Entries for archive: 2010-05

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Other Income Streams

One thing I have been doing recently (and of course, not posting very much here) has been to start getting together a small business plan to get myself a third income stream.

Currently I am working in a 40 hr salaried position which is of course my first and main income stream.

Secondly, I have a house up the coast which I am renting out. Even though it has been rented out for 4.5 years, I have battled through paying the extra interest and this year will (I think and hope) be the first year that renting it out will turn a profit. It’ll be small to start off with but hopefully progress as the years go on.

But something has been niggling me recently and I have decided that it was about time to start getting another income from somewhere else. After racking my brains, I have decided to go into business for myself and keep it as a part-time project which I can do in the evenings and weekends. I think I’m lucky that my day-job allows this since there are a number of others who also earn money in their non-(normal-)work time.

I won’t quite say what it is yet but it will tap into my IT knowledge and knowledge of systems around the world which I can also tap into. Suffice to say it will be a passive stream though that doesn’t mean it is without work, it just means that the income from it should be non-proportional to the time I put in.

ie. it is not my time I am selling, but a product independent of my time.

This is very important, especially for someone who still has a day job.

Labels: earning, selling, working

Inserted: 2010-05-08 10:47 (1 year, 9 months ago)