For many of us, we have been taught since a young age to go to school, get an education and that will give you a good job. This may be true in a good economy, but what if there are no jobs to be had? What if your chosen profession is no longer a viable profession? What are you to do now?
I’m a proponent to the statement “Always Be Learning”. Meaning: Never stop learning, Ever! When you make a daily practice of learning something new, naturally new ideas will come to mind often. Learning how to make something, or provide a service to someone can allow you to earn additional income if you so desire.
Work smarter, not harder – (Ecclesiastes 10:10) If the ax is dull and its edge unsharpened, more strength is needed, but skill will bring success.
Today’s blog post is about Multiple Income Streams. You see, many of us are stuck with one income, typically it’s a job. But for others maybe they have a business or some other type of investment that provides them income. What if that income stream would stop for a period of time or even worse permanently? What would this do to your financial situation?
Some people find this out the hard way. They get a notice from their employer that they are laid off, fired, downsized, etc. What happens after that is financial turmoil for weeks, months or even years.
Myself, after started a home based business back in 2000, I’ve taken a different approach. I’ve tried to invent ways that I could have multiple streams of income, so no matter what I can stay afloat even during one of the worst financial crisis the world has seen since the 1930’s. Guess what, I came out the other side being smarter, stronger and more financially stable than ever before.
After creating a full time income with a business, I turned to other ways to earn passive income, first it was the stock market and investments. Then I found another business to invest in. Actually it was just another distributorship in the same business. In 2009 I had no clue on where to invest money. The only thing I really knew how to do was my current business, so I bought another distributor out. This added instant cash flow to my already full time income.
Lately, I’ve started having the same fears many face today, what if this current business “goes out of business” then what will I do? Over the last 18-24 months Alecia and I have explored several other home business opportunities as well as real estate and traditional businesses like insurance.
Today, we feel more secure in knowing that our multiple income streams can help us weather any financial storm that comes our way. Currently we have started a new business venture as insurance and money coach using The Infinite Banking Concept. We have 2 home based businesses that are thriving. Next up is real estate, and we hope to make a real estate play in the next 12 months. Lastly, our homestead/farm we bought several years ago will be just another branch on the money tree. That will add a 6th income stream.
Our Current Income Streams:
- AMSOIL (2 businesses)
- SendOutCards homebusiness
- National Guard (26 years)
- Dynasty Banking insurance / money coaching
- Chestnut Ridge TN (coming soon)
So to recap. It’s not that hard to begin exploring ways to add additional income to your lives. We feel that starting a home based business is one of the best, besides that great learning and education you get, you also get great tax advantages of having a home business. Next up if you have the financial fortitude, real estate is a great way to bring in additional income. Real estate also has great tax benefits which include no self employment taxes (That saves you 15% right there in taxes). Lastly look at traditional business or franchises you can start. There are many turn key businesses out there you can invest in that have low owner participation.
Start today learning something new. Think about ways you can protect your financial future by creating multiple income streams.
Have multiple streams of income – (Ecclesiastes 11:2) Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.
We would like to partner with you to help you to guide you in learning about multiple income streams.
Contact me for a one on one interview to learn how to start generating multiple income streams.