From DailyWorth.com: Create Other Income Streams

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Create Other Income Streams

By MP Dunleavey | Tuesday May 04, 2010

More than a paycheck
In today's unpredictable job market and economy, it's smart to think about developing multiple streams of income.

Whether starting a side business, becoming a consultant or learning to invest, you can capitalize on your existing skills (and time) to increase your overall net worth.

Risks and rewards
Any new income source can take years to show even a small return. Consider this conversation a seed in your mind to help you evaluate your options—and build future returns, one year, five years or even 20 years out.

Every investment is a risk. Amanda Steinberg, DailyWorth's founder, has started five businesses in the past 10 years--two of which are successful and growing. The other three were learning experiences and, well, costly failures. Do not invest time or money unless you've calculated that you can afford to lose it.

Listen up
Last week, Amanda (photo, left) interviewed Jacquette Timmons (right), author of Financial Intimacy, MBA, and CEO of Sterling Investment Management, Inc.

In this 15-minute podcast Amanda and Jacquette explore the specifics having multiple streams of income, from low-risk options like consulting to higher-risk options like real estate investment.

Your move
Do you have more than one stream of income? Share the What, Where, When, How and Why with the DailyWorth community.