The Importance of Creating Multiple Streams of Income
In a previous article I talked about Getting Back on Track to Build Real Wealth, and today I would like to talk about building wealth by creating multiple streams of income…
During my early days just out of college, working in corporate America, I soon realized that no matter how hard I worked on job, my annual raises were minor – most in the 5% range. I also realized that if I was to accomplish the many goals that I had set out to achieve in life, I’d need to improve the vehicle (job) that I was driving. In other words, I would have to diversify by creating multiple streams of income.
Building multiple streams of income is no longer a luxury, it has become a necessity. If the high rate of unemployment and mounting job losses have taught us anything, it is that nobody’s job is safe. Unfortunately for most people, their only source of income is from their job, which can be a risky way to live. – Moolanomy
What are multiple streams of income?
Multiple streams of income is a simple concept: You have income coming in from more than one source.
Ideally, the more income sources you have, the more money you’ll receive. In the stock market and in the world of investing, it is considered common practice to have a diversified and well-balanced portfolio. Since this is the case, don’t you think it would make sense to also have a diversified income stream? Just as it doesn’t make sense to have all your money invested in one stock, it also doesn’t make sense to have all your income coming from one source.
Creating Multiple Streams of Income
Here are ways that I work at creating multiple streams of income:
- Keynote speaking fees
- Publishing coaching fees
- Sales of my books and audio CDs
- Sales of individual books, workbook and DVDs
- Interest earned from investments
- Real estate investments
- Residual income from many home-based businesses
***A Special Note
All my extra activities are designed to produce income, of course, but they are also related to my life destiny and goals, which are to positively influence people through my inspirational speaking, writing and coaching. Always attempt as much as possible, to combine generating additional income with your life goals and ultimate destiny.
This is an excerpt from my book Creating Your Own Destiny.
As a Motivational Keynote Speaker, I can speak on this subject or adapt my subject to your audience.