Secondary and Tiertiary Incomes

[Hiltonizer]

We all know the phrase, two is one, one is none. We also know a job isn't independence.

What's on the docket for everyone out there with regards to secondary income? Tertiary if you have some kind of financial system income.

What are you doing or what are you planning on doing? Have you considered something at least?

I personally am trying to think up a nitch for farmers markets (off season in particular) that double as prepper skill sets. Not sure if I can sell enough home canned goods to make it worth the effort though. Recession/Depression proof is kind of important in my eyes.

 

[Kevin_NH]

The same skills (a specialized area of IT) I use for my job, I could use in self-employment, however that is not an easy path; I tried it for about 5 years, went back to "working for the man" around the time of the "dot bomb" implosion.

While I recently read an article about how difficult it is to make a living from Farmer's Markets, selling at shows can be a good supplement to other sources of income. Diversification is key.

I'd recommend finding a number of like-minded folk and setting up a formal (or informal) co-op and make that your "brand". You can share overhead (booth fees, marketing, insurance, accounting, etc) so you're not stuck trying to run all the aspects of a business as a one-man shop. Plus with multiple people available to run a table at the farmer's market or make deliveries, you can actually take a weekend off once in a while without losing income.

A formal co-op (or another corporate layer of indirection) can also give you some asset protection -- if somebody claims to get sick from your home canned goods, incorporation can make it more difficult for a lawsuit to take everything you own.

 

[coastie]

Check the legality of selling home canned goods as it varies state by state. There are also restrictions about interstate sales as well. i.e you go to a farmers market in MA vs NH. That said I am seeing more and more hmecanned stuff at our farmers market. It used to be just jams and jellies but now it is a variety.

 

[NHAtHeart]

My wife and I bought a small business that we use as extra income. It's a decent amount of work but I can still work my full time job and she can be a stay at home Mom. We do it together and it added about 40% pre-tax onto our income. If I ever get laid off it would slow down the bleeding and give me more room to find a new job.

 

[bandaid bandit]

There's always the oldest profession.........
And it's proven to be recession/Depression proof

 

[HTRN]

There's always the oldest profession.........
And it's proven to be recession/Depression proof

Masonry?

Yeah, must be masonry..



Rental income is a good source of cash flow but it depends heavily on the location and quality of tenants.