Streams of income means to have more than one source bringing in money. At least that is my version of the definition.
That way I am insured if one falls through we have other options.
I Mystery shop, sell Avon, blog, and babysit. Each income avenue brings in money. This way if I have a bad month of selling Avon then the other two ways assist my financial achievement. Do not keep all of your eggs in one basket. When I used to have my cleaning business I made sure that I had residential accounts as well as commercial accounts and apartments. Each source brought in money at different times. I was a single mom and had to make sure that we had enough money to pay our bills, eat, pay for childcare so that I could work.
Since then I have never been without more than one source. Being a stay at home mom is great. I get to see my children grow up and experience the good with the bad. Bringing in an additional income for my family allows us to go on vacations and out to eat. It is the little things that I want to provide for the family. We don’t splurge all of the time but it is nice to have the money to splurge.
Wealthy people create multiple streams of income because they feel that just having a safe income is risky. If people rely on their steady paychecks and lose their jobs then they run the possibility of losing everything.
If we follow a wealthy person’s idea of living on one income, but having two, then the risk of losing a job is not as scary. It is better to do without and save the extra income for hard times.
That is why I like to try more than one income stream. I also like to have my income streams set up
so that I am not spending a lot of time away from my family. It is better to have checks coming to me than me packing up my children and running around, or punching a clock to get money.
This website provides some more insight on the necessity of multiple streams of income. www.themogulmom.com Also, there is a great book called “Multiple Streams of Income.” It can be found on www.Amazon.com.
Here is a video of a few “how to’s” of being a good babysitter. It is always best to research and know everything you can about a job before starting. ESPECIALLY babysitting. People are entrusting you with their children.
Finally, some ideas that I find useful when watching children, other peoples’ or my own.
1. Have a schedule. Children thrive on knowing what comes next. Don’t deviate from the schedule.
2. Prepare games and activities at the table when you are fixing lunch. ( age appropriate).
3. Dont’t try to clean or get house work done unless it is naptime. Do it after hours. There is plenty of time to clean or straigthen up.
4. Have fun WITH the kids. Play WITH them. Jumpstart their imagination!