Why You Need Multiple Income Streams

When you depend on one income stream for your livelihood you are setting yourself up for disillusionment. If you lose your job or your company goes out of business your income stops.

Also since there are only 24 hours in a day, if you are doing all of the work to earn those income streams you are limited in the amount of income you can earn.

Here are 3 types of income streams that you should have if you want to create a secure financial future.

Residual Income – This is income that you work for one time that continues to pay you over and over again. Our bills are residual. They come every month. They only way to fight residual bills successfully is with residual income.

The reason people struggle financially is because they try to fight residual bills with linear income.

You can build a residual income by creating a product such as a book or a music CD. You can earn royalties from the book sales for years to come.

Another way to build residual income is by building a Network Marketing organization. Most people who choose this option only end up creating another residual bill with their autoship.

The skills that you will develop while building a residual income stream will be invaluable, because you will be able to build multiple residual income streams.

Recurring Income – Recurring is similar to residual, because you get recurring checks. A popular way to build recurring income is by owning a membership site. You can also become an affiliate of someone else’s membership site and earn recurring affiliate commissions.

Outsourcing – Hire employees to do your mundane time consuming business tasks. As your income continues to grow, hire more employees. You will not only leverage your time but you will gain some wonderful tax advantages.

The common theme with these income streams is leverage. Time is our most valuable resource. Also time flies whether you are having fun or not. Once our time is gone, it is gone forever.

Learn how to build multiple income streams on autopilot at http://facebook.com/MultipleIncomeStreams

Much Success,

Jeremiah Carstarphen, aka The Cartoon Coach