Self Help | Self Improvements | Personal Development
 

How to Create Multiple Streams of Income

Did you know that multiple streams of income is one of the secrets of the super wealthy? Just think about how much easier it would be to focus on building a great life for yourself if you have income coming in from many sources.

Believe it or not, having multiple income streams is not as hard as it sounds, it's simply a matter of understanding how it's done and, of course, putting what you learn to work. So let's talk about how to do this right now.

 First Step: Escaping Hours for Dollars

According to wealth creation experts, the first step to creating wealth and establishing multiple income streams is escaping the hours for dollars trap. After all, you can only develop one income stream if your time is all that you have to offer.

So the first thing that you must do is develop a passive income stream. The great thing about passive income streams is that they can be duplicated... and as long as you have something that's effective, you can duplicate it many times over.

 So what are some ways to escape the hours for dollars trap?

Creating Additional Income Streams

One of the most common ways to develop multiple streams of income is to begin purchasing real estate and renting it out. Now, of course this takes either a lot of capital or really great credit, and you really need to do your homework before purchasing something. But if this is done right, buying and renting real estate can be a great way to establish multiple income streams. Learning how to get rich through real estate is a great skill that can help ensure that you retire rich.

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Another option, and the most potentially lucrative, is to create a product which can be shipped to your customers and which requires minimal customer support. Some great products for creating multiple income streams are education and information products such as how to books, interactive learning courses or softwares that can help you make money online. If you think this sounds hard, consider that once you create one of these types of products you can sell it over and over and over... for life.

Finally, you have options for selling advertising space to companies. This is probably the easiest way to create a passive income stream. For example, if you start your own magazine, blog or newsletter, you can sell advertising to companies and you won't have to deal with customers, products, shipping or ordering.

A second variation of this is to offer a place for other companies to advertise and to make a commission off of sales instead of selling straight advertising.

So How Do You Get Started?

Okay, if you think that the above list looks overwhelming, here are three steps that you can take towards creating your multiple income streams: 

1. Determine Your Type of Income Stream

Too many people try to create multiple streams of income right off the bat, when in reality it's always better to start with just one. One niche, one type of product, one thing to focus all of your energy and attention on until you achieve mastery... then it will be easy to move to creating another stream.

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2. Make $1 First, then Scale Up

It's a better idea to focus on making a little bit and doing it effectively and easily than to try and make hundreds, thousands or millions right away. Once you learn to make $1 efficiently, you can increase it to $2 and then to $4 and so on... until you have one healthy income stream. Then you use this model to build the next stream. Better to start small and think big than to start with a blast and go broke.

3. Reinvest Instead of Spending

One of the most common things which keeps people broke is upping their lifestyle and spending once they get more money. It's a better idea to invest your profits back into building your other income streams first, for two reasons.

The first is that it will help you to build stronger income streams which will sustain you for years... or even a lifetime. The second is that if you invest the money on assets for building additional streams, you can write them off on your taxes and create your own self-sustaining tax shelter.

TIP: Get started today, if you don't... you'll put it off until this information becomes just dry knowledge. But if you take action, you could have a few healthy income streams in just a few short years.

You can learn how to become wealthy from the best when you sign up to the Amazing Self program:  

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http://selfhelpandimprovements.com/Amazing-Self.html