Multiple Streams of Income
Hands down the best way to make money is by implementing the use of multiple streams of income.
What is a Multiple Stream Income?
A Multi-Stream Income is simply defined as earning an income from multiple sources as opposed to one source, a traditional job is a good example of a single source income.
This isn’t to say that a person shouldn’t have a traditional job but to insure it with additional income from another source or multiple sources. This way you’re not left holding the bag if the company you work for can’t afford to pay you, goes out of business, or if you were to be laid off or fired.
Multiple streams on income are a better way to earn money simply due to the fact that if one stream fails you have a back up in place. An example, let’s say you have a job and are paid 100.00 per day. If you were to loose that job you would loose the entire one hundred dollars per day income. However, if instead you have one hundred ways to make a dollar a day and loose one you will still have 99 dollars a day. It’s simply a more secure way to earn your income.
Corporations use Multiple Stream of Income
Most of the worlds successful corporations use this technique to generate profits. In the corporate world these are known as conglomerates.
Take for example The Coke a Cola Corporation, the list of product they sell under different brand is simply immense. Coke Products. If soda all the sudden becomes unfashionable to drink then they hold the market on bottled water.
So How can you create a Multiple Stream Income?
Because the idea of creating multiple streams is defined as creating several incomes, the sky is the limit. Any number of ideas can be combined to accomplish this goal.
Once you’ve committed to the idea of deriving your income in this fashion you’ll find it easier to start multiple small incomes then to find one or two large incomes. If you’re new to finding smaller incomes there are plenty of options available.
Selling Products and Services
Selling products and services online is one potential opportunity to start earning money. This can be done in two ways both passive and initiative. Initiative meaning you will be working for your income. Listing, promoting and shipping products and services.
I define passive incomes as you’ll have little or nothing to do once the initial work has been completed. Although the initial work can take time and if you want to grow the passive income, truly it never actually becomes passive because you’re always promoting it. However you can take a break and the passive income will continue to generate.
Obviously passive incomes are nice to have and I think a must have if you plan on generating your money through multiple streams.
Once source of income could be a low cost home based business, if you’re looking for new ideas visit the Home Based Business Ideas Directory these are all low start-up cost home based business.
Both a passive and active income affiliate marketing is a superior way to earn extra money and/or a full time income.
I don’t recommend ignoring this avenue I did and for too long. Who knew it could bring in such a valuable source of income.
If you’re interested in promoting products I highly recommend:
Commission Junction This is in my opinion the best affiliate network available.
Each of these are affiliate networks they aggregate affiliate programs.
I’ve personally found success promoting the following and I personally use them, I think you should use the programs that you promote. My top three are:
Essentially you can create as many streams to earn money as you can personally handle. Management is key to earning money in this fashion. Personally I filter everything through one email address, then pay close attention to everything that comes through. This way I never miss anything. Always keep up with the mail that arrives.
Other projects I’ve had that worked well to provide an ongoing income, offering e-books on eBay. Again I make it a point to only provide high quality useful information no matter what the effort. The most important tip I can offer, make absolutely sure you stand by the products and services you offer.