Multiple income streams are often a quick way, and relative easy, to boost your retirement savings when your retirement income planner indicates that you are going to have a shortfall at retirement.
When you consider an extra income stream, don't feel that it is a hopeless quest when the monthly figure of extra income you can generate looks trivial. Even a small amount compared to your gross income can make a huge difference.
Do this exercise: On your retirement income planner add a monthly income of $500 that goes directly to a retirement savings account. (If you don't have a retirement income planner visit the page where we discuss planners by clicking here.) See the huge difference it makes if you can add an extra $500 per month to your retirement savings account until retirement.
Opportunity for extra income might be right in front of your nose! Many years ago I was a young systems analyst cum programmer in the days when computer equipment and programming languages evolved rapidly. My boss complained bitterly that some of his customers, still operational on obsolete machines using old programming methods, demanded rewrites and updates of programs to extend the life of their investment. However, he had to use all his available resources to develop systems on the newer generations of computers.
I loved programming and was always challenged by implementing a well working system while using 'primitive' equipment, low level programming languages, and evolving programming methods. So, I volunteered to do some of these rewrites and upgrades after hours and over weekends. I quickly found that an upgrade was sellable to various other users of the same equipment. This became quite a business – eventually earning monthly more than my full time job!
How do you create extra income? Look around you. What do you do well? What do you like doing? Develop a bit of an entrepreneurial mindset.
For example – note that it won't work for everybody – how about taking free online surveys at home?
Opportunities listed for 'Free Online Surveys' are mostly for citizens of the USA, Canada, and the UK. The sponsored links on this page might direct you to a free online survey in your country.
For online work, visit elance.com and see if there are any opportunities for you. It's free to join.
Don't be greedy. Don't expect a fortune. Set your target amount on an achievable level. Start small. Test different opportunities. Stick with those opportunities that work for you. And keep your goal in mind! Channel the extra income to your retirement savings account until you are happy that you've made adequate provision for your retirement.
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