Creating your own income system helps you to be more organized with the way your money flows. Contrary to popular belief, creating an income system does not necessarily have to be strictly with online means. There are many ways of building up your income system. Here are the ways by which you can make your own income system and be enjoyably prosperous with it:
Your active income. You will not have an income system to begin with if you do not have money to circulate with. You may have your dad’s graduation gift or other windfall money in your midst from time to time, but your most active income source will have to be the one that you get from your job.
High interest savings. Once you get good sizable startup money for generating an income system, the first thing you need to do is slice off a chunk of that cash and place it in a high interest savings account. This way, you will have some standby money earning you some passive income annually. But this is really not enough especially if you want an income system that can help promote for your early retirement.
Franchising. Franchising may need some manpower but it is a very good source of income for you. Choose whatever store or stall you will like to franchise and determine the cost of doing so.
Mutual funds, treasuries and bonds. Mutual funds, treasuries and bonds are also good sources of income system that make money work for you on an annual basis. These are financial instruments that are low risk and generate you more or less 20% interest of the money you place in.
Stocks. Stocks are not really that low-risk as a financial income instrument. But its returns are great. You may want to think hard first before engaging yourself and making this part of your income system. A good working knowledge of stocks and the daily paper’s business page may give you ample insights.
Real estate. Robert Kiyosaki’s Rich Dad Poor Dad main argument that there is a lot of money in real estate has gained a lot of followers in pursuit of a favorable income system offline. You may want to venture in this very field and add to a potentially booming income system.
Finance software. Finance software as basic as MS Excel or other more complicated ones like Quicken help you track your path in your income system. No matter how many your investment instruments are, you can get favorable income returns if you are consistently able to check and fine-tune your progress.
It is a rule of thumb for people working up an income system to have at least some form of emergency fund and savings account stashed away. Make sure you have these covered first especially if you are planning an income system hinged on high risk instruments like stocks.