Creating multiple income streams allows you to have various cash flow sources that are coming in. This puts you in a better position to be prepared if one source of income fails. Now you have something to fallback on.

 

What If You Lost Your Job?

Building multiple streams of income is no longer a luxury, it has become a necessity. Unfortunately for most people, their only source of income is from their job, which can be a risky way to live. Some couples may be more fortunate and have a spouse bringing in money each month, but they are still relying on a job for their livelihood. Because of the financial risks involved with relying on a job for all of your incoming cash, it is critical to consider having at least one additional source of income.

You may want to stop and ask yourself how secure is your job? Let’s face it, no job is really ever safe, especially in a tough recession. Having other sources of income can help you deal with a job loss much easier than being caught off guard. Even if your other sources of cash can’t cover all of your monthly expenses, it can still give you time to figure things out.

With the holidays coming up I could not imagine being without a job last minute and nothing else to help you pick up the slack of your full time 9-5- job. What would you do? Where would you income come from? I think a lot of people would be in complete panic if you don’t have multiple income streams you really need to looking to it. Even if you only have 1 extra its better than none.

Freedom

Having multiple streams of income will help you ring in more money which can help you hit your financial goals and pay off debt quicker. This could help you live a more comfortable life and allow you to live the life you want. What would another income stream do for your family? Take your kiddos to Disney World and go on more family trips? Maybe this means paying off your house faster so you can travel the world and have less money stress?

Think about the freedom it could bring your family.

Having a few streams of income with smart personal finance and investing habits, will have you hit millionaire status faster. You may also have heard about the 7 streams of income, which is what the average millionaire currently has. And many millionaires have more than that too!

But it makes sense right? The more income you have coming in from different streams, the better your odds are of becoming a millionaire and having a high net worth.

If you have multiple streams of income, especially passive streams, you’ll find that you have more flexibility in the amount of hours you need to spend working.

If you have a variety of income generating assets you can be more selective about your working life.

You might not need to spend as much time chasing that pay rise, or working overtime. You can spend more time doing things you love, focusing on more exciting ways to make your own money, without worrying if you have enough to cover this month’s expenses.

The great thing about creating more income streams is that there is no limit to how much money you can make. The power is in your hands and with time, effort and determination you can use these extra streams of income to reach your financial goals and build long-term wealth.

 

Reasons To Have Multiple Income Streams

1: Pay Down Debt, Paying off your mortgage, vehicle, or credit cards is a great use for an extra income stream. If you can avoid paying tons of interest on a loan by making extra payments on existing debt, then you could be on your way to financial freedom.

2: Paying for College, How much are you saving for your kids college? Instead of putting your retirement at risk by saving up for your child’s secondary education, why not create an alternative income stream to help out. Having multiple streams of income bringing in cash every month can help ease the burden of paying for college.

3: Pay Cash for Purchases, How many times have you been able to pay cash for a car or could pay for a large home improvement project without taking out a loan? A second or third income stream could be used to save for these types of purchases so you don’t have to take out a loan and pay any interest. What a concept pay less interest and keep more of your money!

4: Living Within Your Means, In order to build true wealth, you must be able to live within your means. If it is impossible to cut your spending any further, or you just don’t want to sacrifice anymore create a new source of money. There are only two ways to live within your means either spend less or make more money.

5: Take Control of Income, When was the last time you got a raise at work? Even if you have received one in the past year, there is no guarantee you will be getting one next year, especially the way the economy is behaving. Do yourself a favor and take control of your finances by creating multiple streams of income. That way you have the power to give yourself a raise anytime you like!

Multiple Streams Of Income Ideas

I am going to give you some income stream idea you could look into and check out.

First here are my personal streams I have and I am growing daily:

  • YouTube Channel

  • Network Marketing Business

  • Health & Wellness Direct Sales Company

  • Stocks

  • Blog

  • Affiliate Marketing

  • Clothing Apparel Brand Items (Coming Soon)

  • Digital Products

  • Digital Courses

Other Ideas to help you grow your income:

  • Rental Property Income

  • Invest in a business

  • A bond ladder

  • Become A Freelancer

  • Become a virtual assistant

  • Use cash back apps to help save money

  • Rent out Your car

  • Rent out your home for Airbnb

  • Pet sitting

There are so many things you can do online and offline to grow your income and have multiple streams. My friend Zachary Hoover actually runs his own DJ Service for his additional income dream to help his family reach there goals and dreams. You can check him out below as I will leave a link to his Facebook page. He is out of Iowa and would love to help you make you in anyway he can.

Conclusion- Why You Need Multiple Streams Of Income

There is no magical limit as to the number of extra income streams you should create. Just as long as the time you spend maintaining them doesn’t become too cumbersome and they produce positive cash flow. There are plenty of important benefits to creating many income streams to decrease your risk of having your main source of income suddenly dry up.

Even if your alternative sources of income cannot cover your monthly expenses, they can at least help lessen the blow of a job loss or other unexpected expense. If you are lucky, these income streams could potentially do more than just supplementing your income and help fatten up your savings accounts.

In today’s FREEBIE I am going to be giving you some information on what personally do & tell you a little about my Network Marketing company.

QUESTION OF THE WEEK: How many streams of income do you have and what are they?

FREEBIE: My Network Marketing Company

Zachary Hoover DJ: https://www.facebook.com/DJZachHoover

YOUTUBE VIDEO TO THIS BLOG POST: https://youtu.be/1ccBFYkfHO0

RESOURCES: FOR MORE TIPS ABOUT GROWING YOUR ONLINE BUSINESS FEEL FREE TO FOLLOW MY ACCOUNTS HERE- CLICK


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