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MY
WEALTH
Multiple Income Streams
Posted: Dec 2008
What
are the Multiple Income Streams?
What do you need to build multiple
income streams? Does having Multiple Income
Streams means
proportional multiplication of
efforts?
The
goal of the most of the people
is to become financially
stabile, wealthy or rich. Unless
you are born rich, it will take
some time and effort to build
your wealth. You will need to do
various things, in order to
build your wealth. One of the
proven methods of becoming
wealthy is the building of Multiple
Income Streams.
Why
is the multiple income streams building
important? Many people are
working their daily job that
gives them salary that is not
satisfying all their needs.
Multiple income streams building can help them. Also,
uncertainty of the world economy
makes wealth-conscious people to
think about their future.
Simply, there is no thing called
lifetime employment or job
security. Everybody can stay
jobless very easy. Finding
another job is an option, but
would it be good to have
contingency income, that will
support you meanwhile.
Furthermore, once you are
retired, what do you think about
your pension? Is it going to be
sufficient when you retire? Look
the people around you and you
will see that most of the
retired people have a financial
shortage.
On
the other hand, take the rich
and wealthy people and their
income structure. Most of them
have multiple income streams. This
is the foundation of their
wealth. Multiple income streams is simply the option
for everybody, regardless are
you just the low paid employee
that wants to earn a few dollars
more, or wealthy businessmen
that wants to multiply his
fortune.
So
if you are just starting with
your multiple income streams building, where should
you start? What steps should you
take?
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Primary Business / profession
should be the first step of
multiple income streams
building. You should give the
highest priority in the
beginning, even long after you
established secondary income
streams. Key to successfully
managing of multiple
income streams income is not to lose focus on
your primary revenue generating
activity. This is because your
job is giving you the regular
income on monthly level, while
secondary income streams takes
some time for set up. This
income stream will take most of
your time and effort.
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Secondary financial streams are
something that you should build
after you have your main job /
business well established. This
can be anything that suits to
you: part time job,
self-employment, writing, web
site building, consulting, etc.
It will be still taking some of
your time, but it should take
you less time and effort than
you main profession. Be careful
with your personal engagement,
in order to avoid burn out and
saturation point, that can take
you away from multiple income
streams concept.
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Passive Income Streams are the
third group of multiple income
streams. They are
called passive simply since they
do not take your time and
effort, or they require
relatively little attention.
Literally they earn you the
money as you sleep. These income
streams can be the rent from a
property that you own, royalties
from a book that you have
written, fee's from intellectual
property you have licensed, bank
interest rates, investment
funds, ads income from your web
site, etc. The passive income
sources do not come just like
that. They are the result of
wise concept of activities of
your primary and secondary
business activity. At the
beginning of your career, your
passive income is probably zero.
But as you career grows, you
should establish as much
possible incomes as possible.
Eventually, you should be able
to gradually pull out from your
primary and secondary business
activity and grow most of your
income from multiple passive income
sources.
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Having a multiple income streams
from primary,
secondary and passive income
streams will accelerate your
wealth building. Simply, these
three income groups are the main
pillars of your income security.
You will be able to secure your
income through synergy of
various income streams.
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During
your road to multiple income
streams safety, remember to be patient.
There is no easy and fast money,
in spite what they promise you
in ads. But through the
persistent long-term approach,
you will be able to build your
stabile network of various
income streams that will provide
you the personal financial
stability. Build the balance of
active and passive income
streams, while avoiding personal
burn out. Build your incomes
from the stream to the river,
from the river to the lake...
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