Home Budgeting Having A Backup Plan

Having A Backup Plan

If nothing else, the recent/current economic recession should be a warning to us all that our economic futures are likely not as secure as we’d like to think they are. Several people, we’re thrust into no-win economic predicaments for a variety of different reasons. Simply put, the average person doesn’t anticipate ever losing their main source of income, yet it’s a potential reality that cannot be ignored. The key to planning for this is to have a backup source of income.

Many view alternative sources of income as a way to put some extra change in their pocket, but in a bind, these side-projects can end up being the difference between foreclosing and not foreclosing. Like anything worthwhile though, there aren’t any shortcuts to securing a quality alternative source of income. You will have to commit time and resources to develop a dependable alternative source of income. The key is to develop an alternative source of income-based on something you enjoy doing. This will greatly increase the likelihood that you stick with developing it as a viable source of income and give it the attention it deserves. Below are just two ideas of ways in which you can develop an alternative source of income.

Detailing Rental Properties – I have a friend that contacted as many landlords as possible throughout his area a few years ago and offered to detail their rental properties for them before new tenants moving in. He usually charged around $500 per property (which was flexible based on size) and now details, on average, two pieces of property a weekend. Not only does this provide a great source of extra income, but it also provides him with a solid backup plan.

He knows that if he ever lost his main source of income he could simply expand his apartment detailing business (which shouldn’t be too difficult given his accumulated experience) and live off that income. This obviously isn’t for everyone, but this man enjoys getting out of the office on the weekends and breaking a sweat. Once again, the key is finding something that fits into your lifestyle and preferences.

Build a Blog – All of us have a passion for something, whether it be golfing, social media, or Chinese dolls. No matter how obscure your passion is, it’s almost guaranteed that there are other people out there in the world that share your passion and want to learn more about it. A passion and a time commitment are really all that is needed to start up a successful blog. Blogs take a great deal of time to develop to the point that they bring in a solid source of income, so getting one started while you already have a stable source of income will allow you to develop it properly. Creating a successful blog is also very much a learning process. The internet is packed with a wealth of information, link-building services, and well-established money-making techniques (such as Google ad sense), that can guide you along the path towards making money with a blog.

This article was written by Anthony Benedict. Anthony helps to run and maintain inetzeal.com – which is an Internet marketing company that provides white label SEO services.

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