Today i am writing about how to gain Financial Freedom by Investing and Multiple Streams of Income. So I’m going to ask you; Is the concept of creating multiple streams of income new to you? Is this something you already have set up? Which ones have you chosen and why?
We’ve all heard the phrase don’t put all your eggs in one basket and that applies to your career, relationships and finances life as well. Its never a good idea to expect everything from one source. So when its come to our financial life, its really very important to have Multiple Streams of Income. I don’t want to rely on just one stream of income, because just one stream can easily go away. If you only have one and it goes away, you’re in trouble; if you have five and one goes away, it’s just a minor irritant and you can mostly recover by shifting your efforts a little. At the same time, the more income streams you have, the easier it is to rebound if one of them goes away.
The truth is there are a lots of factors we can’t control when it comes to our income for eg. Our boss, the economy, the government and all sort of choices that we actually have no control over. What we can control however, is not expecting one thing to make or break our financial future. I want to tell you that there’s always another way to make money if you’re willing to work for it. You can never just sit around and expect to get paid, but if you’re willing to put in the time and effort, you can always put food on your table and afford the things you need – and a lot of the things you want.
In this article, i will be teaching on how to create Multiple Streams of Income, which ones to do and also three strategies to building them so that you don’t get overwhelmed. Also i will reveal my income streams and how i got each one going..
Strategies to Building Multiple Stream of Income
1. I recommend you starting with one stream of income to get your living expenses covered. I so much believe you want to make sure you survive inorder to strive latter one with Multiple Streams of Income. The stream of income that would be covering your living expenses should be something that is an obvious money maker that you can do to bring money right away.
2 When you are ready to pick your second income stream, i will really recommend picking something that could be Residual or Recurring. What happens is that when all your sources of income are Linear(meaning you have to trade hours for $$) you end up stuck on this treadmill where you feel that you constantly have to keep working to make money. This feeling of being on the treadmill constantly will eventually lead to burn-out.
3. The third things is you want to focus on getting every single stream of income really solid and rocking before you add another one. One of the biggest mistake in setting up Multiple Streams of Income is focusing on too many things at the same time so that none of them fully get your attention. And none of them really get going. The result of focusing on one thing at a time is very enormous.Focus prevent overwhelmed.
F.O.C.U.S = Follow One Course Until Success