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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="Knowlopedia, post: 9288, member: 41"] When it comes to taking on an extra stream of income, there are a few factors you should consider before making the jump. Here are a few things to keep in mind: 1. The time commitment – How much time are you willing to commit to this new endeavor? If you're already stretched thin, it might not be the right time to take on something else. 2. The financial investment – Is this a business venture that requires a financial investment? If so, do you have the funds to cover it? 3. The risk – What is the risk involved in this new venture? Is it something you're comfortable with? 4. The potential reward – What is the potential upside of this new venture? Is it worth the time and effort? 5. Your motivation – Why are you considering this new venture? Is it something you're passionate about or is it simply for the money? 6. The market – Is there a market for what you're offering? Are there people who are willing to pay for it? 7. Your competition – Who else is offering something similar? What makes you unique? 8. Your experience – Do you have the experience necessary to be successful in this venture [/QUOTE]
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Factors to consider before taking an extra stream of income
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