What About Multiple Streams of Income?
Many adults grown up with insufficient knowledge and wisdom in managing their hard earn money. For people who are more educated, they acquire financial management knowledge, through self-study (e.g. read widely, attend workshops and courses part-time) and interaction with their social groups. Even then, most didn't become financially independent by the time they reach mid-life.
Why do you need multiple streams of income?
In the 1950s, 60s and 70s, it was still common for people to have job security that would last 10 or 20 years, or even until retirement age. But nowadays, it's not possible because of business globalization that impacts the world economy. Businesses and conferences are done via video conferences. Industrialization and mechanization forces many companies to upgrade their technology and replace human with robots and machines.
People in China are competing with the people in Australia, while people in Indonesia are competing with people in Vietnam, in Myanmar and in Thailand for business opportunities. As the market place becomes more globalized, business can start easily, but it can also go burst easily. Nowadays, job security is no longer a common sight, but downsizing, retrenchment and job mobility are not uncommon.
Multiple-story of Wealth
There are four ways to get multiple streams of income. I call them "Multiple story of Wealth" that you need to have in addition to a job or in addition to working for someone else on project basis.
The first stream of income on the Multiple Story of Wealth is "Own a Business." You may co-own a business and keep your day job. As a shareholder of a business enterprise, your earning is depended upon the profitability of the company. If the business is not doing well, your earning will suffer and the business may have to close down. However, if the business is doing very well, you may consider quitting your day job and concentrate on your business full-time.
The second stream of income is the "Real Estate Investment". You invest either in residential properties that somebody rent and live, or in commercial properties that business enterprises rent to operate their businesses. You make additional income through the rental receivable and the appreciation of the property value over a period of time, if there is any. Rental income is also known as passive income as you don't have to work to earn it.
The third stream of income is the "Stock Investment" where you invest your money through the purchasing of shares in the stock market. If you hold on to the stock long enough, you'll receive dividends if there is any declaration. This is also a passive income. However, you may choose to sell the stock when it appreciates in price substantially, depending on what your financial objectives are. As the stock market can be very volatile, it is also a very risky way of earning extra income. Similarly, the Future and Commodities markets are equally risky. Hence, you should not invest too much money there.
The fourth stream of income is the "Internet Business". In this technology age, everyone is talking, working, socializing and entertaining on the internet. There are hundreds of millions of internet users in the world (Source: internetworldstats.com) who would want to buy your products online. And it is common for people to buy and sell products in the internet nowadays. Besides, internet business has low start-up cost and it is not difficult to start. Even if you don't have a physical product to sell, you can create your own information product such as eBook, sell other people's product as an affiliate marketer online or offer your service as an expert in your field of work (e.g. as a web designer, article writer, video coach, etc).
As you can see there are many ways in which you can gain additional income to build your fund to achieve financial independent.
Food for thought:
• How many Multiple Story of Wealth you have built for yourself?
• What plans do you have to help you move towards financial independent?
To learn more about how to gain additional income with internet business, go to the resource box and click on my product link.
Rachelle is an internet marketer and investor. She and her business partner have put together their ideas and came up with a success proven internet marketing system. It targets at 3 different markets, all at the same time. To find out more, click here http://www.inboxeasycash.com/fusionology
Category Article About, Income, Multiple, Streams
