Should You Even Bother To Create Multiple Streams Of Income?

Last Update: November 28, 2020

Hello My Wonderful Family,

I would like to reference three blog posts by Cassi on how she's creating multiple streams of income (She's done it and she have 8 so far)

a) Multiple Income Stream #6

b) Multiple Income Stream #7

c) Multiple Income Stream #8

1) Why You Need Multiple Streams Of Income Starting Right Now

As a business owner, you’ve most likely heard that having multiple streams of income is vital to growing and scaling your business. The idea behind multiple streams of income is to protect yourself financially for the lean times. I’m sure you’ve heard the phrase, multiple streams of income before. Having multiple streams of income protects your financial situation.

No matter how you choose to create multiple streams of income, you should also invest in mutual funds. Having multiple streams of income acts like insurance for your take home pay. Find multiple streams of income to incorporate within your existing business.

So what does it mean to have multiple streams of income?

Simply put, having multiple streams of income means that you are generating revenue from more than one product or service. This can be as simple as having a 9-5 job and selling products in an Etsy store on the side, or can be very complicated, with many streams of income within one business.

You may have multiple streams of income – but are they good ones?

These may never turn into permanent streams of income, but they’ll get you started down the path of making money outside of your job and may lead to other, more permanent income ideas. Building multiple streams of income is the only way to make sure your finances are diversified.

2) Why It’s Smart To Shoot For Multiple Streams Of Income as an Affiliate Marketer?

The concept behind multiple streams of income is awesome – create as many streams of income in your small business as you can. The term multiple streams of income goes hand in hand with the old saying, “Don’t put all your eggs in one basket”.


If you decide to create multiple streams of income, build your initial income stream as an Affiliate first.
You can always combine affiliate marketing with other passive income ideas including blogging, YouTube, and eCommerce to boost your revenue and create multiple streams of income. The problem is that building multiple streams of income requires focus and discipline, which, let’s be honest, is an unspoken deal-breaker for some people.

Did you know the average millionaire has 7 different streams of income? According to most experts, making money through multiple streams of income is a huge factor in how financially successful you become. By having 7 streams of income under your belt, you prevent your main source of income from being spread too thinly.

If anything, what the 7 streams of income teach you is the cycle of working for your money so that your money works for you. It is not true that building multiple streams of income can make you a millionaire overnight. You must have a clear focus and strategy that is consistent in all your streams of income.

If you want to create multiple streams of income, you should start now.

So, if you are ready to put in the time, and the work it takes to create multiple streams of income, here are 7 proven ways to do it:


3) Creating Your Plan B With Multiple Streams Of Income

While any profitable side hustle is great, blogging is especially beneficial because you can write about what you are passionate about while creating multiple streams of income. Multiple streams of income are ideal for anyone who has the talent, energy and ideas to put them into action.

Once you know how to develop multiple streams of income, the time you put into them is minimal. The advantage of having multiple streams of income is you don’t need to devote all your time and energy to each and every profit center.

Everyone knows that self-made millionaires have multiple streams of income. I am working on having multiple streams of income. You need to have multiple streams of income, it’s a necessity to be able to control your own financial destiny.


So as you can see, multiple streams of income not only provide financial security but can help you reach your financial goals faster. Because when you have multiple streams of income, you don’t have to panic when business is slow or work from a big client dries up or you just need some extra cash.

This path is valid for people who truly love the wealth-building game and desire the creative challenge that comes with building multiple streams of income purely for fun. When it comes to build various streams of income, you have a lot of different options.


4) How Multiple Streams Of Income Can Help

The bottom line is if you're going to build multiple streams of income, then there is a right and wrong way to go about it. As I mentioned at the top of the article, the average millionaire has seven streams of income. But it’s still risky unless you have other streams of income as well.


Having 7 streams of income may seem like a lot at first glance, but it’s all about finding the right mix
. Multiple streams of income not only makes saving money easier and faster but can also help you weather job loss or unexpected emergencies.

I hope this article has sparked some ideas on how to create multiple streams of income from a website you own. At this point, you should be seeing the value of multiple streams of income. Do keep these tips in mind and let them serve as a guide on how to generate multiple streams of income.

To sum it all up, you should have a clear mind and a clear focus when you want to build multiple streams of income. Having multiple streams of income will empower you to make all kinds of “risky” choices. Having multiple streams of income is the same idea as diversifying your investment portfolio.

Creating multiple streams of income isn't just a survival technique, it's also a strategy for building wealth.
The primary benefit to multiple streams of income is the consistency and security of your income coming from non-related sources.

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FKelso Premium
It's all good -- everything you said -- and it's all true. My best "multiple" thus far this year has been ebay -- have had a store on there for years, that can be totally dead or very busy. Lately it has been busy, because have listed a bunch of new stuff. It all helps.
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Eugene Premium Plus
Thank you, Fran. Just love Lucinda, she's a smart cat. Love It!!!!
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FKelso Premium
Oh, I'm so glad you approve of my Lucinda. Yes,she is a smart cat -- almost as smart as I am...lol...Hope I can build her image into something people want to read.
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RosanaHart Premium Plus
Great points! I have a few streams.
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Eugene Premium Plus
Thanks Rosana
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LMH1968 Premium Plus
This is a golden post. We all need multiple streams of income.
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Eugene Premium Plus
Thanks, Lisa, really appreciate
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MikeMcGinnis Premium
You hit the Nail on the head. Once I got the ball rolling on my first blog, I will be moving on to others as well. Having only 1 niche is just a starting point. . Thankyou for the reminder. I want at least 4, and get my wife rolling and get her a few as well. -Mike
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Eugene Premium Plus
Mike, you have a great idea of getting the wife involved.
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CassiOfTroy Premium Plus
Eugene, I am so very humbled by your tags in this blog post.

Thank you so very much.

I am a big believer in not putting all your eggs in one basket.
In addition, I never had a company pension in my plans.
So, building many nest eggs is critical for me.

2 more to roll out and then I can relax a bit. 🙂

Cassi
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Eugene Premium Plus
Cassi, it's a pleasure for me. I see how you're just cruising in your business. We need to learn from each other. You have done it! Great job.
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CassiOfTroy Premium Plus
We definitely have to learn from each other and there is no other place to do that than WA!

Not cruising quite yet but really enjoying the ride. 🙂

Have a great week, Eugene.

Cassi
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