Multiple Income Streams - An Introduction
Protect your financial well-being with income from multiple sources.
It was a decade of turmoil, the first decade of the 21st century. It started on a high followed immediately by the first of two recessions! We raced back to another high and then plummeted to a far worse recession. In its wake, our economy is unsettled and we, the people, are unsettled. As we recover, we see that employment is forever changed.
One of many changes in the working life of every American is the need to take charge. No longer can we count on employment as our sole means of income. No longer can we anticipate a comfortable retirement without managing the plan ourselves.
We are each responsible for our personal destiny and our economic destiny. It calls for each of us to be inventive. It means we must each find sources of income beyond our employment income. It means we'll likely spend a few evenings or weekend hours in pursuit of added income sources.
Whether employed or not, establishing other income streams helps lay the foundation for financial security. These are the three sources of income.
Passive income. This is regular income coming from business sources where your active involvement is not necessary. Rent from property, earnings from website advertising, royalties received from books or patents, residual income from sales.
Earned income. Your job is earned income. To supplement your job income, there is a vast array of added income opportunities.
Portfolio Income. This is investment income.
The Multiple Income Sources articles that follow are meant to provide ideas. You may decide to create your own full-time business. You may decide to establish a part-time business. Or, you may find ideas for establish passive income sources. Most important, be certain you are in charge of your financial destiny.