Why Multiple Streams of Income Are Necessary
Published on October 8, 2023
Published on Wealthy Affiliate — a platform for building real online businesses with modern training and AI.
Many people have only one source of income - typically a job. While there is nothing wrong with having a job, it is never in your best interest to be solely dependent on any one job.
When you are, you are basically indentured to the company - and therefore not free and not independent.
That leads to frustration, depression and general unhappiness frequently.
The same is true when you work a job you created for yourself. Even though you own the business you are also the worker/technician too. It can still feel like you are a rat on a wheel that will never let you stop running.
If anything comes unglued you will be in immediate crisis.
Compare that to another philosophy.
With this other philosophy you seek to build, maintain and continuously improve at least three income streams from three separate sources.
One could be a job - that’s not a problem at all - and in fact is recommended for most people starting their entrepreneurs journey.
The next can be anything you like - so long as it is also profitable enough to equal or exceed your first source of income within a few months.
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Once that is achieved you begin building a third income stream in the same way. Just a different source - and get it to the point it equals or exceeds the other two.
This gives you more independence and more freedom than most people will ever experience.
It’s a great feeling to work a job because you Choose to - and knowing each day you could also choose to walk away anytime you like. To know they have zero leverage over you - and that your life would be just fine if you left.
This is the Build Your Own Business Empire philosophy that I follow and that I teach my students to follow too.
It continues to serve me very well - as it does for many others too.
Have a great day, let this idea soak in, and consider learning it and implementing it in your own life.
It’s a wonderful feeling going to work to build your own business empire each day instead of just working your butt off to barely get by.
Best regards,
L.D. Sewell
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