Of course if you are married, you could substitute this by having both partners work - but with the family living on in only one person's income. Then the additional income can play its true role as a source of cushion in difficult times, and as an extra source of income to save and invest with.
If both partners are already working, and you simply cannot afford to live on a single income, then you must seek to generate yet another additional source of income from a side-business or hobby.
Choosing an Extra Income Source
While there are many (literally hundreds) ways to generate an additional stream of income, you have to choose one or two that are most suitable for your situation.
Choosing a side-business for income depends on:
- Your skill levels
- The Market Demand for your skills
- Your time availability
- Your flexibility in schedule and location
- Your desire to run this side-business
Of all these, we consider #5 as the most critical - because if you have a real desire to be involved in certain activities, you will find a way to overcome all other obstacles.
A true desire arises when you are most in touch with yourself, and in that moment of clarity - you will have your answer.
If it is anything less than that, you will find yourself huffing and puffing your way forward - when you could be simply soaring ahead like an eagle.
Next week we will walk through some steps you can take to choose an appropriate source of extra income for you.