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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="Learners Quest, post: 9340, member: 250"] There are a few things you should take into consideration before you take on an extra stream of income. 1. How much free time do you have? If you're already stretched thin, taking on another stream of income may not be the best idea. Be realistic about how much time you have to devote to another project and make sure you can still maintain a healthy work/life balance. 2. What are your financial goals? Before taking on another stream of income, think about what you want to achieve financially. Do you want to save for a down payment on a house? Build up your emergency fund? Pay off debt? Make sure your extra income will help you meet your goals. 3. How much risk are you willing to take? There's always some risk involved when starting a new venture, so you need to be comfortable with the amount of risk you're taking on. If you're not comfortable with a lot of risk, you may want to stick to a more traditional income stream. 4. What are the tax implications? Be sure to research the tax implications of your new income stream. You don't want to be surprised come tax time. [/QUOTE]
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Factors to consider before taking an extra stream of income
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