Why are multiple streams of income a good idea? This is a great question. I’m sure you have heard of the term, “don’t put all your eggs into the same basket.” Having multiple streams of income is a great way of diversifying your income and making your income recession proof. This article will look at why multiple streams of income are a good idea by exploring the reasons people are seeking additional income streams, the benefits and how to create multiple streams of income online.
Why You Should Have Multiple Streams Of Income?
Building multiple streams of income, in today’s economic climate has become a necessity. Jobs are no longer as secure as they have been previously. For the majority of people, their main source of income is their job and when that income stops, it can be devastating. Job insecurity is just one of many reasons why you should have multiple streams of income.
Another reason why having additional income is a good idea is due to the rising costs of living. Health care costs are rising, electricity is going through the roof, not to mention the cost of education, fuel and food! It seems that the costs associated with basic living keep on rising and fixed incomes from employment aren’t keeping up. For many households they are living from week to week and hope that no unexpected costs come their way.
Multiple streams of income is a great way for you to be able to enjoy the things you love and create financial freedom. Imagine being able to wake up one morning and say, “you know what, I really am over my job, think it’s time to retire?” How amazing would it be to be able to know that you have income from many different sources coming in and your job is now redundant? Maybe take a trip somewhere whenever you want or go out and buy something you have always wanted without having to watch your pennies? This is what a smart passive income, utilising multiple streams of income can afford you, so why not get started today!
Multiple Streams Of Income Ideas
There are many different ways you can create multiple streams of income, limited by only your imagination. Some of the ways you can create a diversified smart passive income include affiliate marketing, network marketing, direct selling, online surveys/forums, real estate, market stalls, freelance opportunities, investments and e-commerce.
The internet has opened up many opportunities for people to create multiple streams of income online. For the purpose of this article, we will discuss three main online opportunities that are available.
Affiliate marketing is a great way you can create either an additional income or multiple streams of income. For more information on what affiliate market is you can check out my article What Is Affiliate Marketing? Affiliate marketing enables you to diversify your income through your blog or website by promoting and referring the products and services of as many different companies as you like. This way you are not relying on your affiliate income coming to you via one source. There are so many companies that rely on affiliates to promote their products so there is real opportunities to create multiple streams of income using the affiliate marketing business model.
E-commerce is another way you can create an additional income source. You can sell products on a number of different platforms such as Ebay, Etsy and Amazon. It is now more than ever achievable for many people to generate income using this particular business model. Make sure you do your due diligence and make sure that the e-commerce option is a fit for you and what you want to achieve.
With the explosion of the internet and the popularity of online business, freelance writing opportunities are everywhere and offer an exciting opportunity to earn an additional or multiple stream of income. With online business comes websites with the need for content. This need for content or copy has generated opportunities for freelancers.
Types Of Income
Robert G Allen talks of the two different types of income, linear and residual income. This information fascinates me and I think it is a really great way to look at how you generate your income.
Linear income is when you only get paid once for the work you do, so a good example of this is a job. You are either on salary or are paid by the hour.
Residual income on the other hand you are paid multiple times for the initial effort you put in. So for example, you build a website with traffic, your visitors buy your product over and over, this is a residual income, because you are being paid multiple times for the work you have done once.
Residual income is a good example of what is meant by smart passive income. People get confused when the term passive income is used, thinking they get all this money come their way with no work at all. There is work, but you are working smarter, because you are doing the work once with multiple monetary rewards.
Wealthy Affiliate – Smart Passive Income
Wealthy Affiliate is in my opinion a smart passive income. The platform is a way that you can create multiple streams of income all in one place. In saying that we spoke earlier about the importance of not putting all your eggs in one basket, but Wealthy Affiliate does allow for diversified streams of income.
Here are some of the options within Wealthy Affiliate:
1. Wealthy Affiliate has it’s own affiliate programs, so if you refer others, you get paid.
2. Teaches you how to build your own money making website.
3. Teaches you how to become an affiliate for other companies to monetize your website.
4. Teaches a strong foundation for any online business such as e-commerce and freelancing.
5. Teaches you how to do the work once and get paid multiple times – smart passive income!
Can you see how the multiple streams of income are emerging within the Wealthy Affiliate platform?
Whether you decide to go down the Wealthy Affiliate path or not, make sure if you choose an affiliate marketing platform, that you have opportunities to build multiple streams of income in and outside of the platform, otherwise you will be placing all you eggs in the same basket and that is not what we want when we are looking to create multiple streams of income online.
I hope you have enjoyed the information presented in this article. We have covered why it is a good idea to have income come in via multiple streams. Economic factors, lack of job security and rising costs put a lot of pressure and uncertainty on people these days.
We have also given you some ideas of ways to bring in additional income and outlined three online options for you to consider – affiliate marketing, freelancing and e-commerce and finally we looked at how Wealthy Affiliate has created opportunities for multiple streams of income all in the one platform.
There are so many different options out there, but there is definitely a need to create additional income to allow you to be financially free. I would love to hear your thoughts on this article, please leave your comments below. Look forward to seeing you here again at overfiftiesaffiliate.com.