Try to Build Up Income Streams while Still Working ~ Make Money Fast - The Million Dollar Experiment Down Under

Wednesday, December 06, 2006

Try to Build Up Income Streams while Still Working

It is very tempting to embrace a money making idea, quit your job, throw everything into it and try to make a fortune. However a word of caution, this is seldom successful!

The Million NZ Dollar recommendation is to first dip your toes in the water, splash about a little, then slowly move your foot in, then your leg, rest of your body and finally become fully immersed.

Set yourself small but easily achievable incremental targets each month, and then do whatever you have to do to achieve them. (Legally of course!)

My previous post about exponential growth is available here.

It is easy to expect too much to soon, however you will only disappoint yourself if you take this approach. So see how you go for a couple of months, then set up your future targets from there. Remember if you set unachievable goals, you are asking for failure. Be realistic, achieve reachable targets, and enjoy the feeling that success brings.

If you cannot make a bit of money on the side, the chances are that even if you devote 5 times as much time to it, you are still going to struggle. For myself I will not quit my job until I can almost earn close to the same amount of money from my online endeavours that I earn at my Day job.

If I look at my exponential budgets and graphs, retirement is however now less than 32 Months away, and we all know how time flys.....

If you found this site to be helpful or inspiring you are welcome to donate to Robs Experiment!

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The Frugal Place said...

Interesting idea.

I am a big believer in multiple income streams. I now can match about 1/3rd of my income with my other "streams." Once I match it 100%, plus pay for health insurance, my day job is GONE! :)

Anonymous said...

Thanks very much for visiting my site, and I must say I am impressed by your income streams! Certainly something we can all strive to replicate!

Unknown said...

Hi rob,

make your adsense border color also to fit to your side bar color. That will look much better.

Start link ads above your posts.

Anonymous said...

lfc: Thanks for the adsense border tip, I have done that.

Think I have enough advertising on here for now, but may look at your other idea later on!