Multiple Revenue Streams

Have you heard the phrase multiple revenue streams? Sounds fancy, right? In truth it isn't. It's just a great income-earning strategy, especially for those of us stepping into a particular career path late in the game.

Everyone knows that when you are changing careers, there are often many sacrifices you have to be willing to make, including accepting a lower salary. That's all well and good, if you have accepted this fact up front, right? Well, you don't have to accept it completely.

Instead, you can find ways to supplement! Having multiple revenue streams simply means making money in more than one way. For some this can include second jobs, royalties from book sales or even income from an investment or two. But these are not the only sources of additional revenue.

A great way to add income is by pinning down one of your talents or hobbies, perhaps something that's not even directly related to your new career, and figuring out how you can bring in extra revenue. If you're a Twitter nerd like me, then you probably spend a lot of your free time on the computer reading, researching, tweeting and retweeting. So, what I've done is taken my enjoyment of Twitter and figured out ways to earn some extra income by helping others improve their understanding and performance in the Twitterverse. I've also taken my ten years of experience as an English teacher, and combined that with my love of reading and analyzing books, and I've become a secondary editor. Basically after an author works with their main editor to write/create a book project, I come in as the final manuscript reader and clean it up. It's something that I really enjoy and the reward it two fold; the experience builds upon my targeted career skills while bringing in some extra money. To me, this is a win-win.

So what's your hobby? What do you love to do in your free time that can make you a little extra money? Are you a big reader? How about reviewing books on the side? Do you love to play video games and test new gadgets? How about becoming a beta tester or a tech/gaming writer? With the wide reach of the Internet and the incredible accessibility of all kinds of technology, there are endless avenues to connect with like minded people who share your common interests. As a result, there are also many ways you can turn your hobbies and passions into extra cash. All you need is a little creativity.