Multiple Streams of Income: Padding the Empty Nest
Times are changing. Not one day goes by without some dire news about the economy, closures and lay offs. If you are lucky enough to survive restructuring, (and you all know what that means), you always feel the sword hanging over you. Employers love to remind you that you are lucky to have a job while lowering your wages and increasing their own perks. Unless you are at the top of the pay scale and belong to that 1 per cent who don’t have to worry about a thing, you probably are worried about your future.
Finding Multiple Streams of Income
In the empty nest, one would think this next chapter would be easier. Think again. Midlife is full of unexpected surprises, especially when it comes to life changes such as midlife divorce which affects finances. Consider establishing multiple streams of income before you leave your day job.
Start your own business
Something low cost, with little investment as this is to supplement your income not drive you into debt.
Check out your local business incentive programs which usually offer low cost seminars.
Use the resources at your local library. Research the sharing economy, Uber and Air B&B are good examples.
Take the time to create plan, constantly amend it until you are satisfied.
Check out tax incentives and tax regulations for your area. You do not want to fall foul of the tax agency.
Start something now before you leave your day job, and if you don’t have one, all the more reason to start. You will also see if it is something that will want to continue doing and if there will be a worthwhile return on investment.
Get qualifications while employed and see if your employer has a tuition reimbursement program. No knowledge is wasted.
Share Your Knowledge and Experience
You probably have years of experience in your field and you have built up some contacts over the years. Share the knowledge, become a consultant. Maybe teaching adults is an option. For example, if you love languages, you may want to consider teaching English as a second language. There are many online courses. If you want to teach aboard check the country’s working visa age restrictions. You can also teach online. Multiple streams of income means being creative.
I won’t even mention blogging, though this takes a lot of work to make an income and you have to love writing. The blog world is massive. Photography is another creative field where everyone has a camera these days, but not many know how to take good photos.
Make Your Talents Work for you
Have your own money and make the money work for you. Have multiple streams of income.
Can you recommend any viable options for multiple streams of income.