Last night, I joined my friends at the outdoor patio for a beer to catch up on our lives. The beer was cold, the nachos were plenty, and the conversation was effortless. Each of us had good jobs and good life break experiences, but we couldn’t stop talking about how important it was to develop multiple streams of income, no matter how small, no matter how silly, no matter what source. The important thing was not to put all our eggs, our livelihood, into one basket.
We dared not take the path of the ‘average.’ It was too scary to imagine one income stream as our sole support mechanism. The world economic collapse brought home the cold reality of the reliance on a single income source. We recognized that we couldn’t protect ourselves from downsizing activities or layoffs, but we could lessen the blow by diversifying our incomes to reduce our risk.
Generating multiple streams of income will give you more flexibility and time in your life. Leveraging income gives you the means to:
- Lessen risks to economic ups and downs by removing the dependence on a single source of income.
- Multiple revenue streams with multiple profit levels and different interests with regular income generation.
- Diversification of career interests.
Receiving income from a single source is one of the world’s greatest follies and a key factor in why so many people become trapped in the spinning wheel of the workplace. Your optimum scenario is to automate your income flows and get others to work for you.
There are several constants in time; there are 168 hours in a week. The average person works 40 hours a week. The average person sleeps eight hours a day, leaving each person approximately 72 hours a week to devote to personal pursuits. There’s no excuse. We do have time in our lives to do things that matter most! What you need to do is to remove those “time wasters,” reduce the time you devote to mindless entertainment, such as watching TV, Facebook, and other social media. I’m not saying to eliminate these things; just reduce your reliance and dependence on them. Take this newfound “time” to find and generate your diverse income sources, such as:
- An automated online store
- Develop a blog and begin creating your brand or expertise
- Begin consulting or freelance work
- Write a book or articles
- Research and understand the stock market
- Research real estate opportunities
To develop diverse sources of income, you need to invest in time to do other things. As you can see, it’s easier than you would have thought. However, when we do activities that are fulfilling, it doesn’t feel like work; rather, it’s considered a pursuit. Your energy level usually increases, your focus remains positive, and you become happier. This is an investment in your future. It will take some time and effort, but you’ll never regret the outcome.
Have you figured out your multiple income sources?
Feel free to share your answer in the comments.
Other Time Trading Gurus
Susan Liddy presents Focus and Create a Structure for your Business | Susan Liddy International posted at Susan Liddy International, saying, “Creating structure for you business and focusing on your priorities is super important to not only grow your business, yet manage your time to create life balance.”
Theresa Torres presents 7 Small Biz Expenses: What to Keep and What to Cut posted at href="http://www.freshbooks.com">FreshBooks Blog, saying, “If you’re a small business owner looking for ways to lower costs, it helps to be aware on what expenses to cut and what to keep.”
Mr.CBB presents How To Overcome Laziness And Save Money In 5 Steps posted at href="http://canadianbudgetbinder.com">Canadian Budget Binder, saying, “Not everyone has to build a garden to make a salad on their own nor do they have to hire a landscaping company to maintain the beauty of their home. Taking time to set goals and prioritize those goals will go a long way in saving money in the budget.”
Christine Chiang presents Working from Home | The Pursuit of Green posted at The Pursuit of Green, saying, “Not too long ago I started working from home once or twice a week. It really opens up your options and allows me to enjoy more time spent being productive, than being in a car driving or stuck in meetings.”
Justina Tagbo presents When to Stay or Walk away! posted at Achievers and Movers in the Kingdom of God., saying, “If your business is not really working and you have put in your very best to it, then walk away from it and look for another business. It does not mean that you are a Failure far from it but simply means that you are determined to make it no matter the obstacle before you!! Thumbs up!”
Money Earning presents Online Job Search: Finding Ways To Earn A Decent Income Online posted at money-earning-online-income.com, saying, “There are lots of ways for people to make money from their homes. Have you ever wanted to learn how to earn legitimate extra income online? If you have, there are several things that you should do before getting started.”
Jason Hull presents Five Reasons Why You Should Provide Phantom Equity for Your Employees posted at Hull Financial Planning, saying, “It’s tempting when you are a startup owner to give equity to your employees. You should give phantom equity instead.”
John Schmoll presents Things I Would Never Do: Raid My 401k to Buy Property posted at Frugal Rules, saying, “There is an increasing number of investors taking out loans on their 401k accounts in order to buy investment property. While diversification of investments is key, the inherent risk may not be enough to offset the potential gain.”
Jana presents 3 Tips to Support Your Intuition In Business : Wisdom Ink Magazine posted at Wisdom Ink, saying, “One of the main things that saves money, time and heartache in business is having access to your intuition. When we tune into our inner GPS, our bodies automatically know who is good to work with, who isn’t, what is a good deal and what we will waste time on. Here are 3 tips to support your intuition in business.”
Martin Poldma presents Why Successful People are the Ones Who Fail the Most posted at Success and Personal Development Blog, saying, “The road to success usually entails a lot of difficulties and hurdles that need to be overcome in order to reach our dreams. In this post I explain why the most successful people in the world are actually the ones who have also failed, fell down and then had to get back up and to keep moving again.”
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