Have Multiple Sources of Income

For a working adult, our main source of income is the monthly salary you received from our job. Once we are out of job, this income stops.

In order to achieve financial independence, we need to think of ways to create more sources of income. How can we do it?

It is possible but definitely needs some hard work. Nothing is impossible if you have a good plan and strong will.

1) Do you put your extra cash into hard work? By putting it into Fixed Deposit, you get "paid" with the interest. Though the amount is very little in this low interest rate environment, nevertheless, this is something extra by making your money works harder.

2) Do you invest in unit trusts or shares which give dividend regularly? Some unit trusts and many shares give attractive dividends and this is another way to get some money.

3) Do you have any special hobbies, skills or knowledge which you can tap on and generate some income? Some people are good in writing and so they write to publish their articles. Some may be good in selling and they can sell their services or setup
online portals to sell goodies. Some give tuition to students and this generate some side-income.

4) If you have the capital and with the right partners, you may even set up a company to do business. Or you may even buy a property and rent it out. The rental collected is another source of income for you. Of course, you must do your homework first before venturing into this path.

There are many other ways to generate income and I listed only a few here.

By creating multiple sources of income, you know that your money is working harder for you and you are also work hard to achieve financial independence.