Creating Multiple Streams of Income

Obtaining multiple streams of income is a topic that many people have touched on or have been inspired by.  The reasons, because it is a powerful way for someone to become financially independent, not reliant on one income, and free to grow one’s wealth at an exponential rate.  While it is a subject I love to discuss about frequently, I’d like to give a few of my views on why creating multiple streams of income is totally worth it.

Creating multiple streams of income requires a mind shift or adjustment from what most of us grew up thinking that is normal.  Such as to get a great education to pursue a high paying career or to take on a trade that will be in high demand for the foreseeable future.  Those are still choices that should be made but the adding of extra income no matter how small can be often overlooked.

One thing that I try to teach to my peers and family is that an additional stream can come from a myriad of places and that no matter how small the amount of a stream is, if it produces income, then it is an accomplished stream in my book.  An additional income stream producing a penny a day is always a great way to begin the conversation.  This gets the mind thinking of, “How can I make this happen?” Or, “Is that even possible and what could I do to accomplish a stream such as that?”

For me, developing another stream is easier when it is somewhat connected to what I am currently doing or pursuing.  An example would be when I am writing a post for the Chivalry Jones, I think of how this very same post would sound coming from me within a podcast session on Talking With Chivalry.  Then I think of how could I possibly create a course from this material or provide a way for the message to reach even more people.

Another example that I like to highlight on while supporting my point is when I purchase a share of stock that pays a dividend.  Sure it may sound crazy to someone to spend let’s say $50 on an asset to receive 2.5% on it for the year.  But once you take in the fact that as long as that business is able to pay those dividends to you, you don’t sell the share, and it increases in value, you could lose your active income and never have to work for that amount again.  That asset has become an employee to your business called life.  Want more out of the employee asset?  Reinvest the dividends or buy more shares as well.

I could talk about this topic all day but as I mentioned above, it may make a great source within my next podcast session.  With that being said, I do hope you appreciate our site, learn a great deal, and focus on building yourself for the person that you are to become.  Thank you in advance and for your time!