Diversify Income Streams

Are you currently working in a job? Maybe you are a student with a part-time job? Whatever you are doing and wherever you are in life, you should consider what types of income streams you have and what types you should aim for.

If you have a job then this is an active income stream. That is you need to work on it actively to get money. If you have some shares and receive a dividend from them then this is getting income passively. You are not involved in generating the income.

What is the smartest way to work?

What is the smartest way to work? This would be to get your passive income streams higher than your spending. So for example, maybe you have to pay rent, food, and all the other things necessary to liver every week.

Maybe the total of this is $600 a week.

You might work a fulltime job and get $700 a week in the hand.

Therefore your active income is $700 a week. Now, if you had some shares and they provided you with a dividend every month of $200, then you would be receiving $700 active income a week and $50 passive income a week.

What you should aim to do is get your passive amount over $600. This can be harder than it sounds.

The first thing to do is buy assets.

The first thing to do is buy assets. Buy things that appreciate and don’t depreciate. For example a new car would depreciate. Instead of a new car can you put up with the old one for longer and invest the money in blue chip shares?

You could also investigate passive income money making opportunities. These sorts of opportunities will make you some great cash if you work hard on them.

Ensure that what you are looking at is truly passive income as if you are already working hard every week then the last thing you want is to work longer hours!

Read more here about making income passively.

$ Easy Cash