Multiple Sources of Income
I was recently at a wealth presentation. The person leading the presentation discussed the topic of MSI's or Multiple Sources of Income.
This was something that really hit home with me. The concept was that you work on building multiple sources of income, and over time they will eventually pay off. This way if one of the sources of income fails, then you have the others as your backup.
I realized that this was something that I had been doing over the last several years. My main focus was on gaining residual income out of the MSI's.
Some possible sources of income outside of your day job could be:
* Working with a network marketing company.
* Writing a book.
* Building websites or software that you own.
* Real estate investing, managing rentals.
* Building businesses.
Any of these, or many other ideas can help you build your Multiple Sources of Income.
Having multiple sources of income is something each business minded person should pursue.
I appreciated this article as I too am trying to make a good income online by using multiple sources.
Its definitely a really good idea to diversify and have multiple sources, so keep at it!
Having multiple sources of income can be great imo AS LONG AS they don't interfere with each other. For example, trying to run multiple businesses will not work(for most people) as running a business takes up the majority of your time. So obviously the first stream needs to be your business or job, then after that I would reccomend investments, such as stocks or real estate(rentals etc.), or maybe a part time job that doesn't interfere with your main job.
not at all a bad idea, just remember to have patience!
With the economy the way it is right now you see more and more people trying to earn money from home in many different ways.
I believe that your thinking is clear. Over time having different sources of income will benefit the worker.
This is a really great idea. Atleast makes one independent of others. There are many site from where we add a good amount in our income.
Residual income is always great. The internet has TONS of potential for picking up any amount of extra money, depending on how much effort you put into it.
It sounds like something which everyone should do, just in case one loses a job, they will at least have another source of income on which they can fall on and depend on until they are able to receive a job equivalent to the one they lost.
Having multiple sources of income is a great idea, but not for everyone. It takes a certain type of person to manage all of these responsibilities, or even just one or two major tasks. It can end up tiring you out and not being worth it in the long run.
It makes sense, you seem to be following the Donald Trump method of building wealth!
Well i focus on internet revenue but yes MSI's are very good, i my case it's all online, blogs,video producing and a few more things and it's really good to have something back you up in case everything fails ! TRY IT PEOPLE !
i like the ideas of msi's. the prospect of having multiple businesses that yeild some form of 'reliable' income is something that would interest alot of people. The problem i think would be in the management of time, working toward multiple deadlines e.t.c. and being able to balance any possible problems finacially.
It really is the smartest idea if you can do it. I am planning on starting my own business in the next few years but I will make sure that my husband and I have other sources of income in case it doesn't work out as well as we hoped.
One can't put all eggs in one basket, so this is clearly a good idea. It's something even I can't pass up.
that is a fantastic idea and creates a backup plan for you. However you will find that your energies are divided and that you do not put everything you can into any one business.
