DO YOU NEED MULTIPLE INCOME STREAMS
The answer is a resounding YES! Everyone needs multiple income streams. This allows for you to still be secure if, or should I say when, the unexpected happens.
If you only have one source of income, you are setting yourself up for a possible disaster. I have seen it time and time again. You work for a very reputable corporation. You make your way up the ranks putting in decades of dedication to someone else’s business. You may even be making great money. I’m talking 6-figures plus. But one day the company goes under. Or it gets bought out by someone else who wants to start with a new team. Or perhaps your boss just decides they don’t want your help anymore. Either way, you are always at the mercy of someone else’s control. If that is your only source of income, you are left scrambling trying to figure out your next move. Even if you did a bang up job of savings, which most people don’t actually do very well at, savings can only take you so far. If you get hurt or someone in your family falls ill, you won’t be able to continue to put in your 40 plus hours in your current gig. Do you think they will want to continue to pay you what you are used to? Doubtful.
Had this same situation come up and you had multiple income streams in place, you would at least have a cushion of income to depend on while you determine what’s next. Whether that be ramping up whatever your additional income streams currently are, branching out into starting your own brick and mortar business, working from home, or finding another job, you want to have flexibility to make those decisions without being pressured because you are running out of money.
Ideally some of your income would be residual, passive. Residual income meaning that you do the work once, but you continue to get paid for that effort repeatedly. Examples of this would be you write a book or a song and you get paid every time someone purchases it. You did the work once, but you get paid anytime someone wants it. Passive income meaning that you don’t have to physically do something to get paid. You set a system in process and it works without you. Examples include investments. You make the investment, someone else runs the business, and you reap the rewards without straining yourself. Another example would be affiliate marketing. You setup the sites and let someone handle making the product, selling, shipping, and customer support. Or direct sales with multiple tiers. You bring on a few good affiliates and you earn a commission on product sales that both you and your team makes.
Ultimately it doesn’t matter how you choose to multiply your income streams. It just matters that you do. You don’t want to find yourself without steady income and no options. Check back regularly for ideas and or tips on different income stream options. Or better yet, join our mailing list!