It is wise to have at least one source of “passive” income in your multiple income streams. This means money coming in on a regular basis that requires the minimum time or effort on your part.
- Do you have any valuable resources that you can sell access to? For example:
- rent out a room in your home to a boarder or foreign student
- you can also rent a room to tourists in the summer and offer info on local sights
- if you have a lot of extra space, you can offer conference or workshop facilities
- if you have land, offer others a place for stabling horses or space for organic gardening
- rent garage space
- Do you have anything to sell that you don’t need? For example:
- antique or unused furniture
- used books (sell them to bookstores or on amazon.com or ebay)
- equipment (from appliances to tractors)
- Other sources of “passive” income:
- income from rental property
- an annuity
- government support (including family allowance)
- child support
- your savings and investments
- a pension and/or retirement savings
- an inheritance or gift
- Simplify your life and SAVE money!
The whole idea is to live well on less money. Seriously look at where you can cut corners (maybe you can eat out less often or cut your trips to the hairdresser in half). Also re-consider larger ticket items that may not be truly necessary.
Recommended reading: Simplify Your Life by Elaine St. James and Your Money or Your Life by Joe Dominguez and Vicki Robin.