In Part 1 and 2, I explained how to simplify managing your money. If you have not read them yet, please Click Here to read up on what you’ve missed.
In this article, I will finally explain how to increase your “take home” per month without adding any additional bad expenses for you!
Let’s begin. For this article, I’m going to start calling “Take Home Money” = “Income Streams”. The end goal is to increase your income streams so that it will be more than your expenses. Look at the diagram below:
So let’s focus on Income Streams. Simply put, there are really only 2 kinds of income streams that you have to understand and concentrate on to increase the money flowing into your lives. These are
1.) Your Main Income Stream – What pays for the Necessary Expenses
2.) Your Additional Income Streams – What will get you from scenario 1 to 3
For those who have No Income Stream at all, then good news, this article will help you get started on your first income stream.
Now for those who have a Main Income Stream already, you must Keep and protect your Main Income Stream (at all costs) and keep on adding Income Streams to it.
Today, I will give you two of the most doable ways to start or add an income stream and explain how to do it step by step. By the way, you are not limited to doing just one of them, you can actually add both streams at the same time!
Additional Stream 1: Turn your “Good Expenses” into Income Stream(s):
Step 1: Make an inventory of all the items that you already own and classify them into either of 2 columns “Can be sold” and “Can be rented out” like below:
| Can be sold | Can be rented out |
| Ex. 1. Wedding gift Toaster Oven | Ex. 1. Play Station Game Console |
| 2. Old Cell Phone | 2. Chocolate Fountain (Or any othergadget) |
| 3. Old Comic Books / Collectibles | 3. Re-usable College / High Schooltext books |
| Etc… | Etc… |
Step 2: Create a price list. Here’s a quick guide on how to do that.
- Come up with a reasonable price for each item. If the item is new (you never got to use it) then sell it or rent it at current market price (it can also be lower than market price, just make sure that you still make money from it), if it’s slightly used, sell it or rent it 10% – 50% lower again, just make sure you still make money on it.
- If it’s for rent, you may ask for a refundable security deposit. The refundable amount would ideally be how much the item cost you or an amount that the customer is willing to give and would want to get back. (Just make sure it’s realistic)
- Add delivery costs if you will deliver it. Or you can say prices are by pick up only if you can’t deliver it.
- Include a nice quality photo of the item whenever possible and remember to make it look presentable.
- Then place instructions on how they can pay for it. You can use this line: “Hurry First come. First served, contact us now at (your telephone number). For your convenience, you may deposit payment at (Bank Account Number) Or you can use G-Cash (Globe) or Smart Padala (Smart).”
Step 3: Advertise it for free by holding a “Virtual Garage Sale”.
-A “Virtual Garage Sale” is very easy to do: Email the list in step 2 to all your friends and tell them that you are selling your stuff and would like them to check out the items that they want to buy. This saves you the trouble of organizing a Physical Garage sale especially if you do not have the space to do so.
-You should also try selling your items on www.Ebay.ph , Facebook, even Multiply. Go to the respective websites, open a free account by following instructions and start posting. This is also free.
Now, don’t be limited to just these ways, there are lots of other places for you to advertise your list for free, all you have to do is go to www.google.com and type: “Free Directory Listing” then start posting in those sites.
Additional Stream 2: Turn your Skill into additional Income Stream(s):
Step 1: Make an inventory of all your skills like so:
| My Skill | I can offer: |
| Ex. 1. Good in Math and loves kids | Ex. 1. Freelance Tutoring Services |
| 2. Good with Computers | 2. Freelance Computer Repair Services |
| 3. Good with cooking | 3. Small Scale Catering Services |
| Etc… | Etc… |
Step 2: Pick one skill, test the market, and gain experience by offering to do your first 3 to 5 jobs for free. Here are a few guidelines to doing this right.
- Start by offering your services to family and friends only and say that you want to try this out first with them. Limit the “Free” service for 3-5 clients / projects and see if this service is something that you would enjoy doing for a fee.
- Ask for honest feedback from your family / friends about your service and if they would be willing to recommend you to their friends. Get their honest inputs and improve based on that.
- If within the first 3-5 jobs you feel it’s not for you, go back to your list and pick another skill and test the market again. Do this until you figure out what you are passionate about. Once you figure out what skill you are willing to sell, proceed to Step 3
Step 3: Price it, and advertise it for free by word of mouth and through the Internet.
-Let your Family and Friends be your advertising machine. Word of mouth is always the best advertising there is.
-You should also start advertising yourself on Social Media Sites like Facebook, Multiply, and possibly even start your own Blog to highlight your skills and who you have served.
Now these are just 2 ways to start increasing your income streams as soon as possible. There will be more to come in succeeding articles of mine. Stay tuned for that. In the meantime, I hope that you learned something from me today and start building your income streams now. Good luck and all the best!
