Multiple Streams Of Income – A Simple Guide
You may or may not have heard the term ‘Multiple Streams Of Income’ but if you are looking at ways to make money Online, it is a term, which I am sure you will come across. Creating a multiple source of income, is one of the best ways to ensure you have a steady and regular income. It is also a great way to safeguard future earning, in case one of your other income streams collapses.
In today’s world, there is no such thing as job security. Even those jobs that were once thought to be ‘Jobs For Life’ are now finding themselves at risk. Having a job that pays well is great but can you honestly trust it will be there for the duration of your working life?
The best way to make more money and ensure you safeguard yourself from any unforeseen circumstances regarding your income, is to set up ‘multiple streams of income’. Just by setting up several additional income streams, can help secure your financial future, should your main income stop.
What Are Multiple Streams Of Income
So, what do I mean by ‘multiple streams of income’?
Well, basically, it is not putting all your eggs in one basket and not just relying on one sole source of income. Receiving multiple streams of income, means that you will be receiving an income from a number of different sources each week, month or year.
The beauty of having multiple streams of income is that if one of your income streams is taken away from you, you still have many others that can support you financially.
I understand that setting up these additional income streams might sound a daunting task but it is only daunting if you do not know how to do it or where to start. Yes, it does take time to put all these multiple streams of income in place and yes there will be work involved but the sooner you start to put them in place, the better off you will be!
The sooner you start, will not only be financially beneficial for you in the long term but it will mean that you do not need to put in as much work, all in one go. This means that you can allocate a couple of hours per week to fit in with your current job, without it affecting your lifestyle too much.
The Sooner You Start The Better
If you started to build your income stream today, you could set out a plan that allowed you to do an extra hour or two each day. This would mean that over a year or two, you would have several new streams of income set in place, that will slowly begin to build and increase through time.
These income streams do not make money overnight and this is a major downfall for many people, especially when they are desperate to earn money YESTERDAY!
It is much harder to earn money when your are desperately indeed of it, than it is when you have time and can slowly watch your income grow.
Don’t Make This Mistake
The big mistake people make is that they wait until they are desperate for money, rather than planning ahead and putting these income streams in place, before they find themselves in a desperate position.
People become very complacent when they are in a regular full time job and do not think of building some form of extra income stream ‘just in case!’. This is simply because they are financially comfortable and never stop to think, how they would managed, should they lose their main income. The Coronavirus (Covid 19) pandemic of 2020, has certainly made people revaluate their own financial status and has made everyone realise that their jobs are not as secure as the once thought. It has also made people realise that their main source of income can literally stop over night and when it does, what other incomes sources do they have in place, to support themselves and their families.
How To Create Multiple Streams Of Income
You are probably now thinking
‘Well this is all well and good but how do you build multiple streams of income’.
Well, there are literally thousands of ways of creating multiple streams of income and not everyone will suit you. Once again, it is always best to set up ways that interest you, that you enjoy doing and obviously that will allow you to make an income through time.
Each individual person is different and some people might want to set up income streams that require them to be physically out there doing the jobs themselves. However, some people do not have the time to hold down two, three or more jobs and as a result, set up income streams that can be functional 24/7 – 365 days a year, wherever they are in the world and whatever they are doing.
I myself am one of those people who prefers to have them working 24/7 – 365 days a year and I have many income streams that I can run from anywhere in the world. This suits my lifestyle and allows me to enjoy the freedom I need for my other commitments. However, just because I can run them from anywhere in the world, does not mean that I do not have to do any work because I do!
Yes, I do have to work to keep my income streams in place and ensure they keep providing me with income, on a regular basis.
You will have to make up your own mind as to how you would like to set up your income streams but I would recommend choosing ones that suit your own personal requirements, situation and needs.
How Much Will Your Multiple Streams Of Income Earn
This is one question I cannot answer. Every single income stream will earn you a different amount of money each week, month or year and it depends on what those income streams are based upon and how much work you yourself are willing to put in.
Some streams will make much more than another but the more income streams you can set up, will determine how much money you make. It really is a numbers game!
It’s a Number Game
As with most things in business and making money, it’s all about numbers. Setting up multiple income streams is no different and don’t be put off by how ‘little’ you might make from just one income stream. This may sound strange but let me explain!
I have a large amount of income streams, some of which might only earn me a few pounds every week. Now, if I only had one additional income stream alongside my main income, that earned me just £10 a week, you would be forgiven for thinking it was a waste of time. Yes, it really does not sound a great amount of money, especially if it has taken a while to set up. However, what if I had 10, 20, 30 or even 100 different income streams, that each earned £10 or more each and every week? Now that would be worth the work, don’t you think?
Let’s look at this a bit closer:
1 additional income stream = £10 Per week
10 additional income streams = £100 Per week
20 additional income streams = £200 Per week
100 additional income streams = £1000 Per week
I’m sure you will agree, that suddenly doesn’t look too bad, does it?
An extra £1000 per week landing in your bank account on a regular basis, who wouldn’t want that?
What is even better, is that these additional secondary income streams, would continue to earn me money for the rest of my life. As long as I continued to maintain them and put a little work in to them each week to keep them fresh, updated and current, the money would continue to come in.
As I said earlier, it is a numbers game and there will be many of these income streams that may not work for you but there will be others that actually earn you more money, than you originally expected.
How much Will These Income Streams Cost To Set Up
The beauty of setting up multiple streams of income, is that they do not cost large amounts of money if you do it right. In fact, many will not cost you anything and are absolutely FREE for you to set up. As with any other business, there may be costs along the way, especially as your business grows and you decide to invest in tools, that will help expand your business.
I would recommend you start with setting up one or two additional streams of income and then once they start to earn you money, you can then begin to set up more with your earnings. Then, if one income stream does not perform well, you really do not have much to lose financially.
What Are The Best Income Streams And Where Do I Find Them
As I said earlier, there are thousands of ways that you could set up an additional multi streams of income and which ones you choose is simply your choice. It could be something like taking a part time job, investing in another business, selling on Ebay, making money online, setting up your own website, via Social Media or setting up your own little business. However, I imagine that you would prefer me to tell you or show you a simple way or at least show you a few multiple income streams, right?
Well, the good news is, that we have provided a list of over 50 ways to make money Online and each one of these methods, could provide you with an additional income.
To learn more about how to make more money through multiple streams of income and to get more ideas for multiple streams of income simply visit the the following page: Ways To Make More Money
What Are Some Multiple Streams Of Income
As we mentioned previously, there are an endless number of ways to add additional income streams. However, some of the most popular ways that people start with are: