Creating multiple streams of income is one of the most powerful ways to increase financial security. If you are depending on only one income source, or one type of income, you are obviously at more risk than if you have additional income streams. Frequently, so much time is dedicated to that one income stream, however, that other potential income sources are not developed, even ones that require a small capital investment and are simple to create.
Many types of new income streams require a lot of capital to get started, such as covered call income or real estate rentals. These are income sources that are generated from your savings or investment capital that have income generation as the primary objective.
Other new yet powerful income streams require very little capital to get started. One of my favorite income streams is based on a $20 investment! Just how does this potent paradigm work?
We are all experts in one or more areas. Most people are experts in several areas from their work and from life situations. Haven’t we all had those issues (a better word than problem) that arose and we had to spend weeks or months researching solutions? Or sometimes we live with an issue for years; then we finally “get it” and our life changes dramatically for the better!
Your call to action today is to make a list of such areas in your life where you found the solution to a problem. Here are a few examples:
- Modifying a procedure for increased efficiency or better results
- Diet modifications that changed your or the life of someone else
- Special needs for a child
- Accounting for a business
- Upholstering a chair
- Securing funding
- Resolving insurance issues
- Caring for an aging parent
- Hosting a classy dinner party with little time
- Planning a wedding
The list can be how to do literally anything, because if you had a problem, odds are someone else has had the same problem, also. And your information can help them. In some cases, it may not even really be a problem, but something that you love to do that is a problem for others because they don’t love to do it!
A frequent response I hear is that people don’t pay for the skill you have in mind. I can only say to ask Martha Stewart or Sara Blakely, among millions of others. Sara created a multi-million dollar empire because she figured out how to not look flabby. I can personally attest to the validity of this problem and solution!
So, back to the $20 investment; write the solution to the problem you solve stately briefly, along with your name and contact information. Order a business card with this information. Next, say what’s on the business card in first person one hundred times in front of the mirror; this helps develop confidence in your skills.
Let your friends and connections know that you can now help with this particular problem. You have created a potential consulting income stream with the brilliant and cost efficient concept of lean testing. Be sure to order the smallest amount of cards so you can tweak or change the idea based on how you can best help others with your skills once you test the plan. I’d love to hear your thoughts on my facebook page or in your comment below.
Camille Gaines is the Founder and CEO of Financial Woman for Investment Education. As a personal investor herself for over two decades, an entrepreneur, author, radio show host, former accountant and corporate consultant, Camille turns the complex world of money and investing into simple and understandable lessons that remove the intimidation and fear that many feel around money. She delivers unbiased expertise that empowers women to take the right steps to reach their financial goals so that they can live the life they desire with financial security and peace whether they choose to personally invest or work with a financial advisor. To learn more about how you can confidently step into your financial wellbeing visit: Financial Woman or email Camille@FinancialWoman.com.
Camille Gaines and Financial Woman provide investment education that should in no way be used as financial advice.