Some people wonder why one would want multiple streams of Income. Why not just one big stream of Income? For starters we don't want to become obsolete, and have our income disappear. With technology changing like it is we could be riding high today and crashing tomorrow.
If your goal is to have a $10,000 monthly income and it comes from one source and that source becomes obsolete, then you are out of business. However, let's suppose you have 5 sources of income and each source produces $2,000 in monthly income for a total of $10,000 monthly. Now you lose one and your down 20% not 100%. You still have $8,000 a month coming in and you if you can build 5 income streams you certainly won't have any trouble finding or building a new income stream to take the place of the one you lost.
Another thing we need to address is what kind of income streams are we talking about. I can assure you we are not talking about a job. A friend of mine once thought he had three streams of income because he had three jobs. I'll give him credit for one thing, if he got laid off or fired at least he had two other jobs. But I am not talking about a job. I haven't had a job in 20 years and if I thought I would have to get one tomorrow, I think I would just walk out in front of traffic. You will never get the freedom you desire with a job. When you have a job you are trading time for dollars. When your time is used up and the money you made is spent, what do you have left? Nothing! The only thing for you to do is trade more time for more money. What are you building? Nothing! In my view you are participating in legalized slavery. Your working for a person or corporation, that in many cases may not be any smarter than you.
Let's talk about multiple streams of income. What could that be? It really could be anything you could think of. Below I'm going to show you a good start to what I'm talking about:
Web based network marketing - $10,000
Affiliate program commissions - $2,000
Positive cash flow on real estate - $2,000
Advertising on your website - $2,000
Ebook sales - $2,000
Total - $18,000
There are hundreds of ideas you can use to create an income stream. You should be able to think of way that I will never come up with because we all have unique experiences. Use your creative brain and good luck with your success.