Multiple Streams of Income
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Multiple Streams of Income for Baby-Boomers
I first came across the concept of Multiple Streams of Income when I read the book The One Minute Millionaire by Mark Victor Hansen and Robert G. Allen in 2003.
One cannot be everywhere all the time, in order to maximize one’s time, talent and treasures you can create multiple streams of income so that you can even be making money while you sleep.
The premise behind this concept is using leverage most efficiently to create wealth the way millionaires do. The writers say, “Smart people recognize the need to cultivate a portfolio of income streams – not one or two, but many streams from completely different and diversified sources.” Because, “If one stream goes dry, it doesn’t bother them.”
With this first above-mentioned truth, there flows a second truth. “Residual income – that’s a fancy term for a ‘recurring stream of income that continues to flow whether you’re there or not. Making money while you sleep – when you earn interest on the money in your bank account, that’s residual income. It flows into your account 24 hours a day without any added effort on your part.”
Some examples of ways and places to create streams of income while you sleep are:
- Savings and certificates of deposit
- Investments that generate dividends
- Stocks that have potential for long-term growth appreciation
- Your own house appreciation
- Real estate investments: single family, multi-unit, commercial
- Owning your own business
- Franchising fees
- Marketing consulting – % of revenues generated
- Celebrity endorsements
- Database owner: rent and sell lists and related intelligence
- Royalties: books, tapes, CDs, videos, seminars, films, software, games, inventions, patents, agenting, brokering
- A website that sells 24 hours a day
- Network marketing
The formula that I’m using to create multiple streams of income in my own life is through creating this online business.
By the time I’m finished creating this website and online business I will have many products and services available, such as my own books and workshops (both in person and online). Because I write in many different styles (from poetry, to essays on global issues, to self-help books) each genre attracts a different audience and potential customer. I have also recorded all the poems from my previously published soft-cover and e-book of poetry, The Dance of Intimacy: love, loss and longing through poetry in CD format which offers another stream of income for potentially a different audience. I will also have affiliate links for products and services by others.
There are an abundance of related courses or products and services that would fit here on my website that focus on one or more aspects of the whole-person which my website/online business is based on.
As my business grows I will add more streams that are within my budget, interests, and financial goals.
Multiple streams of income flow into your life whether you’re awake or asleep; whether you are actively managing them, or they run on auto-pilot.
Having multiple streams of income allows you to leverage your time, talents and treasures to activities close to your heart such as family, or travel, or even humanitarian goals.
Do you have multiple streams of income? Would you like to share them in the box below?
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