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Personal Finance
Creating a new stream of income
Factors to consider before taking an extra stream of income
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[QUOTE="Benet, post: 11313, member: 142"] Here are some factors to consider before taking on an extra stream of income: [LIST=1] [*]Time commitment: Make sure you have the time and energy to commit to an extra stream of income. This may require sacrificing some of your free time or taking on additional responsibilities. [*]Potential earnings: Consider the potential earnings from the extra stream of income. Will the additional income be worth the time and effort you put in? [*]Legal and tax implications: Make sure you understand any legal or tax implications of taking on an extra stream of income. You may need to pay self-employment taxes or obtain necessary licenses or permits. [*]Skill set: Consider whether you have the skills and expertise needed to succeed in the extra stream of income. You may need to invest in additional training or education to be successful. [*]Personal interests: Consider whether the extra stream of income aligns with your personal interests and values. If it is something you are passionate about, you will be more likely to stick with it and be successful. [*]Potential risks: Evaluate any potential risks associated with the extra stream of income, including financial risks, reputational risks, and potential liability. [*]Work-life balance: Think about how the extra stream of income will affect your work-life balance. Will it add too much stress or disrupt your personal life? [/LIST] [/QUOTE]
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Creating a new stream of income
Factors to consider before taking an extra stream of income
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