Multiple Sources of Income
Multiple Sources of Income: The key to living a life of dignity, security, and abundance.
I came across this video the other day and thought it worth sharing. It talks about the importance of creating multiple income streams to secure your future. It is so true.
If you read my post on the health of the Social Security system, you know that you can expect a benefit decrease in the future. This could reap havoc on millions of Americans who live up to their means. What will you do when this happens? Building multiple income streams is one of the core focus areas of Great Past 60.
Dig Your Well Before You Are Thirsty!
The time to start is now. While it does not take a lot of money to start different streams, it does take the right mindset. If you wait until you are in dire need, your attitude makes it so much harder to maintain the right attitude.
It also takes time to master something that will make you money. This is so much easier when you have an income already supporting you. What it really takes is an investment of time. You can expect from one to five years to double what you are currently making. There is no valid get a rich quick scheme that I have seen that works long term. Hense, start now with good old fashion sweat equity.
Active Versus Passive Income
There are two ways you can make money. Active and passive. Most people are quite familiar with active. This is where you trade time for money. Examples are a job, driving for Uber, taking surveys, secret shops, Ect. While these are great, they will only supplement your income. They will never give you free time to pursue the life you have dreamt of. Is that bad? Absolutely not! Great joy and purpose can come from serving others.
Passive income, on the other hand, is where you do something once and receive income on an ongoing basis, and continue to receive income long into the future. Examples are: investing money and living off of the earnings, rental real estate, online businesses, hiring a team to work for you, etc. Not only does this free up your time in the future, but it allows you to build multiple incomes and wealth. The downside is that it takes more effort to set up and more time to start earning. Here is one affiliate offer that lets you generate passive income with very little money and no experience. You will need a free subscription to Click Bank, JVZoo, and Warrior+, however, to take advantage of it. Link Details.
Whichever route you choose, you will certainly be better off. Visit our income ideas page to start building your multiple income streams today by clicking on this link. Find something you like, start learning, and enjoy the journey.