Time is a valuable asset.  Personally, if I could have just a few extra hours in the day, I’d be set.  We try to make the most of our time and money, and when it comes to technology, an expensive or quirky gadget can be worth the money if it saves us time.  Here are 5 you might want to consider:

• Aerobic Aeropress.  This handy gadget costs about $29 and will save you time in the morning.  You know it’s always cheaper to brew your own coffee, and now it can be quicker, too.  The Aerobic Aeropress has your morning jolt ready in less than a minute—and this is regular coffee, too, not instant.  When you’re running late, you’ll appreciate this gadget even more.  Those are the days when you really need your caffeine!

• A Smartphone. Phones like the Blackberry can make life easier all the way around.  You can check and send emails, do your online banking, keep memos and to-do lists on hand—the possibilities are already endless and yet technology finds new handy features to add to our cell phones almost every day.  The cost will vary depending on your service carrier and the specific features you want, but a smartphone can help you keep up with the constant changes in life.  Just be careful with your usage…they’re addicting!

• DVR. If you’re like me, most of your days are planned out from start to finish, and unless an emergency arises, it’s just not practical or even feasible to rearrange the order of your plans just for a TV show.  Gone are the days of remembering to set the VCR, pop in a tape, make sure everything is turned off and that no one will be using the TV to watch something else during your show’s slot, and so on.  Today you can set your DVR to record multiple shows without worry.  The costs vary here, too, depending on the specific service you choose.  Companies like DirecTV offer free DVR service with their contracts, and outside services like Comcast require you to purchase DVR hardware as well as pay a monthly fee.  But it can be well worth it to be able to watch your shows when you’re good and ready and really need some down time.

• Mini Laptops. Laptops have always offered a world of convenience, but even the MacBook Air can be cumbersome to lug around.  Enter the mini laptop.  This will fit in your briefcase and most purses, and you can have an easy way to type up that document your boss wanted at 9am today that you forgot about until you stepped onto the bus.  Or you can just use it for easy access to the internet.  PC World compared a few that are currently out and more that are on the horizon.  The Acer Aspire One seems to be the most appealing; whereas you can run into issues with the keyboard and screen size with some minis, this one manages to produce a decent size for both while still remaining about as small as a book.  Minis will run about $300-$600 depending on size, features, memory capacity, etc., so do some research to figure out which one is worth your money.

• Sleeptracker. The Sleeptracker is a watch that doubles as a smart alarm clock.  This gadget monitors your sleep cycles.  Rather than set a specific time for it to go off, you set a window of time during which it would be ideal for you to wake up.  The watch then senses for your most “almost-awake” moment (that’s the technical term!) and then the alarm will go off.  The result is that it’s easier for you to wake up, so you’ll feel more rested and refreshed.  It runs about $179.  I don’t know about you, but I’m sold on anything that will allow me more energy during the day.  I know I’d be more focused and able to accomplish more, leaving more time for relaxing!

We’ve all fallen for it at some point—saying we absolutely need something when it’s really more of a want.  Being honest with yourself about the difference between what you need and what you simply want can actually save you money.  If you pay attention to your needs, then at some point, you’ll be able to reward yourself with something you want.

I’ll even use myself as an example.  I recently decided I needed some new clothes.  In all reality, I really do; a lot of my clothes don’t fit me anymore since slimming down, and others are just worn out.  But can I get by on what I currently have?  Absolutely.  There are some clothes I can have tailored rather than buying a new, smaller size, and the rest can function just fine for now.  For me, making sure I can afford my car payment, afford groceries, etc., is most important.  I can go shopping later after I’ve saved some extra money.  (And even then, I’m looking for sales!)

Your needs and wants will be entirely different from mine, so it’s important to evaluate your specific details closely.  Maybe, by chance, you’re a model and it’s important to your career that you stay on top of the latest fashions.  Maybe you live in an area where you can walk everywhere and don’t need a car; then making a car payment wouldn’t be a necessity for you.

Ask yourself some questions to narrow down the difference.  What would you truly be suffering without?  Will whatever you’re considering buying help pay your bills, advance your career, or put food on the table?  For example, do you really need a new computer or will your old one suffice?  If you work in the IT field, or as a graphic designer, or someone else who needs to stay current on technology for your career, you should probably invest in the new computer.  If you’re just looking to play the latest videogames, this is a want for you, not a need, and you might want to hold off until you have extra money to use.

