It doesn’t matter if it’s through MLM, real estate investing, internet marketing, starting a traditional business etc.
Getting multiple streams of income has gotten very popular especially since Robert Allen wrote the book: “Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth!” If you would like a copy of the book, you can get it on Amazon here: http://amzn.to/20AUVxf
Getting multiple streams of income is a great idea. Often most people only have 1 stream of income which is their job. If you only have one stream of income then you might get in trouble if that stream of income dries up. You could get fired or you could get too sick to work or your company might get shut down and you are left without any income. That could put you in a very tough spot.
If you have multiple streams of income, if one dries up, you still have the other ones to depend on. The best streams of income are passive income or residual income. Both of those still give you money whether you are working or not. If you can get multiple streams of income that are passive that are large enough to live on, then you can quit your job or at the very least, you don’t have to worry if get to sick to work or you are fired.
When it comes to multiple streams of income, there are many that are popular because they passive income or residual income.
One passive income stream that is popular is Real Estate Investing because people like the idea of having renters pay off the mortgage on the house. You can have passive income from rental properties and also enjoy home equity.
A very popular residual income stream is MLM or multi-level marketing. People like the idea of building a team and leveraging their efforts.
The Real Truth Behind Multiple Streams of Income
I was at a Cashflow 101 game and I was talking to someone and they were explaining to me that they wanted to build multiple streams of income. He already had a job and he wanted to invest in real estate and also build his MLM business.
Great idea in theory but I don’t recommend building multiple streams of income that way.
The real truth is if you try building multiple streams of income all at the same time, you will get frustrated and most likely be spinning your wheels.
First build one stream of income. Once you master that, then build the next stream, once you master that, then build the next one.
That way you will be a master at each of your multiple streams of income instead of mediocre at them.
So if you want to get multiple streams of income, focus on one stream first. Once you master it, then move on to the second one.
If haven’t mastered the first one, don’t distract yourself with the second one.
Did you get value from that? Now you know the real truth about getting multiple streams of income.
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