Do You Need Multiple Income Streams

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!

8 thoughts on “Do You Need Multiple Income Streams

  1. Interesting Eboni! 

    I have always wondered if we should focus on one type of income and growing it to be bigger than anything but peers told me that riaz, you should focus on creating multiple incomes at one time and not relying solely on one thing. Over time I do have this agreeance to having multiple incomes but if we focus on too many things at once, won’t it be a bit risky?

    1. Hi Riaz. 

      I wouldn’t suggest starting them all at once.  You want to take the time to do each thing well. That’s the beauty of passive income streams.  After you put one item into place, you can begin focusing on your next stream without spreading yourself too thin.  However, you definitely want to cover yourself with multiple options to cover for the unexpected.  Thanks for stopping by!

  2. Thank you for your article. That is so true in this economic time. You never know what is going to happen from day to day. I feel that it’s smart for everyone to have another income stream. That is why I am also going to start using affiliate marketing.

    Did you go through any specific training to learn affiliate marketing? There are so many options out on the internet.

    1. Hi Nancy.  Good question!  I have tried a few different training programs.  They are not all created equal.  One that I would recommend looking into is Wealthy Affiliates.  You can read more about it at this link.  Good luck on your endeavors!

  3. Yes being employed is putting your self in someone’s  hand any day he / she  can decide they no longer have any job for you that is when you realize the importance of having another source revenue because it becomes your landing place before you pick up again but if  don’t another stream of income your life becomes amess  that is why working for your self is always Avery great idea and you have drive a good point home we need to financially independent

  4. I agree multiple streams of income are absolutely necessary to be financially secure. I think every really successful wealthy person has multiple income streams. They don’t put all their eggs in one basket. They may have one company but that company sells different types of products or sells to different markets. They probably also have investmensts and real estate too. 

    People who have just a regular job are living dangerously. 

    I appreciate your description of passive vs. residual income. 

    I have a regular job with good retirement benefits which I am fully vested in so if I leave tomorrow I get to take all my retirement income with me. My husband has a regular job as well. We also own a 4-plex. My husband and I live in one unit and rent out the other 3. Now we also manage a 6-plex. I have 2 websites as well! I am finally making a profit with the websites and it feels so good! It took me a long time to get to this point since the websites are now my 3rd job. It will all be worth it when I can “retire” from my regular job early!

    Sadly, it is taking 4 jobs between us just to make enough. Having a diversified income is not only smart it may well be necessary nowadays. 

    1. Swangirl, you are absolutely right.  Most every wealthy person takes one success and finds a way to turn into multiple opportunities for income.  That’s the blue print I believe we should follow.  It sounds like you and your husband are on the right track.  Good luck on all of ventures.  Hopefully you can retire from your day jobs soon!

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