Multiple Streams Of Income Is The Only Way To Go
When I was in my 20’s I bought an audiotape (yes, cassette tape!) and it had a few people on it talking. I only remember Brian Tracy and the main concept that he talked about because I think it was the first time it was ever introduced to me…
multiple streams of income.
As soon as I heard it I thought it was brilliant and that has been a goal of mine since that time. At the time I had no idea how I’d do that and like most people I stayed with the one source of income that I knew – working for someone else.
All the years that I worked for others I knew it wasn’t for me and I tried many things in order to work for myself.
Now I do and right now I have two income streams. I’d like to get to six. I’ve started working on my third but this one is for the long haul and it involves buying houses, business complexes, or multiple family properties. I’m still in the beginning stages of this so I still have time to decide.
I strongly believe in multiple streams of income and not putting all of your “eggs” into one basket.
Multiple Sources Of Income Builds Security In Your Life
Whether you have your own business, perform contract-based services, or you work for someone else full time, the fact is having multiple streams of income is the best way to build income security into your life.
That means when one income source dries up, you have the others, so you aren’t destitute or ruined as you rebuild and replace the lost income.
Many people live in fear of losing their jobs or they’re one (or two) paychecks away from financial destitute.
Alleviate Fear By Diversifying Your Income & Investments
Creating multiple sources of income can alleviate the fear of being laid off, the fear of losing that one big client, and free you up to relax a little with your working life.
I love the fact that working online gives people so many opportunities to build multiple streams of income and that people can build a net worth, provide income security, and create a safety net that you can fall back on during difficult times.
When you have many streams of income, you have options.
You have the option not to take just any client on to feed your family.
You have the option not to work at that 8 to 6 job (face it, there are no 9 to 5 jobs).
Creating passive forms of income can change your life completely.
No Such Thing As Job Security Anymore
As we’ve seen over the last few months there is no job security. Because of this, I believe that no matter what you do, you should find ways to create more than one stream of income.
Unfortunately, most jobs don’t last for 30 plus years anymore, and if they do, the pay doesn’t rise as it should and I’ve seen a lot of companies find any reason to fire you before you actually retired so that they don’t have to pay.
There is no security in one income stream. You need many different streams to create an environment where you will not be ruined if just one of those streams should end for whatever reason as we’ve seen so many people have this happen to this year.
We’re all leading busy lives and have a lot at stake. This can be health care expenses, college funds for your kids, and providing living expenses since your family relies on you for their basic needs – so consider what multiple streams of income you can add to your portfolio.
P.S. How many income streams do you have now? Do you have a goal to increase that? I’d love to hear how diversify.