Multiple Streams of Income
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eggs in one basketThe biggest trap we can all easily fall into and get carried away is ending up with all your eggs in one big basket, such as your own business.

What would you do if you lost your job? or fell ill and could not work? What would you do if your business fails? with no more paycheques coming in, how would you pay your bills, feed you and your family and keep your roof over your head?

Have another stream of income to keep you afloat if and when YOUR ONE AND ONLY business dries up?

Multiple Streams with diversity is even better. Investing in different industries or sectors within your stock portfolio, or owning different types of rental properties in different areas. This ensures that your exposure is not concentrated in any one basket within your bigger investment basket.

Do you have multiple streams of income today?

So you are doing well in business, but do you have a back-up plan?

What are you doing to make your money work for you?

Or is it that you are constantly finding only yourself working for money?

Do you want to continue that way for the rest of your life?

Finance mulitiple streams
How do you create Multiple Streams of income?

Build a Community!

The most valuable asset you have is your email list, so focus on growing it. add this to your gwoing network of contacts on FaceBook, LinkedIn, Twitter, Instagram and FutureNet...

Do not think of your email community as merely a list of names but rather as a group of individuals, each with their own hopes and dreams.

You could create an added-value deliverable such as a free report, an ebook, an audio or a video training so that people will happily provide their ema in exchange for the value you provide.

Ask your community about their desires.

Well you can guess or assume what people desire and need, invest valuable time in creating it and then hope your guess was correct.

Hope is rarely the best strategy.

Or send an email to the members of your community with the link to a survey (using a free service like SurveyMonkey), asking what they want or need help with in your area of added value that you've identified.

Ask open-ended questions to help you later brainstorm or offer multiple choices if you've already thought about what you can provide.

So having done your research you can now advise on your community and help educate them to add one or more streams to your monthy income

My Real Life Multiple Streams of Income

  1. Rent from Tenants
  2. Dividends from Shares
  3. Crypto Currency Mining
  4. M.L.M
  5. Digital Marketing

That is 5 income streams - what is unlikely is that I will lose all of my clients on the samne day or month!!!

How can I get started with Multiple Stream of income

In an ideal world, you will build a stream of passive income, through dividends or property you rent, one stream at a time, until the combined income surpasses what you make at your day job, and you become financially independent.

In reality, that does take a lot of time and hard work to achieve. But in the meanwhile, every income source is a little help. Financial independence is a simple concept, albeit not an easy one to implement. You need to spend way less than you earn, so you can achieve a high savings rate, which, once invested wisely for a decade or two, will bring you the freedom to not have to work for money any longer. Spending much less than you earn can be done two ways:

There is no limit to increasing your income. If you make £2,500 a month and spend £2,250, your savings rate is 10%. Bring your expenses down to £2,000, and you are saving 20% every month. Good job! However, going under £2,000 might feel like a bit of a stretch.

Now think about this for a moment  if you can find one client, willing to pay you £50 per week for a two hour lesson in anything that you are good at or a freelance project like gardening, or a MLM like Utility Warehouse or Genistar you have made another £200 this month. Find a couple more clients, and you are now making £500 more every month. You have learned to live on £2,000, so your savings rate is now a whopping 33%. Assuming a safe withdrawal rate of 4%, you need a nest egg of £600,000 to retire on £2,000 a month. Keep earning £3,000 and living on £2,000, and invest your savings at 8% annually, after 20 years, you will have £592,947.22 in the bank.

Financial independence is just 20 years away. If you keep living on £2,000 and making £2,500 however, it will take just over 27 years to reach financial independence. Still good news if you are a young professional in your mid 20s, you could retire in your early 50s. But if you are in your mid 30s already, and don't want to work past 60, you need to boost your savings rate. And nothing will help you do that better than having several income streams.

What about looking at online opportunities such as the ones in the menus at the top of the page? all can help you achieve financial independance and a nice lifestyle...

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