How to Plan for Multiple Revenue Sources 1

It’s hard to find anyone who doesn’t worry about money nowadays. Everyone’s feeling the pressure, and working twice as hard just to keep their heads above water. What can you do to ease off the stress and lose the incessant fear of losing what you have now?

You need to step back, calm down, and think of what solid actions you can take to improve your situation.

Okay, your financial situation may be more precarious or unstable than you want. You need to arrange it so it’s more steady, and you’re less stressed. What do you do to fulfill those needs?

First, you build more than one source of income. Only as many as you can honestly handle with your current responsibilities, as many as you can incorporate into your lifestyle, for as long as you can sustain them. Having only one source of income sets you up for some scary times, because without something to fall back on, what happens if you lose that one source?

To prepare,you need to detach from your familiar places. Sometimes people get stressed even at the very thought of the stuff they need to do at home: pay the bills, do the chores, drive the kids to soccer practice, etc. Don’t do this at work, it’ll just split your attention. Make the time, and find a place where you can sit and think uninterrupted. {more}

Eliminate the distractions of popular spots, “Ooh, free WiFi, and the coffee smells so good, guess it won’t hurt to get a cup…and one of those crullers, come to think of it. I’ll just check my email and then I’ll get to it.”

If you know you’ll be distracted, head the distractions off at the pass and find a place where you’ll be forced to think solely about what you need to do. The next steps you take will determine how much you get to change your life, and doesn’t that deserve serious attention?

Make a few mini-goals for this planning session. Let those goals feed on and build each other.

For example: 1) You will only use 1 hour (or whatever time you parcel out, 15-30 minutes, just as long as you’re focused on finding workable, doable solutions). 2) You will use all of that hour –with 2-3 short 5 minute breaks– to come up with at least 3-5 bigger goals that will improve your financial situation. 3) Come up with as many ideas as you can, but you need to have a workable plan, with solid, achievable goals, that you can implement as soon as possible.

You also have to have deadlines. Good goals without solid deadlines just lets you off the hook. If you want to really improve your situation, you have to have built-in accountability. Keeping deadlines and committing to action is part of that.

Good planning involves short-term and long-term goals that build up and on each other. Accomplishing the short-term goals gives you tangible, measurable results for our efforts, which a) shows you can and do have the power to change things for the better, b) boost your confidence and c) relieves some of the stress you carry. Long-term goals and what short-term goals, accomplished in chunks, move towards.

Continued in Part 2.

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