The Multiple Streams of Income Concept
Written by: Jeffrey L. Klump, December 3rd, 2018
The multiple streams of income concept is not something new. It has been around a very long time.
The super wealthy understand this concept very well and make use of it and put it into action.
The concept is simple. If you want to truly achieve financial freedom, you have to have more than one source of income.
If you are working a 9 to 5 job, that is your primary source of income, and it is referred to as earned income. You are trading your time for money.
If you lose your primary source of income, like more than 14,000 employees of GM will experience very soon, due to plant closures recently announced, you will find yourself up the creek without a paddle.
Everyone needs to have earned income, whether it be a 9 to 5 job working for a company, or, if you are self employed and, are already well established and generating income through your business.
The problem is, you have no or very little residual income and absolutely no passive income, on which to rely on short and long term, especially if you lose your job like the GM employees.
You need to put together a plan of action on how you should set up multiple streams of income through different online businesses and also real estate investing.
Your residual and passive income must at least equal your earned income, otherwise, the idea of financial freedom or financial independence is just a pipe dream.
Here are some of the top ways to build wealth that have residual monthly income and long term passive income.
They are: Multi Level Marketing, Online Direct Sales, Affiliate Marketing, and once again, Real Estate Investing.
Multi Level Marketing(MLM)– Most people cringe at the word multi level marketing. Multi level marketing is one of the best and easiest ways to create passive long term income. Yes, there are a lot of scams out there, but, there are a lot of scams in any type of business including real estate. Many very wealthy individuals are huge proponents of multi level marketing including Donald Trump, Grant Cardone, and Warren Buffett. If you would like more information on multi level marketing, Click Here.
Online Direct Sales– If you are in a business that sells a product or service online, you are able to build income directly from the sale of that product, which is important because you have a presence selling something online. If your product or service has the ability to produce residual income for you, the better. Online direct sales is a great avenue of income for you not only because it does provide income, but, you are also known to other people who purchase goods and services via the internet. If you would like information on becoming involved in direct sales, Click Here.
Affiliate Marketing– Affiliate marketing is a way to generate residual and passive income. Affiliate marketing is just promoting and selling someone else’s product or service. You are paid a fee or commission if a consumer click’s on the item or service that you are selling or promoting and ends up going to that company’s website or online store. This is perfect for anyone who wants to work from home and does not have a product or service of their own to sell. Please Click Here to learn more.
Real Estate Investing– Real estate is one of the most popular ways of building long term passive income, and the most risky of the previous three. When it comes to building wealth in real estate, the experts say land lording is number one. The problem with land lording is, that it can be a major headache. Dealing with tenants is the major turn off when it comes to land lording in real estate. The expert in that field is Grant Cardone. Click Here to learn what he has to say about land lording real estate. Another possibility in real estate is buying distressed debt, which means, instead of the headaches of being the land lord, you are instead, becoming the bank. In either case, real estate must be in your list of creating multiple streams of income.
Those people who are interested in achieving financial freedom and independence, need to concentrate on these methods and put this information into action. The one thing that everyone needs is to have an online digital marketing platform to run it all. The platform needs to have digital software like an emailer, texter, blogger, landing page and lead capture page creator, and the training and support to go with it. This platform is vital to get your products and services out and known to as many people as possible. Click Here to find out how this can be achieved.
Finally, it is up to the individual to put concrete steps in action once you have made the decision that one source of income won’t be nearly enough for you to create the future that you want.
Put these steps into action, and with hard work, desire, and a willingness to learn new things, you will be on your way to have multiple sources of income for life.
Good luck to all who are seeking a better life for you and your family!
**For more information on establishing multiple streams of income, talk to one of our sales trainers by going to http://mekenterprises.info