Having Multiple Income Stream for Increased Wealth

Being Stuck

It could be true and possible! What about "Thousands of Dollars per Month in Supplementary Income"? Bold statements, however, with today's ailing market, one needs to find other sources of income to supplement your primary income. There is only so much you can sell on ebay! There are other means out there that worked for me in which I will describe below.

I have been working five years since college and my primary income had gradually increased. With this, my expenses have gradually increased as well. Still, I managed to set aside what I could afford. I've worked hard to build a solid base both in my investment account and my retirement account. However, due to the stock market plunge, most of my investments have evaporated. With no savings, I can honestly say, I was living pay check to pay check.

On top of all this, my employer laid off 10% of the workforce causing an unstable work environment.

Exploration

Having studied Business in school, I knew the market volatility could have less impact on your personal life if you have diversified streams of income. Don't keep all your eggs in one basket. But how does one get to this point? I started exploring various ideas by reading online articles, books, and talking to various individuals through networking. I even clicked on various internet ads that promised "Executive Pay" for only hours per week.

I found some methods quite interesting as each taught different ideas to developing your income streams. Through all these resources, you can select key practices that you can leverage to cater to your needs. One unifying factor that I have learned is to automate all your income streams so you can still maintain your current job ,or if you wish, have "mini" retirements and enjoy a lifestyle with less work.

Goal

I decided to start with what I could handle. Online Income. My goal was to build a solid base and have enough for a deposit on rental property; which in turn will be my 3rd income stream. Subsequently, I hoped to launch a tangible product in which I will manufacture, repackage, and sell for a total of 4 different income streams.

Executing the Income Channels

As I mentioned, I explored many options of various income streams. Some honestly seemed like scams that delivered nothing. Here is a brief overview of the income streams that I have developed in the past year. I followed the same order as presented below and gradually came out of my comfort zone as I progressed to each level. As you can see, it is not difficult to set up.

1. Online Income

For the product I used, click here: http://multimillionaireslife.com/hg/?a=Pyf5Qiyu

Note that there are other forms on online income out here, but I felt most comfortable with this one. I know the site might be a little heavy on the selling, however, please trust me when I say the method works.

The package provides a 3 step process that anyone can follow as they detail each step on how to setup your incoming cash flow. The package also provides quite a unique method of generating your income. Please view the website for more details and success stories. Like I mentioned, this worked for me.

The techniques of earning money is fully detailed in each area of this product whether you choose a pay per click advertising strategy or you what you are comfortable with - you will make money using this guide. Please be warned, however, this method is not completely automatic. I spent approximately 10 - 12 hours for the initial set-up and another 2 - 3 hours per week to maintain the technique to ensure the cash flows keep coming. The time requirements will of course vary to how much you would like to achieve.

At this point, I managed to pay down my credit card debt and my car loan using my income earned online. So time to explore our next avenue of income!

2. Rental Income

Five months later, I obtained a sufficient base from stream #1 above, I opted to obtain a rental unit for my second flow of income. There are a few reasons why I elected this form of revenue:

(1) provides a more stable form on income - once you sign a lease with your tenant, you can pretty much expect this amount from month to month.

(2) low maintenance - I was able to find a condo unit with an onsite maintenance person. Many have the perception that just because you are a landlord, you must deal with the fixing and repair requests. Fortunately, most condo units in the major cities will have an onsite maintenance person so you avoid such headaches.

(3) tax benefits - tax benefits will shelter your income as there are many tax deductible items that will help preserve your income.

(4) capital gains - in addition to your rental income, your rental property has the potential to increase in value allowing you to capture the capital gains - yet another form of income!

So how do you acquire property? At the time I was purchasing and while I am writing this article, there were many deals around due to the financial crisis. I managed to purchase my first unit at a fantastic deal. For the deposit, I used most of this from my income earned online. The rest, I was able to take advantage of the low interest rates usually offered in a slow economy.

For my mortgage, I decided to use a line of credit as opposed to the traditional mortgage. The primary reason I chose this type of financing was because as you pay down your line of credit with your rental income, it frees up additional credit you can use to purchase your next rental property.

The additional credit, in addition to the equity built up in my first unit, allowed me to purchase my second rental property a few months later!

3. Automation With Selling Products

For a great resource, you can visit: http://www.fourhourworkweek.com

This resource can help you with developing and selling a tangible product and how to outsource key functions that will lead to automation. Once you read the materials, there are many tools provided to help you with what you would like to sell. For example, it will help you identify a target market and narrow down what product should be sold to achieve the best results.

There is, however, a reason I decided to leave this income channel for the end. This does require MORE investment capital than the first stream. In my case, I did not have the funds required to start with this method. As such, I started with the first method presented earlier. In addition, some of the ideas presented from this resource may require more business acumen than the first two.

Nevertheless, you will definitely obtain some ideas to add to your wealth.

Results

Nowadays, I spend approximately 1 - 2 hours per week managing my first income stream and revenue from this stream has slowly increased and keeps coming.

I currently have 2 rental properties, most of which was from income I had generated online. Also, with the recent decrease in housing prices, I was able to find bargain prices and rent them out for a profit. Although I still have my current job, I enjoy life much more. I now have money to enjoy luxuries and travel around.
It took me a couple hours to list my units for rent and show the units. I was able to rent the first out in the first day of showings and the second one in 3 days. After that, I have not had to manage any of these cash flows - it is pretty much all automatic!

In Conclusion, I would say that the bold statement "Diversifying Your Income Streams Leads to Increased Wealth" is true. Now what about earning "Thousands of Dollars per Month in Supplementary Income"? For me, this statement is partly correct, you can earn thousands of dollars a month, however you need to devote more time than one thinks to achieve this.

I would also add that to achieve the results I have attained, there has been more effort on my part to make it work; this is not a click a button and makes some money solution. There needs to be effort, dedication, and risk taking! If you do not explore and try new options, you will never get to the point of making thousands per month in supplementary income.

Resources

Earning Online Income: http://multimillionaireslife.com/hg/?a=Pyf5Qiyu

Self Sustaining Income and Products: http://www.fourhourworkweek.com