We can’t have financial freedom and gain wealth without first having created multiple sources of income or passive income. No one knows this better than an entrepreneur.
Entrepreneurship isn’t easy and income streams dwindle all the time. Hence, most business owners work assiduously and meticulously to ensure they aren’t ‘storing all their eggs In one basket’.
Having income flowing in from multiple avenues sounds great! right? It is great!. However, the reality is that it is difficult for persons to create a single income stream let alone multiple.
Fortunately, in the technological era that we are living in, the internet has made it simpler, faster, and more affordable to generate more than one income. Albeit it takes time, dedication, and a whole lot of patience to grow each revenue.
If you are like me, who was tired of living off one single paycheck that barely sufficed, or covered just enough to get me to the next payday, now is the best time to consider building out multiple sources of income.
Benefits of Multiple Streams / Passive Income
- Better Security – It dramatically reduces the risk of you ‘losing it all.’ If one source drops or declines, other sources will help bridge the gap.
- You can create income by doing what you love and are passionate about.
- It is easier to generate several small income streams that produce a few thousand dollars over a short period than a large one that produces one big lump sum.
DRAWBACKS:
- Time-Consuming – It is challenging to keep up with all the undertakings for every income stream and give careful attention to keep them growing and producing profits.
- The groundwork to build out each stream can be grueling and laborious.
Don’t be discouraged by the drawbacks. The time you take to invest and sow into each income stream will bear fruitful harvests for a very long time and the benefits will outweigh potential challenges.
A first great step to building out an income source is by writing the vision down on paper, in a book, or on a vision board.
You don’t have to be a full-fledged entrepreneur to start the journey. Maybe you want to keep your full-time job but need extra money to help accomplish your goals in a shorter amount of time.
For example, buying a car, saving to purchase a house, clear debt(s), or even put money aside for an overseas trip. Maybe one day your side hustle could eventually turn into your full-time job.
Income Ideas For Creating Wealth
Become a Silent Business Partner
If you know of a start-up business that has the potential for growth you can provide the capital needed and become an investor.
If you do not want to take such a high risk, you can partner with an already established and successful company (that is seeking investors for expansion).
Airbnb
Airbnb has exploded over the past few years. It provides accommodations that are way less expensive than traditional hotels, especially for travelers around the world.
If you have additional unused space in your home or own a property that is not occupied, these spaces can be used to accommodate guests and earn extra money. You can create a listing on Airbnb.
How much you earn depends on the condition, size, and location of the space being rented. For example, If your home is located in a high-cost city or close to a resort, your income will be higher. Why not make profits off unused space?.
Start a Home-Based Business
Doing what you love is great and turning what you love into a solid business is even better. Most home-based businesses have low start-up costs.
If you are considering this as a passive income source, it should be based on your passion(s) and skill set.
If you love to bake, you could create a home-based pastry business or even offer catering services.
If you like to paint or create homemade products, these items can be sold on various online platforms and apps like Etsy and Pixapp.
There are a lot more opportunities available, depending on your income goals and your level of skill set.
Change Happens, Anticipate It
‘Who Moved My Cheese‘ by Dr. Spencer Johnson, gives an overview of our approach to the circumstances of life. Not everything stays the same and certainly, not everything lasts forever. The same is true with our jobs.
It is quite difficult to rely on a 9-5 for one’s entire livelihood, what with the possibility of pay cuts and lay-offs. Therefore, with having more than one income stream, you can avoid being dependent on a single cash source and eliminate being caught off guard should a company decide to down-size or cease operation.
whichever path you choose, with sufficient time, effort, and capital you put into your venture, you will be successful in creating wealth through multiple income streams.
“The best investment anyone can make is to invest in one’s self“
