Extra Income – Necessary anymore

Unlike back in the 1950s and 1960s, when most families could make by ok with a single income, today with the inflation of the 1970s and since as well as many other economic conditions, make it hard for even one to make by with a single income. Watching this trend can bring on terrible thoughts of what will come in the future. By then surely 2 incomes won't be enough even.

It's wise to find multiple sources of income that will help keep you on top of finances, and even build a little reserve. Extra income is more important than ever. Wise planning will mean preparing for the worst possible, but expect to come out the best you can in the process by having a plan to counteract it…

Those that are well off, actually have been doing this for a long time, however it may have been a little easier for them back then. You might have to work harder today, however with the right actions and planning for them, you should be able to come out successful as well. With multiple income streams, if one dries up, you have others still working along that can help you during the loss. If you do well at them, you might become quite rich in the process. For those without such planning, the loss of their sole income that already lacks what they need can be devastating. And it ends with waves of other problems that occur such as repossessions and foreclosures. Be prepared, by putting smarter work in that brings you more opportunities and scales into the future.

When there is still income flowing in, when one thing drops off, you will still have the results of other works flowing in as well. It gives you a little more fallback to think, reorganize, and regroup. If done well, the short-term adversity might even leave you better off in the long run. Roll with the punches.

There are 2 types of income – Linear and Residual

Linear is when you work and get paid by the hour, or salary based. When you aren't working, you aren't making income. In one source, it can go away for any number of reasons, and you have no further source of income.

Residual is income that once you get it flowing it continues and often grows to with less work later on. Many forget though that up front it requires some effort as well. Once going, it keeps coming over and over again.

In the normal course of a career in a job or profession, you earn a linear income. You go in each week and at the end of the pay period you get your paycheck. If something happens to the employer's ability or reasoning to have you, or to your ability or desire to work there, the income ends right then along with most benefits it might carry. Bringing in extra income can help absorb these problems. Residual extra income sources, once flowing can keep going while you are elsewhere or even sleeping. It's a good way to supplement and absorb life's adversities. It's worth the effort to get these going.

A lot of extra income sources these days, are found online, and many have residual tendencies. Though you have to be careful in choosing as some aren't worth the words it takes to explain them (even though they may look good and successful), while others are based on solid ideas, and concepts that are already making many well off. You'll need to cut the hype from the reality and make wiser decisions in all cases.

Since most of them have good residual potential, you will want to look around and try things that you can afford to (without large investments), and build some up. When things on one front are going good on their own, add others. Before you know it you will have some failures and some successes. But with the residual income on those that are successful, you should already be on higher ground. Get hill climbing!