Building Your Multiple Income Streams
The goal of most of the people is to become financially stable, wealthy or rich. Unless you are born rich, it will take some time and effort to build your wealth. You will need to do various things, in order to build your wealth. One of the proven methods of becoming wealthy is the building of multiple income streams.
Why is the multiple income streams ( MIS ) building important? Many people are working their daily job that gives them salary that is not satisfying all their needs. MIS building can help them. Also, uncertainty of the world economy makes wealth-conscious people to think about their future. Simply, there is no thing called lifetime employment or job security. Everybody can stay jobless very easy. Finding another job is an option, but would it be good to have contingency income, that will support you meanwhile. Furthermore, once you are retired, what do you think about your pension? Is it going to be sufficient when you retire? Look the people around you and you will see that most of the retired people have a financial shortage.
On the other hand, take the rich and wealthy people and their income structure. Most of them have many income streams. This is the foundation of their wealth. MIS is simply the option for everybody, regardless are you just the low paid employee that wants to earn a few dollars more, or wealthy businessmen that wants to multiply his fortune.
So if you are just starting with your MIS building, where should you start? What steps should you take?
– Primary Business / profession should be the first thing in you life. You should give the highest priority in the beginning, even long after you established secondary income streams. Key to successfully managing of multiple streams of income is not to lose focus on your primary revenue generating activity. This is because your job is giving you the regular income on monthly level, while secondary Prostastream income streams takes some time for set up. This income stream will take most of your time and effort.
– Secondary financial streams are something that you should build after you have your main job / business well established. This can be anything that suits to you: part time job, self-employment, writing, web site building, consulting, etc. It will be still taking some of your time, but it should take you less time and effort than you main profession. Be careful with your personal engagement, in order to avoid burn out and saturation point, that can take you away from MIS concept.
– Passive Income streams are the third group of MISs. They are called passive simply since they do not take your time and effort, or they require relatively little attention. Literally they earn you the money as you sleep. These income streams can be the rent from a property that you own, royalties from a book that you have written, fee’s from intellectual property you have licensed, bank interest rates, investment funds, ads income from your web site, etc. The passive income sources do not come just like that. They are the result of wise concept of activities of your primary and secondary business activity. At the beginning of your career, your passive income is probably zero. But as you career grows, you should establish as much possible incomes as possible. Eventually, you should be able to gradually pull out from your primary and secondary business activity and grow most of your income from passive income sources.
Having a MISs from primary, secondary and passive income streams will accelerate your wealth building. Simply, these three income groups are the main pillars of your income security. You will be able to secure your income through synergy of various income streams.
During your road to multiple income safety, remember to be patient. There is no easy and fast money, in spite what they promise you in ads. But through the persistent long-term approach, you will be able to build your stable network of various income streams that will provide you the personal financial stability. Build the balance of active and passive income streams, while avoiding personal burn out. Build your incomes from the stream to the river, from the river to the lake…