Multiple Streams of Income

Multiple Streams of Income

Good Markets or Bad, generating a second stream of income is one of the most effective ways to improve your financial situation.

While you work hard at the job or business you have, you should also develop a system to provide part time income, preferably one that can provide you with residual income that will make money while you sleep or go on holiday? There are many ways to do this.

Writers earn royalties, web- preneurs have their cash registers ring at all hours of the night and day, some folk find good Direct Sales opportunities where they can build a team .

They build their own stream plus the team brings in a second income for them. These used to be call Multi level marketing and although we all used to cringe at the name, today there are a number of fine ones that offer value and high return.

One of my clients keeps his regular job because of the company benefits for his family, but over the years has developed a great skill as a currency trader? Aside from his nigh time trading He teaches weekend workshops in currency trading at $4000. per course. U.S.$ that is.

Here in Canada where he lives that is more than $5000. a head. His classes are 10-12 people and he does this usually about once or twice per year. We can’t discuss all methods to develop a second or third stream, enough to say they are out there and teaching something you know is one of the easiest things to do.

Bottom line

With our North American lifestyle where even the middle class live like millionaires while piling up debt reality is that the average family needs $60-80,000 per year income just to pay the bills never mind investing for the future.

In order to invest for retirement and provide a future income you will need an income of $150,000.00 per year or thereabouts. This will allow you to pay the mortgage, car, bills, create a reserve fund plus have cash flow to invest for your future whether in stocks, real estate or another business.

I use a five Bank account system that allows you to put your money to work effectively. I will be training this shortly as part of my new coaching program. Eventually our current high markets will slump and cheap investment opportunities will abound again..

Frankly they are out there right now if you are dedicated to finding them.

Cash will be king and we will all be in a position to leap on great deals if the cash is in the account. A part-time business also gives you an opportunity to eventually become a full ?time entrepeneur if that is your goal. Done right this allows you freedom to choose your personal time, freedom & an independent & happier life.

Choose a business that fits in with what you do now or something that you love and are truly passionate about I started Rise and Shine because I have always wanted to write.

As a kid I wrote poetry and won competitions as an essay writer. I also felt my 30 years of business experience as a small entrepreneur would be of value to people in the Job Market who would like to get out.

I don?t know very much about corporate settings as I have never worked in a traditional corporation. My yearly income has always risen or fallen depending on my own skill. As a teenager I made goods and sold them to stores or left them on consignment.

At age 20 I started with a commission job and went from there. Rise & Shine is proving challenging however because sometimes I just get stuck and can’t seem to write, or too busy with other projects and leave these gaps in my communications with you.

This is primarily because it is very different from what I have done before and I sometimes Hit the Wall of my own Fears. So I am working on that.

My main source of business for years has been real estate sales I have bought and sold in excess of $200,000.00 million dollars worth of real estate. It took me 10 years to figure out that I had better start buying the stuff for my own account.

Gradually My passive income from real estate came to the point where it paid for the house, the car and allowed me to put my feet up and stay home for a month whenever I felt inclined to do something else with my time..

As a single mom managing on my own this was the easiest way for me to grow my net worth to the million dollar status and didn?t require the use of a huge number of brain cells ( just joking).

Aside from the skills I had of knowing how to buy the building and finance it I had to learn construction, how to renovate, bookkeeping, negotiating with the banks when I occasionally ran out of money ( I can still remember doing the books until 4 in the morning , hitting the job site at 8 a.m. and being on my bank managers door step ready to beg 15 minutes before they opened. The adrenaline used to pump.

Then was the matter of renting out the properties and learning property management skills, finding handymen (who always disappeared after awhile). Quite a set of skills ehh!

I had no clue how to do all this at the outset so I just copied a client of mine and did what he did,just jumped in, because I totally believed in Real Estate. Figured my client wasn?t any smarter than me and It worked! Now I can do it all in 25% of the time..

it used to take. In fact it is a bit of a yawn and the adrenalin doesn?t pump any more. Now I sit back and watch the real estate go up.

This is a good business to be in but not a great cash flow business for the first few years as most of the money is tied up in the houses.. It’s a good long term situation. For me what made it viable is that it is real estate and real estate is what I know.

My point here today is as a second stream try to choose an offshoot of what you know Don?t try to go in a completely different direction it, is too time consuming . Rise and Shine consumes more mental energy than anything I have done before and half the time I don’t even get the ezine out. But it is something I am passionate about so I am willing to persist.

Sell your product or skill as an information piece or a workshop. There is one adventurer here in Canada’s cold North who earns $20,00 per weekend teaching people about bears doing Bear Workshops.

Also add related products to your line ( or profession) I have added Pre-Paid Legal to my list of offerings. I have always enquired with my sellers and many of my buyers if they have wills and powers of attorney in place. About 70% will say no. An absolute disaster in the making. Nor did they have any other form of legal protection.

I later discovered I could market this plan myself. It fits right in with what I do .. hand in glove. Ideal for realtors, accountants, business coaches, bookkeepers, virtual assistants, and professional sales people looking to build a team and potentially a six figure stream of income.