Creating Multiple Sources of Income
Most of us earn income by trading time for money. In other words we go to a job, work a set number of hours and are compensated for those hours. So we trade our time for money. Keep in mind everyone has the same number of hours in a day so if you work harder or longer, you can only work up to 24 hours a day as that is all there is. So there is a limit to how much time you can trade for money.
Some of us earn income by trading money for money. An example would be investments that generate income through dividends and interest. We are no longer trading our time for money because it is working for us while we do other things.
Few of us earn income through multiple sources. This is how most people who have wealth build it. Multiple sources of income is having income coming in from different avenues that do not require trading time for money or trading money for money but a combination of many different ways to generate income.
The advantages to having multiple sources is that if one slows down, there are others to pick up the slack so it isn’t as painful as losing a job or losing on the stock market. Another advantage to having multiple sources is that there is no longer a dependence on trading time for money, which is the slowest and most difficult way to build wealth.
A third advantage is that new options become available to serve and do good work which is what most of us want. No one lies on their deathbed and wishes they had spent more time in the office. We all want more time with loved ones and to do those things that bring our souls pleasure such as giving and serving others.
Creating multiple sources of income is not as hard as it sounds. Start small – take out a piece of paper and draw a circle with a dollar sign in the middle representing your income. Then draw a few circles around the page. In one, put your job if you are employed. In another put your investments like RRSP’s, then in a third think about how you can generate more income. Are you in any affiliate programs? Do you have a blog? Do you give seminars on the weekends? Do you sell products on the side? Do you have a hobby? This is a place to start.
You will find that as you begin to think about what you love to do, your creative mind will open doors to new thoughts and ideas. Write all of these down. Some will turn into viable income generators and others won’t. If you don’t try, then you give up on the opportunities that are waiting for you right now. Everything you need is right there, exercise your creative mind and build the awareness to see that achieving wealth is just a reach away.