Okay, here are your 2 assignments:
1.) Scroll down to the bottom of the article and leave a comment.
2.) Read the next article - “How to Make Money Run After You Part 2″
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If My Money Management Articles have helped you in some way or form, I’m pretty sure it will also help your friends, please spread the joy of learning, email your friends about my blog, in the email place my blog link: http://www.markso.wordpress.com
I assure you they will thank you for it as there are lots more articles I still have to post.
It is truly a pleasure being able to help others. It makes me feel good and I hope it will do the same for you.
Keep Reading, Keep Learning, Keep Sharing!
All the Best!
-Mark
Hello.. My girl friend told me about your blog page. I’m a struggling business man full of ideas & passion..
I just don’t know where (more of how) to start. But thanks to your tips, I think I’ll get to that point. Thanks again!
Glad to hear that Jerem. Always happy to help.
expanding your means and not living below your current means is a great financial advice….thank you for sharing these specific step by step approach.These articles should be part of a school’s curriculum.Looking forward to learning a lot from you and your company…and expanding our means too….
Likewise, I look forward to teaching you more as well. See you in the next article.
Thank you for this…it came at just the right time…will try out your suggestions soon…
Keep these helpful posts coming!
Thanks!
Welcome Trina. If you have not yet done so, subscribe to my blog at the upper left hand side to be notified of new posts. Also, do share this and other articles of mine on Facebook or twitter so that all your friends may also benefit. Keep reading, keep applying, keep growing!
Great Advise Mark on increasing income!!! Indeed there are many ways! If there is a will there is a way!
Glad you finally made it to my blog Ella. Been a while!
I tried selling online and tutoring before to have an extra income then I stopped because I did not focus on that and I guess that those are not really what I wanted to do… I should start with what I am passionate about, right sir?
Absolutely right Glo. Making money is not sustainable if you don’t enjoy doing it. Find that one thing that makes your heart sing when you do it. When you find it, money will flow naturally and without hesitation towards you and you are definitely heading in the right direction of creating wealth that truly lasts. Excellent Glo! You’ve finished all 5 articles in less than 2 hours! How do you feel?
I feel great! Actually, I am here in the office and I am not that busy today..so instead of Facebook and reading news online, I decided to read and learn from you. Thank you so much and I look forward for more inspiring articles and tips from you and your wife! God Bless!
Good, don’t forget the last assignment in the first week of the wealth plan. Email me what problems you encounter in implementing these lessons. Or what realizations you have once you have tried these lessons in your life. Talk soon!
Creative ideas to make additional income. Do you have any suggestions for senior citizens?
Yes, you can provide introductions to influencial people within your circle. Doing that makes you a broker of people.
Mark, you are teaching practical ways to do business and make money. This absolutely not being taught in school. Thank you, Mark.
Very welcome Romeo.
Hi ! Mark and Jhoanna, having read this article again, made me reflect again what additional income stream i can start Now ….thanks!
Great! Would that be selling skills or selling stuff you own?
Brilliant article! Simple and easy to follow ideas to create additional income. Thank you for this Sir Mark. By the way sir, I’ve been thinking on becoming a freelance photographer. May I ask for your advice on what is the best way to tap the market and promote myself especially that nowadays there are lots of talented professional photographers that clients trust more than freelancers like me.
Yes, I think you should pursue that. One way is to create a website / blog to get yourself and your portfolio publicized. I think you have a lot of pics uploaded on facebook, create a separate website as well. Also, please re-read step 2 of turning your skills into additional income streams as it outlines how to do it.
That’s my problem right now. I want to have an extra income but don’t know how. Wanted an online store but do not know how to start it.
Mammy, google this phrase: “how do I start an online store?” you’ll be amazed at the stuff you will find. All ittakes is just a little research. Talk soon!
I am still finding out how can I increase my income
Hi Nabila, we hope the lessons in this article helps you with that
Hi Sir Mark,
Multiple Streams of Income.
In this article, I realized the importance of having multiple sources of income while learning to keep your focus. The problem I had before was I got involved in so many things which eventually led me to confusion. I know a lot of things but I don’t have any specialty until it came to me that I have to focus on my core gift and that is finance and investments. That is why right now, I am devoting most of my time in improving my financial knowledge and focusing only on income streams related to finance.
Justin
hi mark,
Praise God!!! truly this same with justin i had so many things to do but focusing on my core gift is left behind.thank you so much for a wonderful insight,i will do my very best to change myself and follow ardently your teachings on financial wellness. All the Glory be to our loving God!!!
This is really helpful. Must think of ways on how to earn those extra income streams.
We’ll surely practice your formula. Thanks.
Hi Mr. Mark, I know I can type well and quick that’s why I want to try a Freelance Transcriptionist or Translator sideline. But I do not know where to start. Also for the prepaid loading I have in mind, please advise how should I deal with pay-later set-up?
