Create multiple streams of income
If you rely on a single source of income you are unlikely to acquire a great deal of wealth before retirement, unless your source of income happens to be an extremely well-paying job. If not, you must try to create additional sources of income in order to make more money. The more money you make, the more you can invest.
There are several ways in which you can create additional sources of income — you can get a second job, become a freelancer, start a home-based business, rent out a portion of your house, rent out your tools and equipment or invest in rental real estate, real estate investment trusts and dividend paying stocks.
It should be noted that when you make more money than you normally do you might be tempted to upgrade your lifestyle and spend money on things that you do not need. You should instead resist the temptation and focus on building a robust and diverse investment portfolio that will make financially independent.
