In this post we will discuss the 7 Awesome Streams of Income sources.
You get annoyed by seeing others’ lives on social media because they are enjoying the life that you dreamed and on the other hand you are living a life that is full of debt and questioning yourself “what am I doing with my life”.
And that is not fair to your life, you did everything people told you to do, by completing your education and having a job. They said that this is success and you followed to believe that in your life.
But after doing all these things you didn’t see success in your life. You can only see others’ successful life on social media and start comparing yourself with them by how they have become successful and what they have that you don’t.
The truth is that there are many ways to find income in your life by finding multiple streams of income. You can be successful by having other streams of income sources.
It is possible to live your life the way you dreamed just you have to understand the concept of multiple income streams.
What are streams of income?
Stream of income is that anything that lends you money and multiple streams means that having more than one way to make income.
For example,
If you cut grass for living you will be having only one source of income no matter how many lawns you mow.
But you can have new streams in the same field.
1. You can sell garden accessories.
2.You can sell planting techniques to your clients by making a guide.
3.selling eco friendly insect and weed repellents.
As you can see, cutting grass is not the only way of making money. You can do other services to make more money by understanding the concept of income streams.
To know more about that, keep reading.
7 streams of Income
If you want your life to have financial security and want to live the life of your dreams here are the income streams that make it possible.
1. Business
From owning a business as a stream of Income no of self made billionaires are increasing in America every year. And facing all the risks the entrepreneur has managed to create products that people want to buy and give them the best service also.
By having this stream you can make money but other than that you can have other benefits too such as freedom, and you can be independent but most importantly you can find time for your family. Now it is easy to do your business from home. Business is not too complex compared to olden days.
And if you think you need a genius business idea then you should go and check out the business on the show blue collar millionaires.
2. Investment
Investment can be applicable in many ways. In this case it refers to those things that generate revenue having Valuable art, cars, lands etc are all examples of investment.
As if you don’t have access to most of them. So you should concentrate on revenue generating investment. Real estate is one best option and it is another stream of income for rich people. You can start real estate with smaller deals if you don’t want to have a million dollars property to get started. After having smaller deals you can flip them for a profit or rent them for a source of income.
3. Interest
It is another smart way to get wealthy. Investing in the stock market like buffets or bogles can make you rich fastly.
Important factor is compound interest. It is considered the best way to become rich without doing much effort.
4. Dividends
Dividends are a pretty simple stream of income. Dividends are money that is paid by the company to their shareholders monthly, quarterly or annually.
Many investors invest on dividends as a retirement income.
The Streams that don’t make you Rich
5. Job
Will your job be able to make you rich?
Yes if you are a CEO making millions or an employee at a hot startup.
But most of them that is not the case. So as a stream of income, a job is never going to make you rich.
Even if you make $100000a year, you would have to save 17 years to make a million dollars.
It is impossible with having many financial responsibilities.
Then you think your job is safe and you will ride off into the sunset with a good pension.
I am not saying having a job sucks. There are people who decide to work for someone else and make them rich but that’s not you. You are different.
So, if you are doing a job that you hate then you have to find another stream of income of your interest and eventually quit your job and do enjoy what actually is perfect for you.
6. Government
You know the commercial where they ask people how much the need for retirement and number are $531883 or $1,124670?
This makes me chuckle because it won’t be enough to live in America unless you are shifting or moving to Burundi.
Government has social Security and other benefits. But many blame the government for their Poor Lifestyle but you and I are much smarter. A simple glance at everything from social Security benefits to healthcare in America. Proves that the government is not a dependable source of income at all.
7. Other
There are other streams also.
For example, things like lottery, inheritance donations etc, all are perfect. These are one time reliable sources they aren’t sure sources.
Even if you win the jackpot of$100million you would invest in the one of the above streams and assuming if you don’t spend it all at once you can turn that into generational wealth.
Let Multiple streams fund your dreams
You don’t have to look at others’ lives on social media and feel like you have to become like them to have success, you can make your own success. To get started, you can make it by adding more streams of income to fund your dreams. Having one stream alone isn’t going to make it right. And you have spent 24 hrs to your dream even while sleeping. Unfortunately most people don’t realise this. They think their job or government allows them to live an abundant life which is sad.
Of course you and I know the secret of getting rich by having multiple streams of income.
Still I am not happy that other people suffer. I believe in helping others and I know you do too.
FAQ (Frequently Asked Questions)
You should have at least 4 different streams. So you are not depending on one stream.
So if one stream dries up you don’t need to worry about money you have another 3 streams to support you with financial support. So you focus on that as soon as possible.
Most of them have at least 5 different streams of income. You can’t find any stories of people who got rich by working 40hrs a week and $45000 a year, it is not mathematically improbable.
Other than CEOs and celebrities, the average millionaire earns money from the income streams that mentioned above.
So if you want to become a billionaire you have to create your own stream of income.
Imagine that you lost your job tomorrow. How will that affect your life? You will be similar to federal employees who were affected at the time of the 2018-19 Government shutdown.
But if you have another source of income you can still afford the things. And you can avoid the stress and anxiety that major people have.
You can have a peaceful mind which is one of the other benefits of an additional income source.
Others include:
1. Building wealth
2. Making money while you sleep
3. Diversifying your income
4. Being able to afford medical emergencies or other disasters
5. Having enough to take care of your family and help others.
