"Choose life. Choose a job. Choose a career. Choose a family." These words were spoken in the 1996 movie "Trainspotting". It was the beginning of a monologue outlining the average person's walk through life, with the idea that you get a job and work at it until retirement age, then retire to spend the rest of your life doing whatever you think retirees should do.



Multiple income streams can change that. You can start out modestly, but your returns over time for a relatively modest investment can mean quite a lot. You might even see your returns pay for your bills, leaving you free to take or leave actual jobs. Even if you don't make quite that much, chances are that your returns will leave you in a much better financial position than otherwise.

Real estate has always led the pack when it comes to income. Many wealthy people got that way by quietly investing in real estate. Real estate investment isn't the only way you can create alternative income, though. Here is a list of possible income generators involving real estate.

1. Investment rental properties

Always the favourite of people who want to quietly amass wealth, investment real estate is one of the most reliable investments you can make. If you can get an investment property for no money down and rent it out, even for just enough to pay the mortgage, you're laughing all the way to the bank. If you build equity while someone else is paying your mortgage, you can end up selling for thousands more than you owe, leaving you with a nice chunk of change in the bank. If you are getting more in rent than the property costs you each month, then you've got a stream of income that you don't have to get up and work for.

Cons are property upkeep and not being able to find reliable, responsible renters. You also need to set aside money for property maintenance and any fees not taken care of with your monthly payment. Know your renter market and buy to suit what people are looking for in a rental property.

2. Write about real estate

If you're passionate about real estate, write! There are newspapers, magazines, websites and books waiting to hear from you! E-books are another income generator that you could explore. It helps if you can string a sentence together well and have a wholesome respect for spelling. If you have a talent for getting other people excited about real estate via the written word, you could set yourself up for a nice little income stream that can be generated in your spare hours.

Cons are that not everybody has the ability to transfer their knowledge into engaging prose. Good writing requires a significant outlay of time and effort that some people are just not able to invest. The market for writing, even good writing, can fluctuate and it may take some time to establish yourself as a good, reliable writer.

3. Invest in P2P lending

P2P, or person-to-person, lending is taking off with a plethora of companies setting up websites that allow people to request and invest in loans. The most popular in the US is Prosper.com. Basically, if you invest in a loan, you can name your interest. If you are accepted as a lender, you can get a return of 10-50% of your loan over a period of several years.

Cons are that, despite the stringent requirements of many P2P lending companies, your borrower might take your money and run. Or be late with payments. Or start out well and then stop paying... this is a very new investment item and, despite it's seeming simplicity, requires some critical thought before investment.

4. The wonderful, wonderful Web

This kind of goes back to #2... if you've got valuable information, think about disseminating it via a webpage and selling adspace. Blogs are all the rage now - if you get a reader base, it all means money for ad clicks. Consider Google Adsense for a starter ad, but there are a lot of companies who are willing to pay per click.

Cons are the knowledge of writing mentioned in #2 and the need for a modicum of knowledge of how the Web works and how to create and market a website without being written off as spam.