4 Ways of Obtaining Multiple Streams of Income
In college, we are handed free t-shirts to sign up for credit cards. We take this card, and it becomes our golden ticket for everything we want. We tell ourselves we will pay it back later. Then we get the bill and realize we can just make the minimum payment and keep the rest of our money. This spirals into a mountain of debt that eventually we are drowning in.
Sound familiar? How do you get out of this vicious cycle?
Instead of using credit cards, imagine if you had money of your own that you could use to buy the things you want and need. Imagine going on vacation debt free. Financial freedom and independence are so important, yet so difficult for some to attain.
Some people go to work at a 9-5 job every day or work for themselves at one job, and that is their sole source of income. If they lose that job, they lose their only source of livelihood.
Warren Buffet said, “Never depend on a single income. Make the investment to create a second source.”
It is so important to have multiple streams of income to have a plan B, to get and stay out of debt, have an emergency fund, save for retirement, go on vacations, or put your kids through college.
Here are 6 sources of multiple streams of income you can utilize.
1. Join a direct sales company. Find something you are passionate about and research direct sales companies that are in line with your passions, beliefs, and needs. Find out about the compensation plan, monthly fees, the company mission, inventory requirements, and training. This is a great way to bring in residual income.
2. Drive Uber or Lyft when you have free time.
3. Invest in an Airbnb. Do you have an extra room in your house that isn’t being used? Or an RV sitting in your driveway? Rent it out for weekend trips or as an Airbnb.
4. Buy a used vehicle and rent it out on a peer to peer car sharing and rental site such as Turo or Getaround.
5. Invest a small amount of money each month in a mutual fund account with stocks that can grow your money for you.
6. When you finish paying off one credit card, use that extra money to increase the monthly payment on another one until they are all paid off.
Financial freedom is possible and attainable regardless of your current situation. I challenge you to evaluate the areas of your life where you can bring in multiple streams of income. When you are debt free, your stress level decreases and you have the freedom to do more of what you love without constraints. When you have multiple streams of income, you will feel more independent, and you will not have to rely on anyone else or a credit card for help ever again.
Lauren B Aven
My name is Lauren B Aven. I am a wife, mother of 2 girls, high school teacher, and entrepreneur. When I was introduced to network marketing in 2014 with Younique, I found a new and exciting way to make an even greater difference in the lives of others. My life's mission is to uplift, empower, and validate women to look and feel beautiful and lead them to live the life they love.