In today’s volatile economic climate the ability to create multiple streams of residual income will immunize you against the effects of corporate downsizing and allow you to claim back your time and your life.
If you think back to times when perhaps your parents were young in most families when only the husband worked, a family only needed one source of income to survive. Today, very few families can survive on one income stream, forcing both the husband and the wife to work, and with our personal debt from credit cards and other personal debt continuing to rise each year, in the future it is only going to get worse. Unless you are one of the rare few that has their personal debt and credit card debt under control or are already wealthy then you have to take action now!
Insider Tip – The wealthy use the principles of compounding, leverage and have multiple streams of residual income to ensure their wealth is secure.
The wealthy generate income through a variety of sources including wages and their businesses, investments such as property, shares and managed funds. If one stream dries up, they aren’t concerned because they have other sources of income available.
But for those with a job, if you were to lose that job, which is your only source of income, it can have very serious consequences such as losing your house, marital problems, depression, lifestyle changes etc all of which force you to make decisions that you would rather not face.
Do you have multiple streams of income to support your lifestyle and family if things got tough?
Maybe its time that you did!
Wouldn’t it be comforting to be able to add additional income streams to your life and ensure that you can weather any financial storm?
You could always get another job, but that is not the type of income that I recommend for you — you need to work smart, not work hard!
You need to create another source of income that comes in regularly — every week or month regardless of what you are doing, working or not!
You need an income that doesn’t depend on you showing up for work!
You need an income that pays you over and over again for the same effort you originally put in with as minimal input from you as possible!
Many people try and do it the hard way.
The get another job, or delve into multi-level marketing, or buy property using strategies such flipping, rent to buy or leasing — which all sound like another job!
There are numerous methods that can be used to create multiple streams of residual income but it is important to focus on the ones that aren’t replacements for a day job, meaning you don’t just end up swapping your time working at your job to spending the same amount of time creating residual income streams.
One such powerful method to creating long term residual income is by harnessing the power of the internet!
No one can dispute that the internet has become one of the world’s biggest market places where goods and services worth hundreds of millions of dollars are sold every year and it is the perfect medium for you to create long term streams of residual income. Why the perfect medium? In a traditional business you need lots of starting capital to cover things such as premises, inventory, staff costs and equipment. With an online business you can start for less than a few hundred dollars!
But the best part is that the internet is the cheapest place to fail! What Prostastream would it cost you in a traditional business to fail 2-3 times — your house, your marriage or even your health?
If 80% of businesses fail within the first 5 years you need to ensure that the business model you gives you the best chance to be successful and one of the best ways to guarantee success is to find successful people in that particular business and do what they do!
Let’s be brutally honest here – all your research into how to create multiple streams of residual income has brought you to this article – correct? You are searching for the best solution to put additional cash into your pocket without you having to trade your time for dollars — correct?
But think about the last 10 years of your financial life, have you achieved financially what you wanted to achieve? Do you have the income that allows you to live the life of your dreams, spending time doing what you love with people you care about, and more importantly do you have the time to do it — free from the yolk of a JOB (just over broke)?
Because to date all the knowledge and business skills you have learned, all the contacts you have made along the way, all the books you have ever read, all the university degrees that you have on your wall, combined with all the financial knowledge you have learned has gotten you to exactly where you are today — and it may not be where you want to be!
I certainly believe that you should work hard in your chosen career if that’s what you choose to do, but consider what it would be like if you were able to create multiple streams of residual income and get your life back. Imagine life with another income source that paid you every week, regardless of where you were in the world, what you were doing or who you were with, and with little effort on your behalf!