Many people dream of being able to sleep soundly at night, knowing that money is rolling effortlessly into their bank accounts, enabling them to retire earlier, work less, or achieve their other goals faster.

For some, the dream is a reality; for most it is a wish that is unlikely to be fulfilled.

When you have a job, you are exchanging time and effort for money. There is a physical limit on how much time and effort you have available, and therefore your income is limited. With alternative income streams, you may have unlimited potential to increase your income.

The number of ways in which you might develop multiple income streams is limited only your imagination. The internet has opened up a whole new world of opportunities. Some of the things you can do from home are:

Start an internet blog or chat room and earn money from advertising on the site
Write a book or an e-book
Write articles in magazines or on websites for money
Turn hobbies into income streams, for example by teaching classes or selling products
Set up an online business
Invest in a property or share portfolio
Rent spare rooms in your house

If you own a business, franchising, licensing and developing new product or service lines are obvious ways to diversify your income.

To make time for a new opportunity, consider reducing the hours you work in employment. If your opportunity requires a significant investment of money or resources, make sure you seek specialist advice before proceeding but also remember ‘nothing ventured, nothing gained’. Don’t be afraid to give it a go!

Liz Koh is a financial adviser. Her disclosure statement can be obtained free of charge by calling 0800 273 847.  Author of Your Money Personality; Unlock the Secret to a Rich and Happy Life, Awa Press, March, 2008.  For free eBooks, go to http://www.moneymax.co.nz and http://www.moneymaxcoach.com/..

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