Saturday, February 13, 2016

Setting Up Multiple Streams of Income

I have read quite a bit about setting up multiple streams of income and have wanted to do the same, but I really didn't know how and didn't have the motivation to really pursue it.  Well, that has changed since I have been out of work for a couple of months now.  I had a hefty savings when I got laid off, but that got used up pretty quickly.  I had started looking for a job before the layoff because I knew it was on the horizon and assumed that I would land another job right away.  Needless to say that didn't happen.  And of course, that was right in the middle of the holiday season when there are not too many permanent job postings.

It took me a couple of weeks to realize that I wasn't landing a job right away, so I delayed filing for unemployment.  Unfortunately, the company I had worked for had gone to using a payroll company and all the employees were considered co-employed.  It took that payroll company several weeks to determine that I was eligible for unemployment which delayed my approval for payment.  The state of Florida Unemployment office was not helpful and there evidently was a computer glitch that they couldn't work out for several weeks which resulted in non-payment and in my claim getting closed out.  So, I had to reopen the claim and wait for approval again, for which I am still waiting.  I have been out of work for 11 weeks and have only received 1 week of unemployment compensation.  Needless to say, money is a little tight.

The good news is that I do receive child support for my daughter so I do have a little bit of income coming in.  The child support is not enough to cover all my bills, but it certainly helps.  Of course, my daughter is a junior in high school, so I will only receive child support for a little over one more year until she graduates.  In the meantime, I am very thankful for this source of money.

I am currently looking for a full time job.  There were not too many postings until about the 2nd week of January, after the holiday season.  I have been applying like crazy for jobs.  I have had a few interviews, but no job as of yet.  I keep hearing that I have a good resume, but for many jobs, I am told that I am overqualified since I have a college degree.  Yet, for jobs that require a college degree, I do not have enough relevant experience since I spent quite a few years as a stay-at-home mom.  Evidently being a stay-at-home mom is career suicide.  Though I wouldn't trade those years I was home with my kids for the world, it makes getting a job difficult.

So this lack of income has made me realize that I never want to be in this position again.  I need to set up multiple streams of income so that if I lose one stream, I still have others to carry me through rough times.  I started thinking about my skills and resources and what I can do to make money other than a full time job.  I have determined that I should be looking into freelance writing, getting back into creating artwork that I can sell, selling items on ebay and being crafty and setting up an etsy site.  I have a few other ideas as well that I am want to research further, but they are insignificant at this time. If you have any other ideas, feel free to let me know.  I am open to just about anything.

One site I have been looking into a little bit is CafePress.  If anybody has any experience working with them, let me know because the review sites are all over the board as far as it being good or bad.  The concept is great, but I don't want to be associated with something that is low quality.  Also if there are alternative sites that operate about the same, let me know that too.

Do you have multiple streams of income?  What are they?  Maybe we can help each other out.  I look forward to hearing from you.

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