You will hear baby boomers and the older generations exclaim this as we find the most creative ways to “beat the system”, as they would say, as we take our chances on being an entrepreneur and live the most ambitious life. Everybody wants to be a boss, and make millions, but have millennials disregarded some of the basic principles? Or are we re-writing them? No matter what the case may be, as the millennial generations story is still being written one common principle that everyone is sticking to is having more than one stream of income.Very rarely do we hear success stories about a person achieving their first million dollars from a nine to five job. We hear of investments that were made, businesses that were built and new innovations being introduced to the world.
In today’s society, residual income is key and I’ll tell you why. Unfortunately, for most people, their only stream of income is a job and that can be risky. A job in almost all cases is not guaranteed. Depending on the economy job cuts and wage losses are always a possibility. If that job cut or wage loss is your only source you may be in some trouble if you don’t have an immediate plan B or sufficient savings in an account.
Residual, or passive income as some may call it, makes you money in your sleep. You can attain passive income from many different areas such as real estates, stocks, investing in a multi-level marketing company or by starting a business. Royalties from projects such as writing a book, movie or song will give you the same residual income as well. Although there are many options and many ways to make residual income, it is important not to rest on the false pretension that you won’t have to do any work. However, the benefits of having multiple streams of income make the work worth it.
While we are working to build our multiple streams of income here are a couple of things to consider and keep in mind:
1.It’s easier to create several small income producing streams over one large one. For example, it’s easier to create three streams that earn $1,000 than one stream that earns $3,000.
2.If you’re laid off or one source of income drops, you have other sources to help you get by.
3.You can create income streams based on your interests, talents, and passions.
As an entrepreneur, many new businesses and ventures may have unexpected setbacks and periods where our income doesn’t meet our expectations. Some key factors that can help eliminate that anxiety are
-Stay on top of all tasks that need to be done for every stream of income.
-Be sure to give each stream of income the correct amount of attention that it needs at the right times.
-Have patience with each startup as they take time, and be sure to find credible mentors that can guide you along the way.
Remember that in order to create the residual income you need to create something that people will continue to buy on a regular basis long after you’ve created it. This can be a new or existing product or collecting rent from a rental property. As you continue to build the residual income you can save more and make more investments. Being financially free can lead to a better quality of life overall and leave you with more time to enjoy your family and some of your personal hobbies.
You got this Queen!