Years gone by, most people would have been encouraged by their parents or guardians to go to school, get good education and find a good job for life. Well I did. Staying in one job until retirement was not unusual.
Interesting how things have changed. Like it or not everyone has to adapt to the changing economic factors that determine who gets hired, for how long and on what terms. In the 21st century, for many, having a job at all is seen as ‘lucky’ despite years of college education at great expense.
This website is geared towards generating ideas especially for you if:
- You are looking to build income for retirement – let’s face it, once you reach certain age these days your marketability in the employment market begins to diminish
- You may be a college student wanting to create additional income on a part-time basis. This will help you towards becoming debt-free by the time you graduate
- You are a stay at home mom who has young children and/or aging parents to look after
- You are seeking financial and/or time freedom so you can do the things you love but never had the time or means to do them
In today’s economy, many people are doing more than one job in order to pay the bills and also survive. Statistically an average person makes close to if not over one million bucks in their lifetime yet they remain in struggle. Given this information, many people reach retirement still counting the pennies or doing odd jobs to make ends meet.
There’s nothing wrong with that if it is your strategy but if it isn’t, the ideas we will be sharing here will help you to create multiple income streams that will take some financial pressure off.
“Wealth comes from multiple incomes. Always think of growth and new businesses to create new income streams.”
― Ehab Atalla, The Secrets of Business
How Not to Put All Your Eggs in One Basket – Diversify Your Income Streams
There is risk attached to relying only on one source of income whether you’re employed or own your business. If the worst should happen and you are unable to work, your income will also cease flowing. It is similar to putting all your eggs in one basket; if you drop the basket, the eggs get broken. The stress can be significant.
You can diversify your income streams by creating active and passive (residual) income sources. If one stops supplying you an income, others will still keep flowing in.
ONE – Multiple active income streams such as a job, a business, freelance (of anything you are passionate about including blogging) will give you a steady platform that will serve as a launch pad in building residual income(s). In addition, having multiple active income sources will ensure that if one stream stops flowing, you are sustained by others.
TWO – There are many passive streams of income ideas and the purpose of this site is to share them in bite-size chunks. With passive (residual) income, you work hard initially to establish it, then you sit back and watch the returns flow in over and over. During the time you are building your passive (residual) income, you have to ensure your active incomes are working for you, being careful to exercise money management disciplines, chiefly spending less than you earn. As Robert Kiyosaki reminds us: “don’t buy luxuries until you’ve built the assets to support them.”
Whilst multiplying your income streams, it is important to mention that it is prudent to diversify in different industries.
Remember your primary reason for seeking to establish multiple streams of income: financial and time freedom. Check in here from time to time for updates and ideas. I have personally had a number of active and passive income generators. Some were unsuccessful and lost me a lot of money. Nevertheless, as my teacher always said: the path to success is paved with slabs of failures.