Wednesday, October 29, 2008

Create More Income Sources and Enjoy Life

Life should be fun and not just a daily struggle to survive. Some experiences are free and can be priceless. But to enjoy many other experiences you need money to pay for them. The best way to get the experiences you want from life is to create more sources of income so you can earn the money you will have to pay for these experiences.

Struggling to make it through life is not very enjoyable and, if you are struggling, I hope you are doing some things to change your situation. You could decide to cut expenses until you get in better shape financially. That is a very sound strategy. However you could also decide to create new income sources. If you can manage to fit it into your life, creating more income sources is in my opinion the best decision. That way you will make a move to better finances and it will make you less exposed to the loss of one of your income sources.

When you start to consider how you can create many income sources you have to make sure your life doesn't get out of balance. You want to earn enough money so you can enjoy life to the fullest, but you don't want to spend all your time earning the money because then you can't enjoy spending it. The key is to create passive income. Passive income is from sources where you don't have to work many hours to earn your income. If, for example, you invest in stocks, you could set it up so you don't use much time on the investment, but you would still receive the return from your stocks. You could also hire somebody else to take care of the work on an idea for a new product you have, while you receive a return on that idea.

I used to have a job to earn my income, but I realized I could enjoy myself much more if I go for my dreams and do what I enjoy doing. So, I have made a list of what I enjoy, and I am open to new ideas at the same time. I love discussing finance, so I created a site where I share my knowledge about personal finance. I love working with Excel, so I do some freelance Excel work. I love to read about and study the stock market, so I invest in stocks. These are just three of the things I love and where I can create new income sources for myself. There are many more. I hope this can inspire you to realize that you, too, can create new income sources in your life by doing what you enjoy.

Of course, you don't love the same things I do, so you should create new income sources that fit your life style. Even if you love working where you are working right now and want to continue, you have the opportunities necessary to create more income sources in your spare time. It could be many things, but you have to enjoy doing the things and believe in them. If you do something that you don't enjoy or believe in, it will be very difficult to make it a success.

source: Brin Ullitz

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