Looking for multiple income streams ideas? The first step is to establish financial security. Without a regular income it’s very hard to establish a base line from which to work. Those with multiple streams of income have diversified their income portfolio. MultipleÂ streams of income don’t happen overnight. It can take some time to establish. Step number one is to secure a primary source of income.
Multiple Income Streams Ideas – Investments
With a regular income you can invest in new ideas, new businesses, opportunities and even develop a financial investment portfolio. This might include investing in stocks and shares, for example, or buying and selling. Â For most people their primary investment is in buying a house. A house is a great investment because it acts as a kind of forced savings plan. Before investing you should clear off any outstanding debts.
A debt is an outgoing income stream because every month you will be paying interest on it. If you haven’t already read David Bach’s The Automatic Millionaire, get a copy. In it he outlines the best ways to get out of debt and what order you should do it in. He also talks about staying out of debt and paying off assets, like a mortgage more quickly.
Multiple Income Streams Ideas – Savings
The best way to stabilize your income is to clear debts and live below your means. Most people do the opposite of this and continue generating debt. One of the easiest ways to have more money is simply to spend less. Set up an outgoing payment to a savings account which goes out every month, directly from your bank account. Most people live to their bank balance.
If you deliberately set up an outgoing payment to a saving account, you will eventually start to live accordingly. This is an age old idea called ‘paying yourself first’. Most people pay themselves last. After all their bills have been paid, they see what’s left and spend that on themselves. Wealthy people pay themselves first.
Although savings can earn interest, it tends to be a low rate of interest. However, saving and living below your means is the best way to stabilize your income. And this is the best place to start from when you’re looking for multiple income streams ideas. Trying to juggle many income stream ideas when you don’t have a stable income to build on can be very difficult.
Multiple Income Streams Ideas – Self Employment
Having stabilized your income and once you are regularly living below your means, you will find you are building up some savings. You can invest these savings in bonds, stocks or shares or with a high interest savings account. You can also use a portion to build new investment ideas such as self employment opportunities. You can buy and sell items through ebay, for example. See how I did this in this article: how I made money from ebay first starting out. You can also start an internet based business from scratch. Learn how here. Your regular employment can support your self employment until it starts to grow.
Multiple Streams Of Income Ideas – Areas of Business
- Employment – You sell your time for money
- Self Employment – You sell your time and expertise for money
- Investing – Your money makes you money
- Business – You create a system to make you money
As you can see from the four basic areas of business above, employment is where you sell your time for money. You can’t leverage this income very well because you are selling your time. Self employment lets you leverage slightly more because you can employ other people. However, in most cases you are still trading your time for money. You effectively have a ‘job’ which you own. Investing lets you make money from your money, with some risk involved. A business can allow you to leverage your time and use systems and other people to make you money.
For most people a business is within their reach. If you have skills or knowledge which can be monetised, you can turn this into a business. The best way to build a growing business is through the internet. The internet has opened doors which means anyone can now market themselves or their products to a global audience.
Multiple Streams Of Income Ideas – An Internet Based Business
An internet based business is another income stream which is within nearly everyone’s reach. Whether you have a particular skill set or not, you can still start your own internet based business, work from anywhere and learn around existing work and priorities. One of the best benefits of an internet business is its ability to leverage systems to generate income and reach a global audience through the building of an email list. An email list means you can build an audience and sell products and services which are available instantly online.
Access a business system which will give you training, community and a step by step process to build your own profitable internet business. Learn more here.
Multiple income streams are much more of a reality for anyone because of the internet. Having a growing range of products and a growing list of subscribers means you can sell and promote products which give you:
- Monthly commissions
- A hands off business you can operate remotely
- High ticket commissions
- Built in sales team closing sales on your behalf
- Systems which operate for you 24 hours a day, 7 days a week
- Leverage to grow your income without having to trade time for money.
- Ongoing sales for work done previously. See autopilot cash system.