Multiple Sources of Income
Most millionaires will have multiple streams of income. This is for two good reasons.
The first being the more money you earn, the richer you will become. But, that’s obvious.
The second reason is all about protecting your cash flow.
You may have heard the phrase “Cashflow is King”
Having steady cash flow will mean you can pay incoming bills, save money, and invest money to make more money.
However, what happens when something happens to that steady cash flow?
Suddenly you can’t afford to pay bills, you have no money to invest, and therefore no new money will come in.
That’s why the wealthy focus on creating multiple streams of income. That way, if one flow is cut off, you have other streams still coming in.
In other ways, you’re never relying on one source of income.
How to Create Multiple Sources of Income?
Having multiple streams of income can sound impossible to manage. Fortunately, there is a simple solution – Passive Income.
Passive income is a secret that the rich & wealthy use to create multiple income sources.
Here are a few of the most popular passive income ideas:
- Rental income from real estate
- Dividends from stock & shares investments
- Businesses that are managed by someone else