Devoting yourself to one, rocksteady, source of income might seem like the safest way to save; however, by doing nothing with those savings they will not grow any larger. This is where the importance of developing multiple streams of income comes into place. I have developed more than 8 streams of residual income over the years, and I want to show you how YOU can do it too. Today, I will take you through my guide on how to develop your own multiples streams… So, if that’s something you are interested in, keep on reading!
What is Residual Income?
Let’s start by explaining what residual income and active income is. Active income is what you would consider an income from a day at work. Thus, what you earn from your 9-5 job would be your active income.
Unfortunately, most people’s active salary will not account for a substantial amount. Usually, it is enough to live on, with some money to put aside to save. That’s why we cannot rely on our active income to build reliable and comfortable financial security and we should turn to develop residual income.
What are Types of Residual Income?
Residual income comes from making money on the side and building up additional assets. For example, writing a book and earning royalties from sales, investing in stocks, or in the property. The best kinds of residual income streams are the ones that can mostly take care of themselves with minimum involvement on your part. My number one tip is to DO THE WORK but FOCUS on Income Generating Activities. You know my mantra – If It’s NOT Making Money, It’s NOT Making Sense.
Don’t Rest on Your Laurels!
It’s important to not get complacent though! Relying on everything to run smoothly without overseeing anything yourself is a sure way to let everything you built fall apart. It’s important to persevere early on and be as attentive as possible. The MORE work you put in when developing this stream, the LESS time you must spend overseeing it once it is running smoothly.
Of course, different kinds of streams of income require different levels of involvement from you. Writing an eBook and uploading it online for purchase requires far less management than maintaining a property business.
So, you have a residual stream of income, should you sit back and let that do all the work now? NO! If there’s anything the last few years taught us, it’s that the future can be completely unpredictable. No one was prepared for a global pandemic to break out, what mattered was how you adjusted to it.
That’s why it’s so important to have backup plans in place. And thus, the importance of maintaining multiple streams of residual income. It’s great that you finished your eBook and it’s selling well but there’s no guarantee that it will sell well forever! You should already be planning ahead to your next eBook, to have another source of income.
How Should I Start?
While getting multiple streams set up is a great plan, it’s important to not rush through without careful planning first. If you plan to invest, you should make sure to never spend more than you can afford to.
Writing an eBook is a relatively low-cost venture. The cost comes from hosting a domain, and paying for the design, and is a great start to creating your multiple streams. Once you have money coming in from those sales, you should use that money to develop new ventures.
I generated 6 figures from writing 2 eBooks and can teach you how you can do it too! If you need more help on how to do it take my FREE Entrepreneur Assessment NOW
How Do I attract Attention to My Business?
The best way to make money is to fill an urgent need. Start by writing out a list of the skills you can monetise. In my eBook How to Create Multiple Incomes, I teach how to use skills you have and create a business out of it. Sometimes the things you overlook is the thing that can be your next BIG money spinner. Download 3 FREE Chapters HERE
If you take note of recent trends and changes in the world, you’ll be sure to become more successful. Promoting your business may seem daunting but it’s important to create an online presence. People will always search online for the solution to their problems so that’s where you need to market your business.
I hope that this post has shown you the importance of investing in multiple incomes sooner, rather than later. It’s certainly been my key to a secure future, and I urge you to seize control of your financial security TODAY! If you are interested in anything I’ve said, I have a multitude of free resources that you can check out my FREE Resources page HERE for more information.
To your success,