The Importance of Building Multiple Streams of Income (Part II)
November 7, 2006
I shall now continue from where I left off from the previous post. Many may not realize, but money is one of the most important subjects to study in your entire life. Some of life’s greatest enjoyments and most of life’s greatest disappointments stem from the decisions you make about money. Whether you experience great peace of mind or constant anxiety is dependent on the extent you get your finances under control. Similarly, your relationships can be affected by money decisions too. So many divorces have happened because of disagreements over money.
Hence, understanding how the game of money is played can be crucial to maintaining your success, relationships and happiness. Do not underestimate this skill, as it’s one thing which is severely lacking in most people today. They do not invest their money wisely and rely on only one stream of income.
As I mentioned in the previous post, it’s dangerous to do so. As much as people are skeptical about owning a business, there’s one thing that almost all of the wealthiest men in the world have in common. No, they do not work ten times harder. But simply ,they own a business. And most of them have multiple streams of income.
So the next question is, how do you go about building multiple streams of income? Firstly, you must differentiate between active and passive forms of income. Active income is what most people are earning, whereby it requires you to actively work for it. If you were to stop working one day, you do not earn any income.
Passive income refers to income you will continue to receive even after you stop working. This could include interest, dividends, royalties and profits from a business. Hence, it is certainly the more lucrative form of income, and we should all focus on building passive form of income streams.
After reading Adam Khoo’s Secrets of Self-Made Millionaires, I discovered a relatively easy way of building a passive income stream in terms of setting an online business. Similarly, Robert Allen “Multiple Streams of Income” also list it as one of its “money mountains”.
One thing I found out after reading these two books was that many people have been quietly earning money from the comfort of their own homes. Determined to find out the truth, I spent 3 months and thousand over dollars researching on the various methods one can create income online.
Hence, I hope to share the various techniques one can employ to build for themselves multiple streams of online income. Be sure to stay tuned for more internet marketing tips!
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