150 - Make More Money - Why Having Multiple Streams of Income Is a Necessity

Have you ever heard the term multiple streams of income? Stop for a second and think about what your belief is. Most of the time people think multiple streams of income are a luxury, but in today's time, it really is quite a necessity. How many income streams do you have and are you aware of what other opportunities are out there to create more?

When you have multiple income streams it will give you an income safety net so if something were to go wrong with your job or your sales die down or you lose one particular job or income stream you have others to rely on. It can alleviate some money stress that a job can bring. It can also help pay off debt.

So maybe you are sitting there thinking this is great and all but I don't even know how it get started. A lot of people grow up going to school and then doing a corporate job or some sort of job where you are exchanging time for dollars. There is absolutely nothing wrong with that, but creating other streams of income truly can give you time and financial freedom to enjoy more things in your life period

Top 10 reasons to create another stream of Income:

1. Rising health care cost.
2. Unemployment (let's face it no job is really ever safe.)
3. Paying for college
4. Living within your means.
   In order to build true wealth, you must be able to live within your means. They're only two ways to do this it's either spend less or make more money
5. Pay cash for purchases
6. Pay down debt
7. Build a new income stream to increase your monthly cash flow
8. Diversify your income sources
9. Build a holiday fund so you no longer have to stress about holiday expenses
10. Take control of income to think about when the last time you got a raise was and we'll be guaranteed you get one next year

Ideas for Streams of income:
-Earned income which is working for your job and your 9-5 primary salary (make sure you a maxing this out)
-Profit income which is income from buying and selling
-Residual income- continue pay for work you have already done
-Interest Income from lending money
-Dividend income from owning stocks
-Write an E-book or book
-Create a course and sell it
-Affiliate marketing- Amazon, referrals
-Network Marketing
-Rental income from renting out property
-Capital gains which is when your assets increase in value
-Royalties income from others using your work
-Social media content
-Sell your skills
-Resell your items on marketplace, Poshmark

Diversifying Incoming is so important!
The average millionaire has 7 streams of income… Yes, 7!!
At the end of the day, this is the NEW way to earn money!! Think of some of your skills and what you are good at and love to do!!

We would love to hear from you… Share with us your goals and how many streams of income you have!!

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