This article offers everyone ways and means to make money to achieve financial freedom through multiple income streams. This is not about getting tips and advice on being an instant millionaire overnight or making easy and fast money. However, this will specifically pertain to proven and tested ways to earn lifetime multiple income streams and become less reliant on your job.
Existing Ways to Make Money
As an overview of this discussion, these are the different types and sources of income currently available today that allow everyone to make money and generate revenue for a living.
Primary – This is the common source of income provided by your employer givin,g you a salary or wage and benefits to compensate for your work for your employer. Here, you only make money when you work for your employer.
Alternative – This is the income you generate from other means or sources other than regular office work or job. Many people make money simply by blogging, income through investment, selling on eBay, online business, etc.
Earned or Active – You work for money. You stop making money as you stop spending time doing the work, which is your income source.
Residual or Passive – Money works for you! Unlike earned or active income, income generation does not stop even when you stop working.
Given the two types of income, it will be wise to broaden your income by having multiple income streams and intentionally shifting toward more residual or passive income generation.
What Makes Passive and Residual Income a MUST to Everyone!
Having multiple streams of income is necessary to achieve financial freedom. This greatly increases your overall income, hastening the accumulation of financial wealth. This will enable you to be less reliant on your primary income source, your current job, and eventually replace your primary income source to achieve financial freedom.
Hence, building multiple streams of income is a must for everyone today, and this becomes even more obvious because of the following reasons:
If you lose your job, your income does not “disappear” but is only “lessened” as you still make money and generate revenue through your multiple passive income streams.
As you ascend the corporate ladder, it becomes more difficult to look for an equivalent job that gives you the same compensation if you lose your job.
Multiple streams of income accelerate your goal to achieve financial freedom. After all, the gauge that you have already achieved financial independence is when you no longer depend on your job to sustain your living expenses.
Multiple streams of income provide you with leverage and better flexibility. You are in a far better position when you know you are not dependent on your job to survive.
With a few exceptions, the idea of maintaining a fixed-paying regular job is dead; it is hazardous to depend on a single source of income since many companies do not dillydally reduce their workforce for cost-cutting measures. I believe it is a must that everyone reduces their income risk by having multiple streams of income.
It took you a lot of money, effort, and time to land your current job. Most companies require a college diploma; some require further training and education. Four years of studies in college took much of your money, effort, and time! Spending 15 minutes a week to have multiple income streams that give you at least $1,000.00 a month wouldn’t be too bad!
When you’ve set up a stream of income (a residual and passive one), you may venture into another one, and the one you’ve already set up continues to make money and generate your income, hence the passive principle. For example, suppose you have a stream of income that gives you at least $10,000 a month. In that case, you will continue to make money off the same amount at the minimum as income generation increases, even if you do nothing about it, hence the passive principle. In contrast, when you cease to report for work in your office job, you cease to make money as you cease to receive your regular pay.
Important Values to Make it Big in Multiple Streams of Income Business
As stated earlier, we don’t believe in get-rich-instantly schemes and are warned of several bogus that promise such deceptive methods. We propose that one must keep in mind these important values if you want to make money to achieve financial freedom by having multiple streams of income:
Love – Pursue what you love doing and are passionate about.
Skill – Devote yourself to enhancing your skills and become an expert.
Perseverance – Never expect quick results. Be patient and persevere until you’ve achieved a degree of success, and persevere to succeed even more.
Flexibility – Some things will need more of your efforts than others before you can get the desired results.
Determination – Other ideas might work, but some do not; keep trying, and don’t be disheartened. Be determined until you’ve unlocked the right marketing tool that works for you.
Expand – Don’t be contented with your initial success; pursue other income opportunities to make money and spread your income generation capacity.
Incremental – Incremental income from multiple sources sums up a decent amount of overall revenue.
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Be a Part-Time Businessman
As we have earlier pointed out, it is too risky to solely depend on your current job as your only income source. Hence, a wise alternative is to become a part-time businessman. Being a part-time businessman will allow you to keep your regular job plus benefits while giving you great opportunities to expand and explore alternative ways to have multiple income streams. As a part-time businessman, you work at your own pace to build various income streams and make money to achieve financial freedom.
Here are a few important steps to get you started having multiple streams of income:
Begin with the things that you love doing. The rationale is for you to stop doing what you detest and dislike. You’ll be devoting time to pursuing your business, so you should do only what you are passionate about.
Have a concrete business plan. Research and design a good business plan. You would want to venture only into a viable business, which will enable you to achieve financial freedom.
Apply and accomplish. Great dreams never become realities unless your business plans are executed and implemented. This entails great courage and determination to achieve the result you’ve always wanted to have.
Continuously learn to improve. Not all people succeed in their first business venture. Learn from your past mistakes and let the collective experience achieve ensuing success.
Where Do You Use the Extra Income?
Various opportunities become possible for you to do once extra money starts flowing in as you continue to pursue making money to achieve financial freedom. Here are some of them:
Save for emergency funds.
Invest in other types of business.
Invest in other multiple streams of income opportunities to further expand your income base.
Research and design your income stream. Spend it and enjoy life.
Donate to charities and help other worthwhile organizations of the noble cause through your financial support.