Why You Should Have Multiple Income Streams
Given the state of the economy today you can imagine the consequence if you, as the sole breadwinner of your family, lose your job. This is done by leveraging real estate as a passive income source and using these income investments as a means to gain financial freedom with a cash flow outside of your job. The passive part comes in because I make the video once and earn income over and over as more and more people see it.
And some ideas might require more marketing time than others. Figuring out how to incorporate passive income into your financial plan is one of the best ways to start increasing your cash flow and growing toward your goals. A much better approach would be to use some of your time or money to create other sources of income that will continue to make money for you with little-to-no work on your part.
Bonds are the classic, traditional passive income stream. The sharing economy is based on people renting out assets they aren't fully utilizing to earn income. If you're trying to develop a long-term investment strategy, you might want to reinvest those dividends but if you're strictly looking for passive income, you do well to cash those dividends.
When you buy a lifetime annuity, you are exchanging a lump sum of money for a guaranteed income stream for the rest of your life — no matter how long that turns out to be. You can also opt to protect your spouse or other dependents with the income and you can even guarantee that the income will grow with inflation.
The term Multiple Streams of Income is one that is bandied around in various arenas. Choose 1 income stream from the list above and start taking action. Some people will be more drawn to the passive income ideas that they get to control. Or if you've already written a book, you might want to take that content and use it to create an online training course.
Now that we covered what kind of additional streams of entrepreneurship income you can create I will also give you my personal advice on which to choose. The fourth stream of income is the "Internet Business". If you're already selling products, think of services you may be able to offer people.
Affiliate software can be a SaaS setup where they host it for you, but these get costly, so many information marketers start with self-hosted affiliate softwares like iDevAffiliate Marketing Program or the Affiliate Marketing Manager. Online directories make great bait for search engine spiders because of its ability to create lots of content very quickly.