The fact is that profits are created through the successful sales from entrepreneurial ventures. The more entrepreneurial resources and pipelines you have, the more income you will have coming in. The true desire is to create multiple income streams flowing into your bank account.
Most successful and healthy income streams, once stable and built on a strong foundation are passive income generators. That means the income will create recurring or residual earnings from the same or less physical effort of work. The income continues to build upon the work that was used to develop or craft the “income pipeline”.
There is no doubt that you will encounter many income opportunities in your life and most of them will require a lot of your time, involving your friends and family, and financial resources. Many of these opportunities will place you in a position to only build one income pipeline and not create the true passive residual income that is originally desired.
And because you just have 24 hours in a day, it is important that you have clearness over exactly what it is that you want from your income pipelines, or life for that matter, without getting too philosophical.
The result of several streams of income works much like a snow ball that is rolling down a snow hill. The longer it rolls, the more momentum it acquires and picks up more snow (income in our case) along the way.
The more streams you have, the more and much faster you will speed up the wealth building processes (your income snow ball). Your income streams may be numerous little, mid-sized or plus-sized income streams running in parallel of each other, associated or entirely unrelated, but they all add to your personal monetary growth and development.
This is why many successful business builders and leaders will state that your first million is the hardest to make. However, when you develop and initial income stream it makes the way for the rest to come in abundance relatively simpler. When your income increases, you have more discretionary income in theory to purchase other income building opportunities, thus the snow ball result.
That is the most basic method I can describe how several streams of earnings work.
Why Are Having Multiple Income Streams Important To You?
We all have different reasons for needing more income. Whether it is to pay off more bills, getting out of debt, living a better lifestyle, or taking care of family, the bottom line is that we desire to live better today than we did yesterday. The stronger our desire to want change and to want more, the stronger we will pursue other means and ways to achieve our goals.
The main point to it all is this, in this time and age, we NEED to learn, build, and teach the abilities to create multiple streams of income. We need to accept the realities of life that what worked 50 years ago, no longer works now and the faster we begin embracing and building, the faster we come to achieving what we truly desire. Below are a few reasons why you NEED multiple streams of income working in for you in your life.
The Employment Safeguard Myth
The brutal truth is that what we were taught coming up in school, doing everything by the book, is the complete opposite of the results we truly desire. We think that by following the school-to-degree-to-career game plan will be safe and the best choice to take care of ourselves and family. But this is the biggest safeguard myth ever sold to you since you learned how to write your name in a classroom.
Reality is, YOU are dispensable. No matter how good you believe you are or can contribute, you can be replaced or removed. If you do not own the entity that pays you, you have no control on how long you will be able to stay within that paying entity. Think about it, when a person loses their job, they lose 100% of their earnings.
For someone who counts on only one stream of income (earnings from work), having a strong emergency fund or savings account helps mitigate the danger of destruction. That is why a strong understanding of basic, essential individual finance is essential not just for an entrepreneur but everybody.
However, when a person builds multiple streams of incomes they create alternatives that will provide choices to him or her, especially in the an un-eventful situation occurs where employment changes or is lost.
Nothing Wrong With Being Thrifty, But It Has Its Limits
There is nothing wrong with be cautious with what you purchase or budgeting. Actually it is a good thing. However, many do not understand that being thrifty, frugal, or cheap without a income growth game plan is just living in a perpetual plateaued state financially.
While there are limits to how much you can cut back, there is no limit to just how much you can earn(Profits over Wages). Most people focus on trimming costs to enhance the bottom line since that is the easiest and most hassle-free (not in my viewpoint) method to do it. Also, it is so popularly advised to just cut back on your preferred coffee beverage or stop eating out for lunch/dinner every day…blah blah blah.
But if you are not increasing your income intake, then you will never have the money movement to move beyond or above your financial plateau. This is depressing, thinking that where you are, what you current have is where you will be for years to come, with no clear way or means of increasing your financial outlook or lifestyle. Most people who reach this just “settle” and can become very bitter with the future prospect of a greater lifestyle.
The Amazing Power of Leverage
You have heard before, but maybe not truly digested it because thinking of money this way is hard when your income is fixed. This statement is almost like the law of gravity when applied right, “Money earns more money”. We have all heard that. There is a great deal of truth to that statement. When your income streams generate more cash, you have more cash to purchase more profitable resources, businesses, concepts, and projects.
Think about this; whenever an income stream is added to your portfolio of income streams, and it begins to produce a positive net income it will immediately begin to boost your bottom line! On top of that each income steam can also boost each other causing a synergy through adjacent audiences.
If you have income streams that share a comparable audience, you can up-sell and cross-sell all over the place like a spider. Even if you don’t, the simple truth of having more discretionary cash permits you to reinvest back into your portfolio to grow it bigger.
Having More Choices Is The Right Choice
Having multiple stream of income allows you choices, the choice to work on whatever stream you desire. The idea of being in control of your financial outcome is truly worth going through the process to learn more about how to create and implement multiple streams of income. Choices provides you with more control in life.
Creating And Building Multiple Streams Of Income Gets Easier Over Time
Have you ever heard of that statement, the first is always the hardest” Well, it is very true and many different ways, especially in something that you are not used to or not have become accustomed to doing. Almost like the saying the first million is the most difficult to make, well, the exact same goes when developing multiple streams of earnings. Your first one is the toughest to establish, with each subsequent one getting easier.
As you gain experience and learn from mistakes, you will ultimately have a system determined to work for you and will fit your needs. You will recognize that you will begin workin smarter, frequently knowing exactly the right details and processes a developing an income stream undertaking would be and what type of pay offs to anticipate.
Time is the best teacher and. Over time, through your consistency, you will become better and your endeavors will eventually pay you back in multiple folds!
How Does This All Apply To You?
I’m glad you asked! LOL Well, the bottom line is that we all, who live in society face the reality of living day to day and paying bills. We all want a better day tomorrow than the previous and the one thing that becomes the defining factor of us achieving that is having more income. Well, the best way for any person to get out from under a financial hardship is to create choices. The best way to do this Is by creating multiple streams of income. This is the complete opposite of teaching that we were taught in schools, but it is the truth of the matter and what truly works. Fortunately is that there is no one size fits all formula, and you can pursue income opportunities in areas that most attract you and most of all that you can become most passionate about. The very best part of all of it is that you can start constructing income streams while maintaining full-time work.
Final Thoughts And What To Do Next
There are numerous ways to make money out there and ANYBODY can make it. With the quantity of choices offered it is easy to get overloaded and as a result paralyzed from taking any action.
Stay with your passion and discover the best ways to just say no to business opportunities that do not interest you or align with your personality and lifestyle. You should not have to bother friends or family, lose your social life and sell out your social media presence to make income either. It true, not everyone gets this immediately, but with life abundantly sharing its gifts of reality, many come to realize the truth in that having an increase in income and more choices in life will create a much more enjoyable lifestyle
Whatever you choose to do, or not to, your contentment and fulfillment in the end is what truly matters. Live life to the fullest of your passion so end the end you will have no regrets! Build multiple streams of income to create more choices and to live the lifestyle you truly deserve!
Live life Victoriously!