If you want to increase your income, the focus shouldn’t just be on making more from your current job, but instead creating multiple streams of income that can all add on top of each other. Why? Because relying on a single source for income can be risky, but having profit come in from multiple directions gives you the coverage that if one source falters, the others can help take it’s place.
Creating Multiple Income Streams
For anyone who values financial security and ultimately desires financial freedom, creating at least one additional stream of income is no longer a luxury. It has become a necessity.
Diversifying your income stream is crucial to protect yourself and your family against the unavoidable ups and downs of economic and industry cycles. Because of the financial risks that come from relying on one source of income, such as a job or a business, consider creating at least one or more additional streams to generate cash flow.
Your additional income streams can be active, passive or a combination of the two. Some may pay you for doing something that you love (active), while others can provide income for you without your having to do much of anything at all (passive). You can diversify your income streams among different industries to protect you against major losses during downturns in one market and allow you to financially benefit from the upswings in another.
Ask your community about their desires.
You can either guess or assume what people desire and need, invest valuable time in creating it and then hope your guess was correct. But remember: Hope is rarely the best strategy.
Or send an email to members of your community with the link to a survey (using a free service like SurveyMonkey), asking what they want or need help with in your area of value that you’ve identified. Ask open-ended questions to help you later brainstorm or offer multiple choices if you’ve already thought about what you can provide.
– via Entrepreneur
If you want to know a few great ways to create that passive, alternative income for yourself, below you’ll see two great examples. With these methods you can work from home and still maintain your current job or lifestyle without interruption.
Passive Income Stream Options
Affiliate marketing means you sign up with a company and/or entrepreneur and sell their products. For example, if you start a tech website, you could become an affiliate of a web hosting or anti-virus software company. You can earn hundreds or even thousands of dollars each month if your website receives a decent amount of web traffic and you have thousands of email subscribers. Being an affiliate marketer takes dedication and time. You need to build traffic via your website, email marketing and social media. Is this for you? You be the judge.
Network marketing or multi-level marketing is one of the most popular passive income streams. When you join a network marketing company, you become part of a team. The goal, for some, is to become a leader, such as a district manager of your area, because you can earn more money. The drawback to network marketing is poor leadership and the emphasis on building teams quickly. If you join a team with a weak leader, you won’t like network marketing. But if your leader knows how to build and develop people and teams, you could be successful, earning $5,000 or more per month. A word of caution: read the fine print when you sign up. Make sure you have ample time to quit if you decide the opportunity is not for you.
– via The Huffington Post
Do you currently have mutliple income streams? How are you making – or planning to make – passive income to set yourself up for financial security long term?