Multiple Streams of Income

  • By Todd Colucy
  • October 27, 2013
  • 414
                        
How come life seems to get more and more expensive as time goes on? Personally it has a great deal to do with having a junior in college and one graduating from high school this spring. I have college visit number three on the calendar. With each college visit, I can’t help but wonder how I’m going to help pay for this. Over the years, I’ve sat down with hundreds of people to help them with their budgets. Where can we cut spending? How can we attack the debt? Let’s save for the future. During those meetings, with a number of folks, we come to the conclusion that expenses aren’t the problem. Sometimes it’s the income side of the coin that needs addressed. Regardless of the reasons why income needs to be increased, I’m a big proponent of multiple-streams of income. Often time, there’s things that can be done in a person’s spare time, in the evenings or on the weekends, to bring in a little extra income. I’ll share my own story and then suggest some ideas for others to consider. A few years back when my son was heading off to college, I had a conversation, at the Tuscarawas County Fair of all places, with the head of the accounting department of Kent State University at Tuscarawas. Long story short, I’ve been teaching one class a semester going on four years now and loving it. I’m using this stream of income to help meet a campaign pledge my family committed to at our church and to help pay tuition for my son. Since I can’t seem to sit still, I also use my accounting knowledge to help a local company with their QuickBooks. And then finally for me, writing this column. Yes, I like to stay productive. I realize not everyone has the same skills and abilities but everyone is good at something and creating multiple streams of income can be simple. Here are some examples from the people I see or know who have turned off the TV and decided to add some additional income to their lives. There’s a fellow in my neighborhood who recently put fliers on neighborhood doors advertising dog walking services. I knew right away this was a great idea based on the number of dog owners in our neighborhood. I now see him most evenings walking until after dark. I believe he is up to three dogs. Good for him. Another person I know who’s great on the computer designs web-sites for businesses. His work is outstanding and he’s very much in demand. A young lady I know who’s in college will house sit and take care of your pets. A final personal example is a friend I have who’s passionate about basketball and in his day was quite an athlete. He now travels the state on weekends giving motivational talks to teams and private coaching lessons to future basketball stars. The point to all these examples is there’s an unlimited number of ways to increase income. Great ideas can come from websites and books. I did a Google search on “multiple streams of income” and got over 1.2 million results. I downloaded a book recently for free from Amazon titled “192 ways to make money.” There were some really unique ideas in this book. One of my favorites was simply selling photography. I didn’t know there are a number of online locations that will accept your picture and will pay a royalty each time your picture is downloaded. That’s really cool. So give multiple streams of income some thought and see what works.


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