by Stanley Courage Dugah

Created on: August 18, 2010   Last Updated: September 26, 2010

Having additional income streams alongside your day job is a step in the right direction and one that’ll benefit your financial health and grant you the needed financial freedom, in preparation for a glorious retirement. So, how do you go about doing that?

Detailed below are five tips on how to create additional income streams.

- Invest Your Money

Putting part or all of one’s savings in secured investment vehicles is a money management tip that's fun, financially savvy and smart. There's no sense in letting your money lie idle in a savings account. Invest in mutual funds, government bonds and treasury bills. These are more secured than other investment opportunities and will earn you some additional income. Do measure your you learn about their merits and demerits, before

deciding to invest in them.

Start saving today, if you're not yet doing that and get ready to invest your money.

- Tell Your Friends You need a Job

Using your friends to find other income opportunities is also an effective option. Tell your friends to keep you updated on job opportunities they may come across. Hopefully, some will go to the extent of looking for jobs that they can recommend. Informing them about your skills and qualifications and the types of job you're looking for is also necessary.

Post it to your Facebook page or twitter it to all your friends. Somebody may just find you that job you can handle alongside the one you’re already on.

- Go Hunting for Less Technical Jobs

You can also recommend yourself to people who may have works they can't do themselves. These jobs may not require special skills or talents, but it's worth getting informed about them. Get a good self-help guide on gardening, baby-sitting, or any topic that may be necessary, and get prepared.

Next, you can baby-sit for the couple next door or ask that rich elderly lady three blocks away if she is in need of somebody to look after her garden.

- Get Qualified for other Income Opportunities

Freelance writing can be successful even when you do it part time. Provided, you're serious and ready to improve learn or improve your skills, it's something worth trying. Don't waste your time, however, if you lack the aptitude for it.

You can also learn new skills that are important to getting employed in jobs that can become additional income streams.

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