Creating Multiple Streams of Income
I’m sure you have heard of Bob Allen’s book – “Multiple Streams of Income”?
Basically, Bob talks about the path to financial independence is having multiple streams of income and creating new streams of income every year.
You see, most folks caught in the rat race have only their day job as their source of income. Some may be savvy enough to invest their savings to generate more income. And most just stop there.
Well things are okay for now, but the moment you lose your job (retrenchment, due to out-sourcing, downsizing etc), then you are done for.
If you do as Bob says and have various income streams, then things aren’t so bad.
Lose one stream, find another!
The above is just a simple illustration of various streams of income that’s working for me right now. You can bet I’ll be adding to it every year.
Needless to say, the stream that requires the least investment is the online business.
Of all the above streams, this stream requires the least investment, hence lowest risk but potentially highest return, due to its low cost of distribution and widest reach.
Yes, anyone anywhere with an Internet connection can be reached by your website.
And the best part of this is, you only need to spend probably an hour a day, probably 3 times a week, to lay the groundwork and then get things going.
Once your website builds up momentum, you only need to work on it from time to time. But provided, you are doing things right.
So what are you waiting? Don’t you want to add another stream of income to your existing streams? Get started now!
13 May 2007 | Business, Money | Comments
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