This article is written to offer everyone ways and means to make money to achieve financial freedom through multiple streams of income. This is not about getting tips and advice on how to be instant millionaire overnight or make easy and fast money but this will specifically pertain to proven and tested ways to earn lifetime multiple streams of income and become less reliant on your job.
Existing Ways to Make Money
As an overview of this discussion, these are the different types and sources of income currently available today that allows everyone to make money and generate income for a living.
* Primary – This is the common source of income provided by your employer by means of giving you a salary or wage and benefits to compensate your work for your employer. Here you only make money when you work for your employer.
* Alternative – This is the income you generate from other means or sources other than a regular office work or job. Many people make money simply by blogging, income through investment, selling on eBay, online business, etc.
* Earned or Active – You work for money. You stop earning money as you stop spending time doing the work which is the source of your income.
* Residual or Passive – Money works for you! Unlike the earned or active income, income-generation does not stop even when you stop working.
Given the two types of income, it will be wise to broaden your income by having multiple streams of income and intentionally shift toward more residual or passive income generation.
What Makes Passive and Residual Income a MUST to Everyone!
Having multiple streams of income is necessary to achieve financial freedom. This greatly increases your overall income hastening up accumulation of financial wealth. This will enable you to be less reliant on your primary source of income, which is your current job, and eventually replace your primary source of income to achieve financial freedom.
Hence, building multiple streams of income is a must to everyone today, and this becomes even more obvious because of the following reasons:
* If in case you lose your job, your income does not “disappear” but is only “lessened” as you still make money and generate income through your passive multiple streams of income.
* As you ascend the corporate ladder, the more ProstaStream difficult it becomes to look for an equivalent job that gives you the same compensation in the event that you lose your job.
* Multiple streams of income accelerate your goal to achieve financial freedom. After all, the gauge that you have already achieved financial freedom is when you are no longer dependent on your job to sustain your living expenses.
* Multiple streams of income provide you leverage and better flexibility. You are in a far better position when you know you are not dependent on your job to survive.
With a few exceptions, the idea of maintaining a fixed-paying regular job is dead; it is very risky to depend on a single source of income, since many companies do not dillydally reduce manpower for cost-cutting measures. I believe it is a must that everyone reduces their income risk by having multiple streams of income.
It took you a great amount of money, effort, and time landing on your current job right now. Most companies require a college diploma and some necessitates further training and education. Four years of studies in college took much of your money, effort, and time! Spending 15 minutes a week to have multiple streams of income that give you at least $1,000.00 a month wouldn’t be too bad!
When you’ve set up a stream of income (a residual and passive one) you may venture into another one and the one you’ve already set up still continuous to make money and generate you income, hence the passive principle. To cite an example, if you have a stream of income that gives you at least $10,000 a month, you will continue to make money of the same amount at the minimum, as income generation increases even if you do nothing about it, hence the passive principle. In contrast, when you cease to report for work in your office job, you cease make money as you cease to receive your regular pay.