Have Multiple Streams of Income (The Sequel)
A few years ago, I wrote an article about the importance of having multiple streams of income in this economy. I’m inspired to write a sequel to that post because in the 3 years since I wrote my original article, there are even more options to get multiple streams of income.
Even though all indicators point to a strong economy in 2019, there are still issues that workers are facing, including stagnant wages, increasing housing costs, and for US workers, increasing health care costs. Having multiple streams of income help provide a stronger financial foundation to protect yourself from financial storms, as well as give you more freedom in your career choices.
Since I first wrote my article in 2015, a plethora of options became available for getting more streams of income than don’t require a lot of money, skill or time, such as driving services and on-line tutoring. Rather than repeating what’s already out there, I included three informative videos on ideas for bringing in more streams of income. The first video is a seminar from Bob Proctor on increasing your income. It’s 27 minutes long, but it’s worth watching because there is valuable information in the seminar. The second video from Jordan Cheyenne is targeted for everyone (in the US) because the ideas don’t require a lot of money, skill, or time. The third video from Alux is for those who have a little more money to invest (even though it claims that some of the ideas are free) and if there is already a product or service idea to launch. It’s worth watching all three videos to get inspiration and ideas.
EXTRA: An Inspiration for Having Multiple Streams of Income
Actress Greta Garbo’s story is a perfect example of having multiple streams of income to gain more freedom in her career. Born in Sweden to a poor family, she used her looks and talent to get into the lucrative entertainment business. While she liked the money, she HATED the other things that came with fame, particularly a lack of a personal life and the control that the studios imposed on their actors on how they looked and how they lived their lives. She invested her money in real estate and artwork, which gave her even more money than what she was making in films. It gave her enough freedom to tell the studios where to go if she was unhappy with something (her most famous quote that she would say when she was not happy is, “I think I’ll go home now”), and when she reached a point where it wasn’t worth it to her anymore, she turned her back on the film industry at the peak of her career (1942). From her retirement until her death in 1990, she was a multi-millionaire. She died in 1990 with a net worth of over $32M dollars ($61M in 2019 money).
So what are you doing to get multiple streams of income in your household? What ideas do you have? Feel free to share in the comments below.
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