The Importance to Have Multiple Income Streams
Income streams by salary alone is not financially secured in today’s family economy. Not all in the family can afford that. Maybe one or two family members work as an employee and possible earn five digit salaries a month. Living cost is sky rocketing in this new economy and you need to boost income. So you need to find out additional stream of income to sustain your living cost to at least leverage on something.
Having multiple streams of income is essential in today’s economy. Many people are losing their jobs on a moment’s notice. They are left with little money in their bank accounts and have no idea from where they are going to get their next paycheck. Having multiple income streams means that you will never be left without money when you need it. You can change your focus from one stream to another whenever you need. It is important to juggle multiple streams of income properly if you want them all to be as lucrative as possible. This balancing act can be easy to accomplish if you take the time to learn the right strategy.
Step 1: Get More Organized
Organization is the key to juggling multiple streams of income. It is important to know when something is due and complete each task timely and complete it well. Many people with multiple streams of income find that keeping a calendar or planner readily available allows them to document when things need to be accomplished so that they do not overlook one project over another. Set up alarm or notification on your mobile phones for all your tasks.
Step 2: Have To Be Consistent
Consistency is something that more and more people are not able to deliver. Many people do a great job on a project in the very beginning and then start to give less and less effort overtime. This strategy could cause you to lose some of your clients and thus lose some of your streams of income. Consistently deliver quality products that your clients will be happy receiving if you want your income streams to stay consistent. Talking to the clients on a regular basis and finding out what is required, needed or desired is a great way to be sure that you are consistently delivering the proper products to your clients.
Step 3: Know When to Let Go
It can sometimes be hard to let go of an income stream when it has been a consistent form of income. There will be some income streams that are not worth the hassle that is involved with them. They may require a time commitment that is too great or work that is overly complicated and not worth the amount the client is paying. Realizing that new streams of income will come along is important. If you do not feel comfortably letting go of a stream of income right away, you may want to consider finding a new stream of income and then letting go of the less lucrative stream.
7 Income Streams that you can do
Have you been yearning for the best multiple income source out there? Here is your guide to the different types of legitimate additional income you can start today.
But before we go on, you must know; the only way to succeed is to pick one method and master it. Don’t fall into the trap everyone else does. They see a bunch of things they like and try all of them at the same time only to discover that none of them work.
Tip to sustain in business is becoming a solution provider meaning to say – look for a current problem within the society and find out what are the solution that you can provide.
HERE WE GO
You know you want multiple streams of income. I mean, once you understand the idea, there’s no way you wouldn’t want to have multiple streams of income. Most people who learn about the concept “multiple income streams,” say, “Yes, that’s exactly what I want!” Please understand, that more than one legitimate additional income stream is not really an option anymore. If you only have one stream of income coming in you could be in more trouble than you think.
If you are that person who does not understand the value of a legitimate additional income stream; listen up! Just ask yourself the following questions.
- What happens to your future if you get fired tomorrow?
- What happens to your future if your business closes down?
- Do you know what the future holds for your current industry?
- How would that affect your family?
- Do you have an additional stream of income to soften the blow?
- Do you understand how important it is to have more than one stream of income?
So now that you and I both understand the importance of an additional stream of income; you need to know the types of legitimate additional income streams available to you.
I put them in a group of entrepreneurial, passive income and residual income.
If you work 9-5 at a standard job; you will need to find a skill, trade, or investment that you can work part-time at night or on weekends. Here are some legitimate additional income streams that might be good for you…
- Personal Trainer – If you have a skill or character to stand in front of any audience you can embark as a trainer or tutor. A trainer is different than a tutor. To be a trainer, you must have some charisma to motivate people. You can get paid anywhere between $20-$60 an hour per person. Set up your attendant target and plane for it. Advertise your session in social media like Facebook, Instagram, twitter or Tiktok.
- Tutor – this is a little bit similar to a trainer except that you need to teach people on specialize subjects. It can be academic. You charge by subject that you teach. Charge per subject is around $45 -$100 per subject per student.
Passive income is income that comes from work you did one time and doesn’t require much maintenance afterwards. These include but not limited to…
- Writing a book on a subject that you love. Design the cover and page nicely and set it up park at gumroad, amazon or any affiliate site. State you price and you get paid anytime people buy it online over and over.
- Owning Real Estate is for anybody who can afford it because the income derives is fixed. I am talking about direct rental of your property. Payment for your loan is paid by the rental rates. That is how you can own a property by using other people money to pay for it. If you don’t have a property you can become estate agent for other properties. You get paid on commission when the property that you recommend is rented out by the owner.
- Investments come in many forms such as property, estate and stocks. All this need initial paid up capital. The achievable one may be investing in the stock market. Bear in mind that stock market is a gamblers’ den. Out of 10 gamblers only one gambler wins at any time. In stock market the losers are normally contra players or retailers. These are people who buy on rumors not the fundamental of the stock.
Invest in a stock for a longer term) 6months or more) that have good record of paying dividend every month to all the shareholders.
- Affiliate Marketing is another area that you can try out. You can get paid on commission once a product that you promote is bought by a person. This can be over and over for a long time as long as the product is available. This is possible because you are affiliated to the product. Register as an affiliate at Clickbank, warrior plus, Digistore24 and other affiliate site.
