Do You Have Multiple Income Streams? With just a job you have one income stream. The reason why you work is to make money, but did you know that just working a regular job is both risky and the worst way to make money? So the reason why is that if you give your entire day working a job, you’re tied down to ONE income stream unless you have passive income from other sources such as rental properties, investments, etc
The average person, just doesn’t have the capital or can’t borrow enough to have many investments or have rental properties. But did you know there are loads of other ways to earn multiple income streams? And it may be easier than you think?
Even though working a regular job is thought to be safe, it is the worst way to make money. Most people do it because they believe they are only capable of making money by working for someone else. It’s what your parents or school taught you to do, right? In this article, I will cover why you should have multiple streams of income and how you can do it to.
Why Not Make Income From One Source? – Why You Should Have Multiple Streams of Income
Many people were hurt economically in the recession because they depended upon one or two income sources. Typically this income source was a job and many jobs were lost with little warning. The second income for many households was two people at two jobs. Before if one person lost a job, the other could help. If both people lost their jobs or there was only one person with one income, a job loss creates chaos.
What about business owners?
The same for business owners who suddenly find their business is not doing as well as it once was. Even worse if the business had to close down. These people, if they had employees, also had to let their employees go. Then the business owners and employees are suddenly without income.
Reality Check – Multiple Streams of Income is What is Needed to Survive This Economy
It is a harsh reality, but the job market today is about as bad as it could be. Even those with decent paying jobs just do not have the same type of security they may have had just a few years ago.
There is a need now more than ever for individuals to have multiple streams of income. Keeping all your eggs in one basket is just too risky of a game these days. If you are dependent on others for your financial security you should definitely be looking into other options.
Due to the state of our economy many people are looking into starting their own business, at least on a part-time basis. This approach has many advantages, not least of which is a financial cushion (your salary) during the time in which you build your business. However, just trying to build a business of your own will not take away the dangers of the economy dictating your future.
The real answer lies in multiple streams of income. When you set yourself up in this type of position you are not totally dependent on any one income source for your financial security. You have to ask yourself if you are sick and tired of worrying about the future of your job position. Are you worried about daily cash flow at night? Does your financial future keep you up all night feeling worried? Or losing sleep over?
When you have multiple streams of income, you are literally relieving yourself of all that stress. Achieving financial freedom is not as difficult as you may believe. Honestly, how much is financial freedom and lifestyle worth to you? Priceless I hope, the security of multiple streams of income is a tremendous feeling.
To survive the financial tough times the world is in today, you have to start taking action on your own. The first step to making anything happen is to write it down. Write your financial goals down now, this can have a major influence on your results, transform your life forever, and send you charging towards unlimited income potential.
Have you ever enjoyed paying your taxes? If you were making large sums of money from multiple streams of income each year, I would imagine that you might not mind so much paying your share of taxes.
Right now, most families are tied down with a 30 year mortgage, possibly two car payments, rising costs all around them and the thought of putting their kids through school and college is just devastating. Well, I can say with confidence, creating multiple streams of income is one of the most lucrative methods of getting yourself out of debt, and obtaining financial freedom. So, if you are looking for some answers to these daunting financial questions and pressures that just have you tied to the wall. Stop thinking in terms of one and start thinking in terms of multiples.
Many people doubt the possibility of setting up multiple streams of income as a result of all the dubious “get rich quick” scams that litter their e-mail in-boxes. If you could get rich working from home within a month without any real work, wouldn’t everybody be a millionaire by now? Setting up multiple streams of income will take some work in the initial start-up stages, but the rewards outweighs the time spent 100 times over. When your desires are strong enough you will succeed.
A job (Just Over Broke) these days is just not going to deliver that financial freedom that we all dream of having some day. Given the pace and uncertainty of today’s world, it has never made more sense to create multiple streams of income to secure your future. Plus its essential to have multiple streams of income in retirement.
First off, don’t ever underestimate yourself or your possibilities. When and if you really believe in yourself, you can achieve any goal you set for yourself. You really need to realize the concept of having a job, you are only receiving linear income. I call this limited income because you are limited to the same amount week in and week out.
What are multiple streams of income? The concept of multiple streams of income opens doors for you that never existed before. You must break out of the mold and instead of wrapping your mind and dreams around one paycheck for the rest of your life consider the possibilities of creating multiple streams of income. Just as investment advisers warn their clients not to put all of their eggs in one basket, I am suggesting to you to look into other options that can relieve the stress of losing your only source of income.
Are you in the Rat Race, Hamster Wheel or Escalator?
Have you ever felt like you’re stuck in the Rat Race or a Hamster Wheel? To emphasize this this concept even further, lets compare it to an escalator. Have you ever walked up a down escalator the wrong way? When you walk up the down travelling escalator, you have to walk fast just to stay in the same place. And to get to the top, you have to walk at double speed. People on the Up escalator don’t have to work hard at all. They just stand there holding the hand rail and the escalator takes them to the top.
These two escalators represent the two kinds of income that you can earn…linear income and residual income. Our economy is a down escalator. You work hard for your money but with inflation you have to earn 3-5% more next year just to stay in the same place. But this puts you in higher tax brackets. The more you make the more they take. It seems you work harder and harder without making any progress. Your bank account balance earns 1-2% and your credit card balance costs you 20+%. You’re going round in circles 24 hours a day. You wonder why you can never catch up. And if you stop…the escalator just takes you right back down to the bottom.
That’s what it’s like to earn linear income. You’re often stuck, trapped or going backwards. Now can you see why you should have multiple streams of income?
How Does Multiple Income Streams Help?
