Making multiple streams of income is no longer optional in today’s global economy. It is a requirement. How many people do you know who work several jobs? This is not what we are talking about here. Instead our focus is on how to make multiple streams of income become a reality, including passive income ideas.
These ideas will show you how your money works hard for you and not the other way round. Therefore when you begin to see small efforts producing huge financial results, this is how multiple income streams work hard for you.
Why You Need Multiple Streams of Income…
“Never depend on single income. Make investments to create a second source.”
Mr Buffet built his multi-billion dollar conglomerate not from one but several streams of income. So do many financially wealthy people, creating both active and passive income streams.
There are many reasons why establishing additional sources of income are important. Once you decide on your WHY, creating these income streams becomes easier. You will be able to choose the right one for you.
12 Reasons For Building Multiple Income Streams
ONE: You have only one source of income – whether you are in a job you consider secure or have a business that is doing well but depends on one or two big accounts to thrive, there are risks associated with this. Should the unthinkable happen and you become ill, get fired, lose your clients, there aren’t many options left, especially in today’s economy.
TWO: College students – you are in debt even before graduating depending on where you live. These loans are tied around every student’s neck like a noose and there is no getting away from this current reality.
THREE: Other people’s money – does your existence depend on other people’s money in the forms of credit cards, loans and mortgages? These must be repaid at some point over and above the amount borrowed.
FOUR: Ideal life is only a dream – The dream can actually become a reality. By having extra cash in your pocket, your stress levels and money worries are reduced. You can now put your creative mind into building additional income streams to make your dream a reality.
FIVE: Earning while helping others – if you genuinely love to help people, the world is your oyster. Here you are, doing something that you love, bringing smiles to people’s faces while at the same time earning lots of money. That’s the dream.
Six: Reaching or in Retirement – you’ve reached a certain age and your pension plan is dire? This is where seriously considering multiple sources of income for retirement is essential. There are numerous genuine opportunities available, which we’ll be distilling gradually so you can make the right choices.
SEVEN: You hate your job – this is a good time to diversity your income streams so you are no slave to the job. Eventually you will have the choice to quit.
EIGHT: Frugality cul-de-sac – frugality is one of the most important wealth building skills, however, when you reach the end of the road searching out the cheapest everything, it can potentially lead to stress. In addition, some things are simply non-negotiable in the bargain basement even when you have cut back to the bone. Paying for light, heat and water are simple examples. These are still necessary bills to pay for. By creating additional income streams, you are increasing the cash in your hand to pay your bills with greater ease.
NINE: you have physical disability – many work from home business ideas and opportunities are available especially online. Of course some are easier and better than others. The nature of your disability will determine the types of additional income streams you can build. Get started with one first and keep checking for updates for more ideas, which may resonate with you.
TEN: You are a stay at home parent – whether you choose to give your career a break or invest your talent and time in other people is something to be admired. Some people think of success as getting up every day and going to an office. But there are plenty possibilities seeking to be tapped into. There are several opportunities you can add to your current routine and establish a significant additional income stream along the way. Keep an eye out for our updates.
ELEVEN: You are Unemployed – I have been asked where the money would come from to build additional income stream(s). The simple truth is that with the proliferation of the internet, there are many ways to create multiple income streams online cheaply and sometimes free, even for beginners. To succeed faster, yes, you need some capital. With diligence and hard work, even the free extra income online will begin to build up to something reasonable. From time to time, we will be providing tips on these opportunities.
TWELVE: Finding work/life balance – this is essential in the current fast pace of modern living. The only way to comfortably get out of the rat race is to have a financial safety net that can protect or support you while in transition of taking a breather from life’s pressures. That safety net is building multiple income streams.
By now you would have established the right reasons for wanting to build additional income stream(s). You can take the plunge to find the one that suits you. It is always prudent to start gradually one at a time while you are also building your confidence.
The risks associated with building several income streams at the same time is loss of focus and potential loss of money. Take care that you can handle all your income streams well.
From time to time we will share various multiple income streams ideas. Do drop by for updates. Your comments and contributions are greatly appreciated.Share This: