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Benefits of making money through alternative means

Generating another income stream can change your life. Here are some suggestions on how to make use of that extra money.

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Whether you are renting a room out in your house, making money with a web store or participating in paid surveys online, there is a myriad of income opportunities from which to choose. And some of these side ventures can pay you a full-time income. The key is finding something you enjoy or that fits your personality. Once you find and implement that additional income stream, here’s how it can change your life.

Don’t need a job

Once you get cranking, the internet and other offline money streams can replace your job. Let’s face it, though unemployment is near an all-time low, many people are still working jobs beneath their talents and education levels. And if you are over 50, you may face age discrimination in the job market. If you can find one or more alternative ways to make money, you may not even need a job. The key is to make sure there’s a demand for what you’re offering, so you may want to test your new income opportunity before charging full-bore ahead. Take time to learn how your new sideline venture works. If you’ve just bought a bulk snack vending route, for example, get an expert to help you place your machines. Place additional machines in stores as your income grows, until you are earning enough to live on.

Build a retirement income

It’s never too early to start socking money away for retirement. In fact, the earlier you start, the more likely you are to meet your retirement needs. But it is also essential to determine how much you’ll need in the future, based on the income level you desire. If you want to earn an annual income of $40,000 when you retire, you’ll need approximately $1.8 million over 30 years, according to the AARP. The extra income you earn from side jobs or the Internet can help you reach your retirement goals that much faster.

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It’s never too early to start saving money for retirement. (Source)

Buy things you ordinarily couldn’t

Alternative income sources can help you purchase things you couldn’t in the past. Whether you like to travel, have your eye on a new car or want to remodel your home, you can certainly buy more when you have additional or full-time money resources from your side ventures. Just decide how money you need and put that extra amount in a separate savings account. A recent study by the American Psychological Association revealed that 64 percent of Americans are at least somewhat stressed out about money, according to CNBC. Finding additional income streams can help alleviate your financial worries by creating a money funnel you can use as you need it.

Pay down debt

The internet and the creation of new money-making opportunities by savvy entrepreneurs has enabled many people to pay down or pay off their debt. Imagine having the ability to pay chunks off your credit card off and even eliminating most debt completely. This is certainly achievable with a side business or internet venture. In fact, paying off bills will help you avoid thousands of dollars in interest payments alone, according to U.S. News & World Report, freeing up money for the things you enjoy.

More control of your life

Income from a steady job can only get you so far. And unless you have the skills or education, you may be stuck in a lower-paying vocation. That’s why you should always be seeking ways to boost your income via alternative means. That way you won’t be disappointed with the 2 percent raise your boss gives you, which may only amount to a few thousand dollars annually. Money from side ventures enables you to purchase cars or electronic devices when you want them, not when your paycheck allows you to.

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Finding extra income streams will help you enjoy these benefits and more. Just make sure you’re dealing with a reputable source if you’re working with a supplier or the creator of an income program. And expect to work hard to achieve your financial dreams.

DISCLAIMER: This article expresses my own ideas and opinions. Any information I have shared are from sources that I believe to be reliable and accurate. I did not receive any financial compensation for writing this post, nor do I own any shares in any company I’ve mentioned. I encourage any reader to do their own diligent research first before making any investment decisions.

Robert Cordray is a former business consultant and entrepreneur with over 20 years of experience and a wide variety of knowledge in multiple areas of the industry. He currently resides in the Southern California area and spends his time helping consumers and business owners alike try to be successful. When he’s not reading or writing, he’s most likely with his beautiful wife and three children.

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