Multiple income streams. This phrase conjures up images of Internet scams, and people trying to get rich quick. It is not a phrase that makes one think of "honest work" or legitimate income. In some cases, people are trying to create multiple avenues of getting rich quickly. In other cases, the income streams may very well be dishonest (think of telephone scams, illegal drugs, and ATM skimmers, to name a few). However, if you look around, you can find examples of people creating/maintaining multiple income streams on a daily basis.
One income stream comes from a daily job. If two people in a household have a daily job and are both contributing to the household, those would be an example of dual income streams. A single mom who is holding down three jobs is also maintaining multiple income streams.
Other income stream sources may be a 401K or Roth IRA, mutual fund or stock investments, savings accounts and CDs, etc. I am currently generating two income streams, both of which stem from direct sales. I am an Independent Consultant for Arbonne and for LaBella Baskets. These income streams are not easy to maintain. I am learning how to successfully market online for both of these income streams. In the near future, I will be creating more income streams for myself through investments, a savings account, and CDs. I am also actively looking for more potential income streams, so I can remain at a comfortable income level should one or more of my income sources stop generating income.
Creating and maintaining multiple income streams is not an easy task, or one that will occur overnight. As Robert G. Allen states in his book, "Multiple Streams of Income," multiple streams of income are necessary today, and will become more so as time marches on. We can no longer afford to live on one income stream as people have in years past.
There are many sources of income that one can tap into as their own multiple income streams. You just need to do your research, learn what you don't know to be successful, and keep adding to your income streams. It is essential to diversify your own income streams, and pay attention to each one so none of these income streams suddenly ceases to exist.
Source: Allen, R. (2000). Multiple streams of income. New York, NY: Wiley.
