Multiple Streams of Income – Your Ticket to Financial Freedom
No matter how we view it or how we try to modify it there are only three ways to earn an income. Yes only three, hard to believe isn’t it. The three ways are:
Approach 1. Trading you time for money. Most people do this for most of their lives and find out sooner or later that it does them little good and little benefit. This approach doesn’t work out for you and far too many persons spend a lifetime doing this only to find out that there’s not enough time and you’ll never accumulate enough money and if they do life would have passed them by. Most will never have enough money to and have the things they desire.
Approach 2. Using money to make more money. Very few people actually do this, some estimates point to less than 4%. This approach includes investments in stocks, property, and Prostastream financial instruments, your own business or someone else’s.
Approach 3. Multiplying your Time. With this approach you are not limited by your location, geographical or otherwise, nor are you limited by physical form. In this approach you create a number of revenue streams and you do this by creating multiple income streams. Multiple income streams will lead you to financial independence; you will do well to remember that.
It is therefore obvious that having multiple streams of income best serves you. How then do you get to the point of having multiple streams of income?
How then do you find multiple sources of income?
You begin by giving thought to what you desire to attract into your life. So if you desire to start your own business think on one that you will truly enjoy and have passion about and will earn you enough money so that you can live the life you desire.
Next you must allow creative energy to work within you. In other words you must be open to the inspiration that will come to you. The ideas you will receive will lead you to create the life you desire. The ideas that will come to you may be about a new business, new ways of earning an income, new methods of doing something. Whatever they are you will be attracting many ideas to you.
Once you decide on the business you want to be in then begin by doing your research and acquiring whatever you need to be successful as you go along. Focus on you business; do not get involved in too many other businesses just yet. You first want to put your business on firm footing before you move on to the next.
After your business can support itself you then decide what other idea you want to put action to and make it a reality. I will suggest you do not go beyond five to ten streams of income; it will be easier for you to handle both mentally and financially. Your multiple streams of income will have to be monitored because some business markets fail and you will need to get out of it and find another to get involved in.
Another way to create multiple streams of income is to find and start a home based business and as you go along add another stream of income. However the home-based business you start with should be one in which multiple streams of income can be had. So if you are thinking of buying a shoe store for instance, think about the possibility you will have to grow. Can you offer shoe repairs at the store? Can you open up more shops? Can you sell shoes on the Internet? Can you Franchise the operation? If a business does not have the potential for multiple streams of income you should never consider it.
No matter how you create your multiple streams of income one thing s for sure, it is far more profitable to make your income streams work together and compliment each other. So bare in mind the ways in which each of your income streams can be used to promote or extend another one. You do this so when people buy one product or service from you they may be interested in something else you are doing or providing.
When you are trying to find multiple streams of income you should seek out income streams that will give the best return with minimum time and effort on your part. So you can consider, for example, an internet business that runs itself or that you get someone else to run while you focus on other important things.