Multiple Streams of Income

The idea of having Multiple Streams of Income may come as a new concept to some. I expect that many of you reading this have always given your all to one employer. This has in the past been the normal way to organise life. It meant giving part of your life every week day to the wishes of others. In return you received a set income. This way of life gives little leeway to achieve what you wanted. Working life was often given to just one or maybe two companies for the 45-50 years. What a grind and what a waste of the best years. However, things are changing.

Nowadays job changes are becoming more frequent and it is expected that people in future will even have to change careers. Added to that if you are perceived to be “too old” it becomes more difficult to actually obtain employment.

A way to get off the merry-go-round is to have your own business and make your own decisions. Of course, having your own business does not save you from changes in the world around you. The same events will affect you in a small business as in the large conglomerates. This, however, is where being an individual in business makes you more adaptable. Once you have put in place your own Multiple Streams of Income you will have a much more secure future.

Whilst writing the “About Me” page I realised that I’ve always had more than one source of income at a time. Because of this I have become more aware of my qualities and the needs of others. By being self employed and putting together packages that are being sought I have always had work and therefore income.

Now I am not advocating that anyone just dabble in various areas. Each channel needs focus, particularly in the set up stage. It has been my experience that once an income stream is in place it then needs to be kept running. When underway it becomes a simple matter to keep it going. Most businesses of any worth take time to build but once this is done you can decide just how much time to give to each. Just keep in mind that future security comes from building Multiple Streams of Income.

Different types of business will pay you in various ways. Here are some examples from my own portfolio:

Teaching / lecturing. It is normal to receive a short term contract to deliver a series of lessons / lectures over a period of time. The education authority whether school or college will have a set fee. You are therefore filling in the blocks of time in your diary. Time off is set by the contractor. There is little or no personal monetary outlay to do this.

Life Coaching and Business Consultancy. You will need to find and build your clientele but then it is up to you how much an hour you charge. Again you are attempting to fill your diary. You will decide when to set your time off but you cannot move appointments once they are booked. There is very little monetary outlay attached to this.

Direct Sales and Network Marketing. You will work times which you find are most suitable. Time is not paid for and much time is put in to build this business. However, once underway you will receive a good income which will grow as time passes. You will be able to take holidays almost at the drop of a hat. This type of business will provide for both the present and future in your Multiple Streams of Income. This will need a small investment to start-up. Get more information here

Internet Marketing. This can be worked at any time – midnight when everyone else is asleep if you wish. A small investment will be needed to start-up. Take time off whenever you like although having said that you will need to put in a lot of work in order for this to pay. It’s your choice. Work all hours possible for three months or take it gently for three years. The outcome will be the same but the journey different. Take a look at the information here

Obviously there are many more types of business you can undertake but they will all fit in with one or other of these patterns. I suppose there are two main types: get paid for time or generate an income for the future. A good mix among your Multiple Streams of Income will give you payment today plus income stretching into the future.

You will need to know whether you need money up front to live on whilst building for the future. So I would suggest that you perhaps take a job or stay in your present employment or try to make do on your pension. Begin to work in your spare time at something else which can be expanded at a later date. Then perhaps work part time instead of full time so that you can bring your spare time work into a fuller business and bring in another income stream.

Gradually you will achieve your Multiple Streams of Income. Hopefully you will choose a varied portfolio. Then if one business goes belly up because of outside forces you will have others to soften the blow. You know the proverb: “Don’t put all your eggs in one basket”.