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Secrets for Generating a Second Income

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Posted: Sunday, January 5, 2014 10:00 pm | Updated: 1:32 am, Mon Jan 6, 2014.

(StatePoint) In today’s tumultuous economic times, extra income is not just a luxury, but a necessary safety net, according to many financial experts.

“Relying solely on a single employer to make ends meet is a surefire way to end up struggling, as so many Americans do,” warns Kimberly Palmer, senior money editor for U.S. News & World Report and author of the new book “The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life” (AMACOM). “Being your own boss, part of the time, can be a fulfilling way to overcome job insecurity.”

But do you have what it takes? Whether one’s passion is baking cupcakes or designing logos, Palmer discovered when researching her book that there are certain qualities that successful entrepreneurs tend to have in common:

• They know exactly what motivates them, and it often starts with a big loss or other major event in their lives.

• They choose entrepreneurial pursuits that line up with longstanding interests, and skills.

• They minimize their expenses in both their professional and personal lives, while finding ways to invest in their venture.

• They rely heavily on online communities of similarly minded people.

• They actively promote their brands through social media and other grass-roots marketing efforts.

• They master time management strategies that enable them to maintain full-time jobs along with their side ventures (and the rest of their lives).

• They find ways to be resilient in the face of inevitable setbacks.

• As their businesses grow, they support other small shops and start-ups by outsourcing tasks, which further enhances their own businesses. And they often find other ways to give back.

• They derive a deep sense of financial security and fulfillment from their businesses, far beyond money.

More information about “The Economy of You” can be found at www.byKimberlyPalmer.com.

Thinking about taking the plunge? Saying “yes” to today’s money-earning opportunity without over-planning or over-investing at the outset is a low-risk way to get started.

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