streams” ready to deliver you that much needed income.

Find your inner expert

When it comes to determining where you might find a second or third income stream, start with yourself. Make a list of your strengths and the things you do that bring you the most joy. Ponder each one, asking ask yourself how you might spin it into an income-producer. Do you love coffee? Why not blog about it? Are you a great decorator? Hook up with a Realtor friend and stage homes for sale. While you might not unearth overnight success, you just might ignite a serious spark.

eBay

Lots of folks are making a killing on sites like eBay, where they sell all kinds of goods. Take a taste of the market by doing a severe purge of unnecessary items at home. You’ll gain exposure to its inner workings and find out if you’re interested in taking things further. If you find that you do like it, setting up your own store produces big savings on high volume sales and a bit of weekend yard sale shopping can fill up your “storefront.”

Sell something

This can be tricky, but it’s possible. Become very aware of the world around. Start to think about everything you see and do as a business possibility. There are likely opportunities right before your eyes that have gone unnoticed. Whether you dream up your own idea, or get into home sales of jewelry or food as a sideline, the truth is that there is profit to be made. 

Molly Logan Anderson is a freelance writer who lives in the western suburbs of Chicago with her husband, Mike, three kids and two labs. Join Molly on her family’s journey of living a frugal life and making financial freedom their reality in her columns and on her blog, www.butterfliesandmudpies.blogspot.com.