When you understand how to strategically build multiple streams of income, you will suddenly discover that most of the reasons against the concept can easily be overcome.
To successfully build multiple streams of income, you must identify, build and succeed first in your primary source of income. Once your primary source of income is built to a reasonable level of success, the success should give you some level of time freedom if done properly.
You can then use the freedom created from that success to create additional streams by leveraging on your success and existing resources to create another stream of income. Your existing resources are the skills, knowledge, information, contacts, savings and all the experiences that made your first business a success. This is the best approach to the concept of multiple streams of income.
All It Takes Is Creativity
You can leverage on your success in real estate business to start a seminar business, and once the seminar business is doing well and you are recording good successes, you can leverage further on this to create a third source of income. Then a forth source of income as you write a book. You can also leverage on the same piece of information and knowledge to develop the fifth income stream as your turn your book into an e-course. Start a speaking business to generate the sixth income stream. A coaching, training, and a consulting business can also be added with time. Within a short period of time you can have as many as seven or ten steams on income. It is a lot easier to find multiple sources of income within the same business. The key is you should never consider a business that does not have expansion potential for additional stream of income.
Imagine you are generating $2000 monthly from each of your ten channels of streams income. Wow! That is $20,000 monthly income and $240,000 in annual income. You can surely do a lot with that.
As you add each new stream of income, make sure you consolidate and fully establish each vehicle.
All you need to generate multiple income streams is to be creative and innovative. Your target should be to have all your income streams come in as passive income, meaning all your income sources running with little or no physical input from you.
Income From Non-Related Industry
You can also choose to generate income from non-related industry, if that is what you want. Ideally, it would be great to have some of your streams of income come from different industries.
The upside to this is that if one industry is experiencing turbulent and challenging times, you can live on streams of income from other industries. This has the potential to make your wealth more stable and secure. For example, if there are challenges in the stock market, you can still be making money from your real estate business.
The best approach to this form of multiple streams of income is to save some money from your primary source of income, which could be your job; and then use the money saved to invest in other classes of assets.
This approach gives you access to income streams from different asset classes.
The downside to this approach is that you would need to do more work in studying and investigating the new industry you are intending to invest in. Since you’re alien to the new industry, you might not necessarily have the advantage of leveraging on existing resources from previous successes.
Also, you would need to develop systems and structures that would facilitate effective oversight and management of the different sources of income.
In the whole wide world of money there are only three major ways through which wealth can be built. These three ways are the three primary asset classes for building wealth and generating passive income.
1. Paper assets
2. Real estate
You can subdivide each asset class into several diverse income generating vehicles. For example, real estate can be divided into commercial, flipping, buy and hold, single-family, foreclosures, and multi-family.
Business can be divided into multi-level marketing, infopreneuring, hard goods, and intellectual property. While paper assets can be divided into Stocks, mutual funds, bonds, time deposits. Your goal should be to build passive income stream in several of these subcategories.
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