Tuesday, August 11, 2015

The Power of Multiple Streams of Income! “using what you have” By Randi Knight

The one person besides the chairman of The Federal Reserve that people listen to regarding the state of the union on finances, investments and all things money is Warren Buffet. The Berkshire Hathaway owner has a quote that I really take to heart: “Never depend on a single income”. I grew up in a time when my parents worked one job for 30 or more years and received a pension, gold watch and all the other things you supposedly work, scrape and scrimp for at the end of your time on the job. But as you know that is no longer the case! Not only have things changed, whole new markets have exploded and along with the bang, many new opportunities for growth, development and expansion.

For single parents who are the head of their household, this is welcoming news! As a single parent, finding ways to be resourceful and grow your career or business, also adding a second or third income stream is and should be a top priority! It’s worth repeating, “Never depend on a single income”. And there are countless reasons why this should be a priority: job insecurity, unexpected mishaps (car breaking down to something more serious like an illness) and the list goes on!  So how does one find his/her passion, second stream of income, etc.? There are a variety of ways and things you can do to get started!

1.    Think of your own expertise, talents, passions and abilities – Use what you already have! In 2 Kings 4, (paraphrase) the prophet asked the woman what she had in her house. She responded that she had nothing, just a little oil. He told her to get as many jars as she could and pour the oil in the jars and not to stop until she ran out of jars. She did just as the prophet Elisha had instructed. That little bit of oil multiplied and did not stop running until she ran out of jars. The lesson here for me is to examine what my own jars (abilities) and oil are. What do I already have to work with? What did I like to do? What do other people praise me for? What could I do that would not interfere with my position as a counselor. I’d always love writing and that is what I enjoyed the most. But make money writing? As I began to explore the freelance writing opportunities, writing my own book, blogging and other writing opportunities, it’s like the oil is continual pouring. Don’t get me wrong, it takes some dedication and lots of research but the opportunities are there! What do you like to do or what are your special talents? When you bake for the family are they always raving about your creations? Start an online bakery. Are you good at editing? Can you sell milk to a cow? Part-time Sales? Real estate? The housing market is rebounding and many people threw in the towel when the housing market fell. Event planner? Life coach? Graphic designer? Online business selling your one of a kind art or crafts???? I can see your wheels turning!
2.    Network – log on toThe BOSSNetwork.org! One look here gives you numerous ideas of being with like minded women who are sharing and exchanging ideas that become realities! Yours could too!

3. Find a problem and find it’s solution – Take notice of what frustrates you or others. Then think of a way to make it better!

4. Invest – If you can, find a way to invest. As little as $50.00 with Capital One (formerly ING), or invest in real estate or …do your research first. Talk to experts. Go to the library and check out books or videos and become EDUCATED. (Disclaimer: not an investment expert; please do your research and talk to financial experts).

5. READ, LEARN, APPLY! The more you know, the more you can use what you have! I am a voracious reader and love to learn! I am currently reading on my Kindle Jan Culliane’s book: “The Single Woman’s Guide to Retirement” and I am re-reading Steve Harvey’s book: “Act Like a Success, Think Like a Success”.
You can be successful too! Use what you have; what is right in your own possession to make multiple streams of income work for you!

Connect with Randi Knight on Twitter@randiknight915
 Learn more about products and services at Randi Knight Blog Website.

1 comment:

  1. This a great article. Having more than one stream of income is a must have.