Living the Dream: Create an Additional Stream of Income

When I started my law practice in 1997, I never even considered the possibility of having an additional stream of income. Only within the past two to three years did I come to the realization that most of us, regardless of what we do for a living, should have at least one additional stream of income.

Having an additional stream of income is important because it provides you with an added level of security in this economy where job security has become a thing of the past. Gone are the days of working at the same company until retirement. Sometimes people choose to move on to greener pastures. But more and more often these days, workers are laid off because their positions have been out-sourced, their company merged with another, or their company simply went out of business.

There are several things you should consider when contemplating creating an additional income stream. First, what do you do? There are many options to choose from like real estate, catering, home-based businesses like YTB, My World Plus, Ameriplan, etc., or direct sales businesses like Avon, Jafra, Market America, GBG, etc. If you have been blessed with artistic talents, your choice might be utilize those gifts to create an additional stream of income for yourself. Do your due diligence and educate yourself about what is going on in the field you choose.

The next thing to consider is whether your secondary career will interfere with your primary career? This is a crucial question to answer because you do not want to jeopardize your primary source of income. Will your additional income stream require you to do work that could be considered a conflict of interest with your primary career? Will pursuing your secondary career interfere with or in any way hinder you from fulfilling the duties of your primary career?

You will also have to decide how much of a financial investment you want to make to create an additional stream of income. You must be business minded. That means making a financial commitment. I'm not saying that you must invest your life savings. But, remember, ultimately, your are investing in yourself and your future.

Next, you will need to decide how much time you want to invest in your secondary career. The more time you are willing and able to give it, the more quickly you will see results. What are you willing to give up, in order to create an additional stream of income? Will you stop watching 4-5 hours of TV each night? Will you stop hanging out with the fellas at the local watering hole 4 nights a week? Will you get up 2-3 hours early to work on developing your secondary career?

How much time are you willing to wait to see results? If you expect to start your business today and be in profit in thirty days, you're being unrealistic. I'm not saying that it can't happen. All I'm saying is that it probably won't happen. Set a reasonable and realistic timetable. Give yourself at least 6 months to a year and one to two years would be even better.

While you are growing your business, get as knowledgable as possible about what you are doing. Network with successful people in your chosen field. Find a mentor. Read books. Attend seminars, teleconferences, or webinars.

Be business-minded. Set a schedule and stick to it. Set goals and outline what you must accomplish each day to ultimately achieve your goals. Don't let the naysayers get inside your head. Unfortunately, we all know people who will not be supportive. IGNORE THEM. Surround yourself with positive, like-minded people. Stay focused on your goal and envision your success!