People that are wealthy have multiple income streams, meaning they earn money by creating additional sources of income. In fact, the average millionaire is known to have 7 different income streams. Aside from making more money, the reason for having more than one source of income is to reduce the impact to our cash flow if we lose one of our income streams. The logic is that if one income stream runs dry, there will still be others continuing to produce income. Just like that old expression often heard with investing, about not keeping all the eggs in one basket, having multiple streams of income is the same concept when it comes to our cash flow. And not only is this a “safety net” for our cash flow, but it’s a tremendous wealth building strategy too! There’s a reason the wealthy do what they do and instead of being envious or jealous of them let’s learn and apply what they do.
How Many of These Do You Have?
Even though there are so many different ways of making extra money to increase your income, it can still be hard to figure out how. When creating multiple income streams, one way would be to take advantage of your own potential based on hobbies, interests, experience, talents or passions that you already have.
Whatever you choose to create your additional income, it should take little to no money to get started. There are so many options and opportunities available, with a little research and/or creativity, the means to create additional sources of income are virtually limitless. The idea is to find something that fits with who you are that you can see yourself doing.
“I enjoy building something good and having a successful product and making money.” – Wayne Huizenga
Of course, the more passive income streams we create the easier it will be to create more. Even the most passive forms of income take time and effort to build, but the time and effort put into creating those types of income streams will be well worth it. The more passive type income you try to create, the longer it will take to see results, so always know that patients is key.
The most simple and easy way to start maximizing your income generating potential is through your primary salary by taking any excess income that can be used or reinvested to generate additional income streams and earn more money. It could be from working overtime to reducing your budget to create that extra money. Whatever way is available to you, just do it! It will make all the difference.
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