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Diversify Your Income in 2007


One of the interests my husband and I share is for real estate investing. We are currently renting out our first home and living in our second. We are avid fans of Flip this House and Flip that House, and sometimes get a little starry-eyed with the profits being made.

Regardless, real estate investing is a risky industry. My brother made $50K in one week in 2005, only to sink it into a flip that has been on the market for nearly 9 months, with each monthly mortgage payment eating away at their profits (anyone interested in a cute little 4 bedroom in one of the best school districts in the Chicagoland area?? ;) ).

I kind of laughed to myself when I realized that I hadn’t really talked about this part of the family income on this blog. We are currently actively seeking out our second investment property, and for the first time it occurred to me - gee, doesn’t our real estate investing count as a home based business? Duh!

I am no financial planner. But it doesn’t take an expert to figure out that multiple streams of investment income is good for anyone’s budget! For 2007, my husband and I are focusing in increasing cash flow by creating more ways to receive income every month.

So what are some of the creative ways you could diversify your streams of income in 2007?

  • Purchase a rental property .
  • Start up a new affiliate website.
  • If you have kids in school, drive a few more kids to and from home for a fee.
  • Telecommuting for a part time job is more attainable than ever before.
  • Set aside a few days to finally clean out the attic and the garage, and get rid of your junk on Ebay .
  • Many service professionals offer referral fees - become a networkaholic this year and connect, connect, connect!
  • Are you missing out on consulting work? Robyn Tippins at SleepyBlogger is so busy with consulting gigs she is turning work away in 2007 - who needs your expertise?
  • Running an event, workshop, or teleconference is a great way to both diversify your income AND your expertise.
  • And of course, there are new ways to monetize blogs and websites every day. Head over to Darren’s for the most comprehensive and helpful advice around.

Got your own ideas? What are YOU doing to create more abundance in 2007?

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