By making money from a variety of sources, you do not have to worry if one system doesn’t earn as much or fails completely. With multiple income opportunities in place, if one slows dramatically or stops, you have other profit streams to help. It is far easier to add or rebuild an income stream when you continue to have your primary income.
What if the income amount is small?
Perhaps you think multiple income stremas could only be small. Often the key to additional income streams is creating something with residual income, which will grow over time. Even if the amount is small initially, imagine ways to grow it. Imagine how the amount would mean paying for a bill, or two or growing to cover more.
What additional income streams should I get?
Extra income sources should be enjoyable with potential to grow into full time income should something happen. Even better is to find a way for it to grow into far more. If you have a job or a business already, a key is to have flexibility so you can keep both working rather than have one interfere with the other or having both wear you down.
Types of income streams
* Earned or Active – You work for money. You stop earning money as you stop spending time doing the work which is the source of your income.
* Residual or Passive – Money works for you! Unlike the earned or active income, income-generation does not stop even when you stop working.
Given the two types of income, it will be wise to broaden your income by having multiple streams of income and intentionally shift toward more residual or passive income generation.
Should I build additional income streams now?
Life is unpredictable. What you think will never change could be completely different a month from now. Building income with multiple methods and keeping those income sources diverse will help keep income flowing. The other income streams can be built up when one stream decreases. This is what can help you succeed and grow.
How To Create Multiple Streams of Income
The good news is you can create multiple streams of income online. You don’t need to apply and work at multiple jobs! You are not a machine, so work smarter not harder.
For most people who don’t have a lot of money, affiliate marketing is probably the best way to go. It’s a proven model and also one of the best ways for you to earn a full-time income online from home. It doesn’t require a huge upfront cost, inventory, storefront or any selling in person. And with the right mindset and training, being your own boss can be your reality.
Step 1. Problem Solving For Your Target Audience 
Do you have a passionate interest to share about? What kind of problem are you trying to solve for your niche audience? For example, you’re interested in fitness or weight loss. Let’s say you are a 50+ year-old man and you used to be fat. But after some hard work, be it diet, exercise or anything, you’ve slimmed down heaps and are very healthy right now. One possible niche is how to lose weight for men over 50. Think about all the healthy diet and lifestyle related products your target audience would be interested in.
You can build a simple website where you discuss this topic in detail. To further reach your audience you could create a YouTube channel too.
Step 2. Provide Content for Your Audience
In the example of weight loss. You can share your personal journey, be real and authentic, just like you might tell your friends. You can also write product reviews on weight loss solutions such as exercise equipment, dietary supplements, weight loss programs, etc. You can then include what is known as affiliate links to your blog or to your YouTube channel. When anyone clicks on your affiliate links and buys, you’ll earn a commission.
No matter what your niche is, the potential is immense. You’ll learn how to create content that ranks high in Google and all search engines. This brings consistent flowing traffic without you having to spend a dollar for it.
Your website is now your equivalent of a shop that operates around the clock and to millions of people around the globe just waiting to come in. Through affiliate marketing, you’ll be connecting people with what they’re already looking for and bringing in consistent income.
Step 3. Building Your List
Besides applying affiliate links on your blog or YouTube channel. I recommend capturing contact information from your audience, so you can reach out to them even if they are not reading your blog posts. This means increased traffic through repeated traffic to your website. It’s a great way to build a customer base, increase conversion and get repeated sales. If you want to do this, you’ll need an email list provider and I recommend checking GetResponse or AWeber. They’re both simple to use, have a free trial and offer excellent service.
Step 4. Initial Value Offering To Your Target Audience
As part of building your email list, you’ll need to start by giving away something of value for free in exchange for someone’s email address. You’ll need a reason for people to opt-in. In the internet marketing world, we call this a lead magnet. This is an offer such as a simple PDF download or eBook that entices the reader to sign up for more information.
Step 5. Diversify Your Income Streams 
Now that you have a foundation for your affiliate marketing business, you can next diversify your income streams. Given your blog or YouTube channel is online (not a physical storefront), it can work for you around the clock. Your affiliate links can be the start and you can diversify into the thousands of different affiliate offers that help your target audience. Also, there are hundreds of extra income streams you can add, such as Google Adsense, adverts, product reviews, promoting your own products, etc. just to name a few.
Conclusion
Never rely on only one source of income because if something was to happen to your or that income source, you could plunge into a financial crisis.
Reduces Risk. With a few exceptions, the idea of maintaining a fixed-paying regular job is dead; it is very risky to depend on a single source of income, since many companies do not hesitate to reduce manpower for cost-cutting measures. I believe it is a must that everyone reduces their income risk by having multiple streams of income.
Financial freedom. Having multiple streams of income is necessary to achieve financial freedom. This greatly increases your overall income hastening up accumulation of financial wealth. This will enable you to be less reliant on your primary source of income, which is your current job, and eventually replace your primary source of income to achieve financial freedom.
Affiliate Marketing is a great way to create multiple sources of income because your blog posts are like salespeople that work for you online 24 hours a day, 7 days a week. The blog posts that I wrote 6 months ago and earlier are still helping me generate traffic to my blog and increasing my online income.
Getting Started. Before you earn money, you’ll need to first be focusing on creating your niche website and working to get traffic to your website. Without a website, without content, and without traffic, the MULTIPLE INCOME STREAMS part simply doesn’t happen. Would you like to earn multiple income streams?
Feedback
Do you have any questions for me? Do you have a better understanding of the benefits of multiple streams of income? Also how to create multiple streams of income online? Do you have any multiple streams of income ideas?
Feel free to share! If you have any questions regarding how to create multiple streams of income online, please leave a comment below and I will do my best to help you out. I look forward to hearing any questions, what you have to say and I always respond.