Hi Paul, everything can be googled. You have to do your homework and do research. Google your questions, find answers, then go for it.
You gave me some ideas Mark..I think my sis, jobless, can benefit from your advise.
Always glad to help Rico
Mark, your suggestions are really informative and it opens a lot of doors… so thank you again. hope to have more of your articles!!! God Bless!!!
Welcome Robert. Nice to hear from you, it has been a while.
‘”income of multiple streams”.. that is truly a challenge… i have yet to set another batch of GOALS in order to overcome my complacency, only then i can think of new income streams
Hi Mark,
This particular articular made me think of somethings like, “how do i make a good expense become a source of income later on?”, “how do i measure if an expense is necessary, unnecessary or bad for me?” , “what other skills do i have to add to my income streams?” I guess, its time for me to do something concrete about these thoughts. Thanks Mark.
Having multiple income streams is really important this days where job security is not certain.
I’m still trying to figure out ways of having income streams being a stay-at-home mom.
good advice. i have never thought of renting my stuff or turning my skills into additional income stream.
i will do this things, multiple streams of income. sounds very fun and good of course into our pocket. it’s money money money. yeah boy. good job sir mark.
So I have wondered in a very unique page good stuff you have here
Wow, this is so practical and right now, i want to try it. im good at computer and im thinking of making designs for invitations and typing jobs for school projects..
Hi Mark! Hope you’re having a nice day!
This is really exciting! I think I’m going to finish the assignments in Part 1 today. I can’t wait to read the next article. Kudos to you and Jhoanna for this! God bless..
No way thank you for all your info
Interesting – additional income streams. Now you actually helped me identify my problem. With expenses, they are fixed necessary expenses, too high: electricity, etc. But I find it difficult, if not impossible, to create additional income streams when my job requires no absences and takes most of my time so that by the time I get home, I’m too tired to do anything. Can’t even talk to my kids or wife anymore. I just drop dead, i mean sleep. As with skills, I don’t think I have any. I’m at my wit’s end.
great article!
i will try the method of reselling. Thank you for this article.
am glad to be in the right track. have applied your tips.
Very glad to hear that Faith.
Oh yeah! I am really getting the virus.. it’s addicting to write everything.. i didn’t realized, I’ve had so much stuff accumulated in years.. and most are non-value..huhuhu.. But nevertheless, I am glad I ‘ve got a new journey for this year. Super thanks for all these MArk…God bless.
May you achieve a debt free existence Ira. Good luck!
thanks for the advise mark, i sort of doing that sideline skill for sometime now, keep on giving great business ideas and tips!
Good to know. You can share what you do on this blog if you want, that way, you get to inspire more readers. All the best to you Don
You have remarked very interesting points! ps nice site.
I greatly like this post… If you will post more.
I’ve been wanting to dispose some of my things, now I am inspired kasi I will make money from them!
Awesome Elaine
Great article, sir! Thank you for sharing your knowledge to us!
God bless!
Very welcome Rhea!
Thank you! This is an eye-opener for me. Got a lot of stuffs at home which I can put on a garage sale.
Glad to help Marlene. Let me know how it goes.
Hi Sir Mark!
Thank you for this awesome article. I’m seriously contemplating renting out a few musical instruments that we have lying around at our house.
I have a question though. How much should I charge as safety deposit? Ideally, I want to it to be how much the items cost. Just in case it gets broken, or …they don’t return it.. hahaha
But this might not be possible as the electric guitar alone is worth 30K already. I doubt that people would be willing to put down a deposit that high.
Do you have any suggestions on how I can make this work?
Thanks a lot & God Bless!
I suggest selling it instead, but if you want to rent it out look at getting insurance for those instruments first that way if anything happens to them you are covered and you can ask for a smaller bond.
Very practical ways to add income. I am actually doing some of the ways you mentioned.
Great! Doing this step already…BUT! It made me want to add more! Time to re-evaluate mys skills.
Still inspiring… next please!
You can always view the latest articles here James. Keep your momentum going, read and read James. http://wealthflowproject.com/the-latest-awesome-articles/
Thanks Mark!
Welcome.
a million thanks! i’m now thinking for feasibility study in a business some what i’ve figured out before. again, pls pray for us….
Thank you for the practical tips on how to make more money! I have already started by selling bags and some jewelry items which I’ve accumulated when I was still working.I plan to expand this to include other items I still have.Great article!
Very good, please update us on your progress!
Thank you for the tips on how to increase my income streams. I have actually started selling some of my jewelry items which I have accumulated when I was still in the corporate world.I can expand it to include my other stuff and in the process make additional income and unclog my closets/cabinets.Selling things on line is a good idea.Thanks again!
Great, now you can forward this article to all your money leeches. Best!
Thank you mark. i will increase my income streams through my skills and talents…
Great. Looking forward to yoir success Susan