Multiple Streams of Income- What is it and Why Do You Need it?
According to most experts, making money through Multiple Streams of Income is a huge factor in how financially successful you become.
The first time I heard about Multiple Income Steams I was blown away by its obvious ability to build wealth. Therefore I became a big believer in the concept.
The Definition of Multiple Streams of Income
The term Multiple Streams of Income sort of speaks for itself. It’s the concept of earning more than one type of income from more than one source.
Why Do You Need Multiple Sources of Income?
Multiple sources of income is very valuable. If one type of income dries up, you still have other sources to keep you going without taking a huge knock to your financial situation.
Just think about it – if all your income is from your job, you put yourself at risk. If your company decides to eliminate your job, you will be stuck without an income until you get another job. YOU have very little control over that stream of income!
Less Risk, More Control
When you have income from several sources it will help you to be less exposed to financial risk. Also, when you have several streams of income, you’re much more likely to create exponentially more income than if you only make money from one source.
This allows you to have more control over your financial life opposed to earn income from just one or two sources.
How to Create Multiple Streams of Income
Well, let’s be honest, it’s NOT something that happens overnight.
YOU have to:
- work hard
- be persistent,
- and be patient
It takes time and effort to build income from multiple sources.