Why you should pursue multiple income streams

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TENESHIA LAFAYE
MISS MONEY SENSE

I have mentioned before how your job should fund your dreams because you can use some of your earnings to start your own business, to save toward retirement goals or to go on dream vacations.

However, creating multiple income streams can create financial security and wealth. The super-rich have multiple income streams from owning businesses, stocks and rental property, to name a few, and they are fully equipped for their retirement, which should really be your main consideration when earning money. In fact, here are the top 9 retirement considerations that you should think about. After all, if you want to be wealthy, you want it to last forever.

So if you want to be rich, copy their income-producing habits and diversify your earnings through multiple income streams.

Use your talents
You could have a job in order to pay your bills. You could also offer a service or two that you provide on the side or seasonally, such as tax preparation, hair styling and cutting, tutoring. You could use the extra money you’re earning from your side hustle to save and invest in index-based universal life, mutual funds and stocks that you can draw from to fund your retirement or to pull out to reward yourself from time to time. You may also wish to find Automated Compliance solutions so you can make sure you are compliant with every business law and regulation.

You also may invest in property to rent out to tenants and residents to create residual income that comes in each month. I know a lady who works a full-time job even though she brings in $7,000 monthly in residual income from a rental property. So if this is something that you are interested in doing, then go for it! You could even check out these top real estate investing courses if you really wanted to push yourself and help yourself become successful with your rental property.

As your company’s revenue grows and exceeds your job’s income, you may decide to leave your job and create opportunities for others by hiring employees to help accommodate your thriving business and drive up the revenue.

Becoming prosperous
You also should consider earning commissions and residual income by obtaining a state license to sell insurance and other multi-level marketing businesses.

However, managing income from various sources can be overwhelming. You should develop a system and a schedule to dedicate time to each revenue stream. You also should have long-term vision for your businesses to be able to run without your regular involvement. This could mean you have employees or team members who manage and produce for your wealth to grow exponentially while you pursue hobbies, spend time with family and friends and relax.

But multiple income streams are ideal, and with good money habits, you will never be broke. You will always have a steady stream of money coming in from a variety of sources. The sky is the limit to what you can earn with multiple income streams, and you will be able to save more and play more to live the American dream.

Teneshia LaFaye is a former award-winning journalist and a nationally certified financial education instructor. Connect with her at www.facebook.com/MissMoneySense.

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