Saving vs. MSI

Hey guys, sorry I've been missing from action over the past few days. Been really busy making arrangements to move into my new office. I just woke up and realized that I finally have some free time to myself. So here I am.

Have you guys noticed how expensive things are nowadays? I've been struggling to control my expenditure to keep it within my monthly budget but it's been getting really tough. So I've been working really hard to reduce my spending. I've reduced my starbucks coffees, fancy dinners and other luxury indulgences.

But this got me thinking about something I heard at a talk a few years ago. The speaker was talking about Multiple Streams of Income (MSI) and said that instead of working really hard to reduce spending work really hard to increase your income.

Instead of stinging on the tiny luxuries like fancy dinners or expensive coffee, he said it would be more effective to find ways of earning a little extra. And we're not talking about much. For instance, look for a way to earn just 10% of your current income.

If you're earning RM 3,000, find a way to earn an extra RM 300. If you have a hobby you are really passionate about that may be an avenue to make a little bit more. Look for part time, freelance jobs that you'd really enjoy. If you have a particular skill, you could teach it to others. If you haven't got a skill, just scan the part time jobs available on the web and see if anything catches your fancy.

For those of you who have big dreams of starting your own business, this would be a good time to see how you could slowly move towards starting that business. If you've been wanting to sell that awesome cupcake you're so good at baking, maybe you could sell it on a small scale during the weekends.

Let your imagination go wild and you'd be surprised at the ideas you get!