Finding Other Sources of Income

With the unemployment rate hitting a 26-year high of 9.7%, it is little surprise that many people are starting to rethink their employment situations. The drive to find additional income is one that is understandable right now (or any time, for that matter). You want to set something up so that if you lose your job, at least you have something coming in. It only makes sense.

I like that The Canadian Finance Blog recently offered some things that you could do to make a little more money:

1. Dividend investing.
2. Rental property.
3. Sell some of your stuff.
4. Write online (HubPage, eHow, Suite 101, Helium, Associated Content, etc.). These work extra well if you get residual income from pageviews or ad revenue sharing on top of up-front payment.

These are all great ideas. However, it is important to be careful when you are setting out to generate additional income streams. First of all, you need to make sure that what you’re putting in doesn’t end up being more than you get out. This is a danger with rental property especially. The goal is to be cash flow positive.

Also, you need to figure out how much time you spend trying to sell your stuff (or you could make money off a hobby) and writing. If you really need the money, then that doesn’t matter as much. You do what you have to do. If you are just trying to generate a little extra, then you can be a little picky.

In the end, though, it’s all about looking for opportunities and being able to put in a little extra time and effort. If you can do that, you will find that you can begin generate additional income.

Image source: sxc.hu