- Print on demand is a good online business if you are keen in designing T Shirts. You design the shirt graphics using online site such as Canva and pngtree. Put your design on any stuffs at teespring or cafepress website. You get paid when people buy your product. This is a forever business for you.
Residual income are income you receive month after month for making a sale once. Few people take this business despite some huge opportunities especially in insurance industry, subscription and network marketing.
Whatever it is you choose that best suits you; make sure you do your research on the ones you are interested in. Make sure it is a legitimate additional income opportunity. Focus on the one you choose and master it. Once you have mastered your new legitimate additional income stream; move on to the next one.
Which one did you choose?
Residual Income online: Affordable to Build One?
This method is really achievable by anybody without any money to start up. Beside of the above strategies in some sense, those who have established passive residual income streams are living the dream. The ability to continue to earn money on work done in the past is really an ideal situation.
Anyone who has the luxury of multiple streams of income has effectively turned themselves from employee to entrepreneur. I’m not sure about you, but I classify this as success.
I could go on and on about how fantastic this sort of income is, but I doubt that’s necessary. Of course you are aware of the freedoms this sort of income allows.
You’re certainly more interested finding out HOW to build passive residual income streams. Let’s take a quick look at a few prominent ways in which you can paid for work done in the past.
Books and Music?
In case you aren’t quite sure what residual income streams are, let’s consider the most notable and simplest example; an author. An author writes book and park it on Gumroad or amazon. Whenever people buy it you get paid. The process can be repeated.
If you are shy musician or singer you can compose your own song and create a video to be posted on YouTube. When your viewers reached 10,000 marks YouTube will consider putting up some advertisement on your video. You will then get paid based on the viewer viewing hrs.
I know exactly what you are thinking right now. And the answer is “yes”.
There are in fact many other ways in which passive residual income streams can be built that do not require you to be a world-renowned artist or author. In fact, the internet has created a vast amount of residual income opportunities.
To many of you, the network marketing business model is familiar. For numerous decades, network marketing has been one of the most accessible routes to residual income streams.
Network marketers earn their pay by distributing products and enrolling new distributors. Although the success rate is low, there is a ton of money to be made by those entrepreneurs who are serious about their network marketing business.
One such opportunities in network marketing is to join as a member for Superlife products selling many food supplement such as STC30 , SIC, SCC15, SNC and even coffee. More read here. Life Is Super With Superlife STC30 Supplement
These success stories are becoming more and more prevalent in the age of the internet. The world-wide- web essentially allows network marketers to promote their products/business opportunity to people globally.
This is obviously a marketing opportunity that would not be possible without going online. If you are truly interested in passive residual income streams, I hope you consider the previously mentioned opportunities.
Earn Multiple Income Online – How to Automate Internet Income
When you are able to automate your income using the internet you can earn multiple income streams online because each income stream works on its own. This is the whole idea between financial freedom and wealth building, being able to earn money from a number of sources without you actually having to work. A lot of people decide to start their own home internet business to make more money and hopefully to be able to work less, but they end up working more than ever before.
If you do not have any money to start a business then invest in yourself. The idea is to invest your time into income streams that are highly leveraged and automated, therefore taking over one day and making money for you without your active involvement.
The idea of automating your business is far from the get rich quick mentality that plagues so many people, people that want to get rich but who are not willing to work at it. The end result of creating automated income streams is more money, lasting wealth, and true financial freedom where you do not need to work unless you choose to. But these rewards do not come without a price. If you want to be able to work less lately, you need to work hard and smart now. By investing your time into an income vehicle that will one day take over, work for you and earn multiple income stream online around the clock, you can be sure that your freedom is assured.
There are many ways to earn multiple income streams online that are highly automated and perfect for passive income development. When you work smarter and invest time into a proven income vehicle, you will eventually be able to work less and earn more money than ever before. That is the power of automation. Here are my favorite methods for building passive income streams on the internet…
Building a SEO Website-A website is a great income tool, especially when it is optimized to drive free search engine traffic around the clock. The great thing about search engine optimization, when done right, is that it automatically sends traffic to your website. A SEO website with substantial traffic can earn multiple income streams online, 24 hours a day, all on its own.
Building a Million Dollar Mailing List-A mailing list is a powerful tool for anyone who builds one and uses it properly. When you have a large mailing list you can generate income at the click of a button over and over again. Most of the highest earning internet entrepreneurs use their own massive mailing lists to earn huge fortunes online. A list is a highly automated marketing tool that can build any business or simply generate passive income through affiliate marketing.
Used Leveraged Business Programs-Affiliate marketing is a wonderful way to set up a free and easy home business and earn automated incomes, as long as you choose the right programs. To earn residuals you need a multi-tiered program. This gives you leverage with multiple income source and multiple income stream leading to residual earnings, a perfect combination to earn multiple income streams online.
Banners displayed on this page are from Google Ads that can give me commission whenever my visitor click on them and buy the products.
Some of the banners are affiliate links. When my visitors purchase them I can receive some commission from the product company.
These are few examples of passive income online.
More on income stream article READ here Passive Residual Multiple Income
YouTube on teaching Meditation Music For positive Energy – YouTube