If you’ve been keeping up with the Fiat Currency Chronicles, you know we’ve already delved into how government and banks rack up debt and fuel inflation by printing money. Getting a grip on this cash-creating process is crucial for taking charge of your finances. Now, let’s dig into strategies for conquering debt and inflation. Many folks might suggest cutting back on spending and boosting your savings. Still, in our modern hyperdrive economy, where money creation drives up inflation and erodes the value of your hard-earned cash, that traditional approach might not cut it. Let’s talk about creating more income streams!
Luxury To Fail
The primary source of income springs from your career. I get it; the whole “go get a job” advice isn’t revolutionary. But I really want to emphasize that a job isn’t just mundane – it lays the groundwork. It kick starts a flow of cash into your bank account. In today’s job market, you have a buffet of options that can align with your timetable and skills. The objective behind snagging a job is to construct a solid foundation for wealth building.
With the ascent of hybrid and remote work, you’re handed flexibility on a platter. That’s what you should be gunning for in a job – not just an income base but the flexibility to nurture your income streams.
For me personally, my career grants me the “Luxury to Fail.” What I’m driving at is that I know my family’s well-being isn’t in jeopardy as long as I’m giving my all to my day job. This assurance allows me to venture into risky territories. I can embrace the unknown, knowing that if things don’t pan out, I have my career to fall back on. This safety net of sorts gives me the leeway to take calculated risks.
And let’s be honest: Sometimes, taking risks is the name of the game when it comes to growing wealth.
Supporting Job Income With Other Income Streams
Now, once you have found a job, you must establish a system. Otherwise, you risk falling into living paycheck-to-paycheck situations most find themselves in. Listen to this podcast for more info on the Profit First system, which I will lean on in another article. Once you get a job, hopefully, a flexible one, look for ways to add more cash flow via other income streams.
Here are some of my favorite ways to start creating extra cash flow:
Mystery Shopper
Do you like eating out? Do you like shopping? Well, go find mystery shopper companies that hire regular people to survey their businesses. I love eating out, so I signed up for any food business mystery shopping. On top of having my food paid for I get money for just having lunch. Sign me up right away. Check out Sinclair Customer Metrics, Market Force Information and IntelliShop for jobs.
Side Jobs
Do you like dancing? Go teach kids. Do you like being active? Sign up as a personal trainer at a local gym or go work at a place like KidStrong after work or on weekends. Are you good with Excel and numbers? Go work for a bookkeeping firm part-time. Not only will these side jobs increase your income, you will get experience to potentially turn them into a side hustle. My personal favorite is bookkeeping or virtual assistant. You learn about businesses at the ground level. Make sure to pick a part-time job that you are curious about growing into a business one day.
Outside the Box
One of the first books I delved into was “The Simple Path to Wealth.” In this book, the author, JL Collins, recounts a conversation with a couple while they were on vacation. The husband had kickstarted a company alongside two of his buddies. What blew me away was how they managed the company together.
They had an ingenious approach: At any given point, two of the three friends would run the company, while the third friend enjoyed a well-deserved six-month vacation. They rotated this pattern every six months. With their trio setup, if one friend took time off from January to June, the next round, the six-month break would span from July to December. This unconventional method is a shining example of securing both an additional income stream and freedom in a truly unique way.
Realtor/Mortgage Broker/Property Managers
The housing market goes through its ups and downs. When the market is buzzing, it brings a rush of people required to drive the transactions. Imagine becoming a part-time realtor with a realty firm, reaping a satisfying commission, and gaining the skill to uncover the worth within housing markets. Other ways to join and learn real estate is through photography, Redfin tour guiding or working for a staging company.
A lot of realtors also take on roles as property managers and landlords. This opens up opportunities to earn more commissions and grow your financial well-being. Real estate offers one of the most straightforward paths, starting from a part-time gig and gradually building it into a full-fledged empire of passive income. Stay tuned for my upcoming article where I reveal the secrets of the real estate world.
Long-Term Income Stream Options
Once you have started to create multiple small streams of income, the next step is long-term income streams. These sources of income streams should have two things: semi-passive nature and tax benefits.
Examples of this type of income streams are:
- Real Estate Business
- Small Business
- Creative Side Hustles: Books, Courses, Music, etc.
- Large Business
These income streams take several years to manifest until they become semi-passive and truly successful. However, they also have tax benefits. So even if you operate them at a loss in the early years, they can earn you money. Stay tuned, and we will go over how to grow a side business and how to use tax benefits.
Thanks for reading my analogy and breakdown of income streams! Find me on Twitter @ThePruPatel for more financial and fantasy football advice!