MONEY MONEY MONEY

Hello Readers!

We found out that we were paying for a balance protection insurance on our credit cards. We promptly canceled that. We were paying that every month. What were we paying for? If I lose my job or get hurt, they will pay my minimum payment for 1 year. If I still have no job THEN they will pay off the balance of my card. WOW, thanks...
Or I could pay off my own card so I don't need anyone to pay the balance of my card. I was choked when I figured out we were paying that. Unreal.

Anyways, my thoughts this week have been on finances. Controlling our money and creating additional streams of income. Someone last week mentioned that it's pretty silly to have only one income stream. Why would be want to put all our eggs into one basket?

That is a great point. Why would we put all our eggs into one basket? When I looked at my situation I said, man, I need to spread my eggs out.

I don't only have one stream of income. Both my wife and I have a job, so that's two streams of income and I am starting a second job, so that's three. 

The question I had this week was "what happens if one of us loses our job. Are the other streams of income enough to cover expenses?" The answer is no.

I think that is the case for a lot of us. We have those two jobs, but we are living in such a way that forces us to continue in both jobs. If one spouse loses a job, then bills aren't being paid and credit is being destroyed. So why are we having two jobs then? What benefit is it?

I want to get to the point where we have enough additional streams of income that if one disappears the others are still enough to cover expenses.

Of course there are a couple ways to get into that position. One is to reduce your expenses, the other is to increase your income. Obviously, the second is the optimal choice. No one wants to reduce their expenses. What do you cut? Cable or internet? Netflix? Kids sports?

It's better to just increase our income so we can still enjoy our cable and internet. So what options are there for increasing your income? Heres a short list:

1. get another job/spouse goes to work
2. go back to school to get a better paying job
3. ask for a raise
4. start a business


This is what have come up with. I am already working two jobs and my wife is already working one, I have gone to school to get the better paying job, no one likes asking for a raise, and I have started a business and continue to look into how to start more.

Personally I feel the last one is the best option. In time you can free your self from your job with the business you start. There is, I'm sure, an infinite amount of ideas for kinds of businesses you can start. Mom and Pop shops, network marketing, affiliate marketing, selling crafts or home made items, start your own day home or hair salon, etc, etc.

I really want to spread my eggs out. I don't want to risk my family life on my boss not firing me, or deciding that our department is no longer needed or cuts are needed. So I want to ask you guys, what other ideas are out there? I would like to hear some ideas you guys have come across to increase your income or create a second/third/fourth stream of income. I would like opinions on some of the ideas out there.

One last point. The ball is in your court. It is extremely important that we take our financial future in our own hands. It is our responsibility to make our money and pay our bills. If we leave it in the hands of others, we will never be free.