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Finances in 55 Seconds: Create an Alternative Income Plan
Posted By Miranda On 07/18/2011 @ 12:13 pm In Personal Finance | 4 Comments
One of the ways that you can improve your finances  is to come up with ways to earn more than you spend. While cutting back on your expenses can be helpful, it can also be a good idea to cultivate alternative income sources. That way, if you have an income drop from your primary revenue stream, you can supplement it. You can also use your alternative income to pay for fun extras, or boost your emergency fund.
While it will take considerably longer than 55 seconds to cultivate an income stream that can provide you with significant revenue, you can get started by considering your options and making a plan:
Now that you have a basic idea of what you can do to earn extra income, you can take a little more time to flesh out the details. Put together a plan that can help you reach your income goals. If you plan to build an income portfolio , you can decide how much money you need to invest each month to eventually reach your target income stream. You will also need to make a plan for researching possible investments, and how you will hold them.
If your plan is to create a home business in your spare time, you will need to list out what supplies you will need, as well as make a plan for developing a business web site, and create a business plan that includes marketing ideas, and your plans for optimizing your site for search (many of these items are necessary, too, if you want to monetize your web site). You might even need to come up with a plan for getting small business funding .
Actually building alternative income streams takes some thought and hard work. However, if you make a plan, and if you can devote a set amount of time to it each day, you will be able to eventually see the fruits of your labor, and you will build an income stream that can help you achieve financial freedom.
(Photo: elycefeliz )
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 improve your finances: http://www.bargaineering.com/articles/7-deadly-sins-of-personal-finance-dont-budget.html
 income: http://www.bargaineering.com/articles/adjusted-gross-income-and-modified-adjusted-gross-income.html
 income portfolio: http://www.moneycrashers.com/passive-income-investing-strategies-investments/
 small business funding: http://www.bargaineering.com/articles/grants/get-small-business-grant-loan.html
 elycefeliz: http://www.flickr.com/photos/elycefeliz/4410603929/
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