March 31, 2008, 6:00 am

How To Create An Alternative Source Of Income Part 3

by: The Financial Blogger    Category: Alternative Income
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– Why should you have a financial partner? –

In Part2 of my alternative sources of income series I discuss the different type of financial partner you may have along the way. Some people would rather do everything alone and remain in full control of their project. However, there are plenty of advantages of having a financial partner to share this adventure with. Today, I am explaining the different reasons why you may seek for a partner in order to create an alternative source of income.


Lack of time

You must not forget that your goal is to create an alternative source of income and not to replace your existing one. Therefore, you might run out of time once in a while. Having a partner will smoother the transition between the time you use to take watching TV and the time that you will now take to work on making more money. The fact that somebody works with you will still allow you some TV time in your schedule 😉

Lack of resources

This is particularly true if your alternative source of income requires an amount of money to start with. It is the case if you are buying a small stores or a rental property. You can borrow most of what it required but banks will still request that you show some liquidity. A financial partner could be of a great help when it comes down to get approved for a loan.

Lack of knowledge

This is one of the reasons why I decided to go into a partnership with one of my friend. I don’t have much coding knowledge and don’t quite understand how the whole web works. However, I can blog and I can promote our websites. My friend and I have a lot of qualities that are complementary and we definitely have much more chance of being successful together than by ourselves.

Lack of motivation

Creating more income while you work, take care of your family and have a social life is quite a challenge. It is very possible that you want to slack off or even quit. However, if you are working with somebody else, chances are that you will not be discouraged at the same time and you will be able to support each other.

Lack of creativity

The human mind is a beautiful thing. Human minds put together become a machine with infinite possibilities. Challenging each other has been the most productive exercise my friend and I have ever did. It forces us to go to the source of each problem and find more than one solution.

It is obvious that there are not only good sides of having a financial partner. However, I strongly believe that the advantages compensate for the few rock blocks you may encounter.

How To Create An Alternative Source Of Income Part 1

How To Create An Alternative Source Of Income Part 2

How To Create An Alternative Source Of Income Part 3

How To Create An Alternative Source Of Income Part 4

How To Create An Alternative Source Of Income Part 5

How To Create An Alternative Source Of Income Part 6

How To Create An Alternative Source Of Income Part 7

How To Create An Alternative Source Of Income Part 8

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Comments

I think you are talking about a business partner.

When I hear the term financial partner I think something like a financial planner. A partner who brings only money is an investor or an owner or a silent partner. An active partner is someone who helps run the business.

Are you taking any entrepreneurship courses in your MBA?

by: The Financial Blogger | March 31st, 2008 (8:04 pm)

CR;
you are right, I should have used the wording “business partner”… my bad!

I will surely look into this option later on. For now, all courses are already scheduled for us.