We’ve all heard and understand the idea of creating multiple income streams. What would happen if we setup multiple targeted income streams? In the “ugly” page I scanned in from my notebook, you can get an idea of what I mean by “targeted” income streams.
The basic idea is to create an income stream for a specific purpose. In several articles, I’ve written about how to setup income streams for the cost of college, for paying off our mortgages early, and for our early retirement. What would happen if we followed this approach for other things we find important?
Let’s assume you love photography. Wouldn’t it be cool to setup an income stream to provide monthly income you could use specifically for this hobby? How would things change if you had an extra $300 each month coming into your photography fund? Would you enjoy your hobby more? Would you be able to buy better equipment? Probably.
Or maybe you enjoy going to concerts or sporting events. Wouldn’t it be cool to setup an income stream to provide monthly income you could use to attend more concerts/sporting events? Would you be able to see one or two events each month on a consistent basis if you had an extra $300 a monthly coming into your concert/sporting event fund each month?
Do you enjoy clothes shopping? Wouldn’t it be cool to have an extra $300 a month flowing into your shopping fund? Or maybe you love wine. Wouldn’t it be cool to have an extra $300 a month income stream just for your favorite adult beverages?
My oldest daughter loves to make short movies. How about an income stream for new video cameras, or equipment to shoot better videos?
My youngest daughter loves to ride horses. How about an income stream for her to
buy lease a horse?
We all have things we enjoy. The problem is we typically will hold off on spending money on many of these things we enjoy because it isn’t the best use of our money. We don’t want to “waste” the money on something that isn’t needed. We put the electric bill, phone bill, insurance bills, and all the other bills first. This kind of sucks, because we lose out on things that would make us a great deal happier. Life is short and we shouldn’t hold out on ourselves.
What do you enjoy? What are you missing out on because you don’t want to spend the money? Come on, you have something. We all do.
Why not setup a specific “targeted” income stream?
Oddly enough, I’ve come to realize I work harder to create new income streams when they’re targeted for a specific purpose. The reason why is I can “see” and “feel” the benefit of the income stream. Life is a little better.
Would you be willing to create an extra income stream if the monthly income was specifically for something you love? I’ll bet you would.