All of us need to cover basic life necessities.  We need food, shelter, and love.  You need to stay on top of your bill payments to ensure you’ll have a roof over your head, and you need to put the kibosh on spending to make sure you have money to buy food.  And it goes without saying—but I’m going to say it anyway—you shouldn’t have to buy love.  Go ahead and create a list of the things you need in order to meet those life necessities.  If you’re iffy about anything, you just might be able to get by without it.

It’s important to go through life happy, and meeting your needs is the first step.  Once you’re comfortably at that point, then you can buy the things you’ve been wanting.  Money should first be used to cover your needs, and it can buy the rest of your happiness after that…but that’s another story.

When it comes to money, there are three types of people. Those who are happy with an average income and a safe, secure job, but ambitious; those who are a bit entrepreneurial and will take some calculated risk in order for the potential to enjoy limitless income; and there are those who have no goals at all and just assume life will take care of itself.

While the commonly cited statistic is that 9 out of 10 businesses fail, it those who have an entrepreneurial mind who will try 10 times in order to succeed. Not only do they enjoy the risk, but the opportunity is what drives them. Typically after goals are reached, these people don’t stop. It’s not so much about the amount of money that is obtained, but the challenge and the thrill of producing such large income streams.

So what is it that allows these people to become so successful? There are very few opportunities in the workforce to produce $100,000 in a single month, but entrepreneurs around the world are capable of creating that kind of income, and more. All it takes is a system that is scalable, and an ability to manage money properly.

It doesn’t necessarily matter what the system is… it can be an ice cream stands, a neon sign shop, or a landscaping service. There are many ways to build an large income stream, but it takes your initiative in order to find what works best for you. What works for one person does not necessarily work for another, and the quickest way to find that out is to try.

Once you see how the inner parts run in order to make a business profitable, and you bring your business to a certain level or profitability, then you scale. That may mean more advertising, hiring more employees, or buying more equipment. Whatever it takes to make your business run smoother and grow quicker. Manage your money properly and your business can grow at an exponential rate — doubling in size and income month after month. Of course with growth comes more expenses, but so do opportunities and tax breaks.

So what are some of the best industries or businesses to start with? Regardless if you are looking to produce a little part-time income or want to build massive income streams, here are a few things to consider. These options can be done from home, around your busy schedule, and with little or no start-up capital. Because of the low barrier of entry and the low risk involved, these may be some good places to start — depending on your interests:

1. Trade Penny Stocks: The penny stock market is a high-paced, exciting business to be in. You can make money incredibly fast, but you can lose it just as fast. Because of the nature of this market, a small investment can potentially turn into a 4,000% profit, or more in a matter of minutes. A stock valued at $0.10 that later in the day becomes worth $2 can make someone an overnight success. Reinvest those profits carefully, and you could strike gold. This is a high risk game that can be started with little money, and having access to penny stock email alerts, you can be notified exactly what to buy, when to buy, and at what price — making it easy for anyone of any skill level to start trading.

 

2. Make Money Online: If high risk is not your style, then an online business may be something better suited for you. With over 2 billion people online at any given time, there are many ways to generate an income. There’s no selling, you can work on your online business from anywhere with an Internet connection, and there’s incredibly low risk. With social networking websites like Facebook and Twitter becoming an everyday part of life, it is becoming easier for individuals to make money online. These popular tools allow everyday people to make money without having to own a website or needing any technical skills. A single message from your Twitter account can be instantly broadcasted to millions of people and pull in thousands of dollars at the push of a button. Learn how to get started making money online in your spare time.

 

3. Turn Hobbies Into Cash Flow: Take a moment to think about the hobbies or skills you have that are unique to you. They may be such ordinary and easy tasks to you that you may not even realize that it is a valuable skill. What do you find yourself doing in your spare time, or what do people regularly ask for your advice or help with? There is a high value placed on specialty skills, which can often times be turned into profits. It could be baking, design, training… whatever it is that you do best can be turned into a revenue generating business. You just need to identify what that is and how you can mold it into a product or service.

These are by no means the only ways to produce a large amount of wealth, nor are these methods guaranteed to make money for you. These methods, however, are relatively low-risk, have a low barrier of entry, are scalable, and have incredible profit potentials. Unlike opening your own brick in mortar business, you don’t need hundreds of thousands of dollars to start, you don’t need to quit your day job, and you can grow your business at your own pace. That’s what makes home-based business opportunities a good starting point for anyone who’d like to produce a part-time income that could potentially balloon into a multi-million dollar income stream.