If you got fired, or became injured so you couldn’t do your job, would you be able to survive? How long would it be before your bank account dried up?
If your answer is anything less than 3 months, you could be in serious trouble. It was with this thought about a year ago, I decided to start working on developing multiple income streams from different sources.
Saving for retirement is one of the biggest issues facing western society at the moment. It is well documented that the general population is aging; population growth is slowing and government pension schemes will not be able to cope with the demand.
Most peoples reaction to this, is to save and put their money into their 401K or superannuation plans. This is very good advice, but it is difficult to know exactly how much you will need to have to retire on comfortably.
My alternative is to start creating multiple, passive income streams now, that will at least assist, with your pension plan income. Too many people are too reliant on their pay check from their employer. My advice is not to give up your job, but at least develop some alternative streams of income.
The worst case, would be that you could make a little bit of money to pay for a holiday, buy some stocks or pay off any debts. The best case scenario, would be that you are so successful, that you could quit your full-time job and concentrate on maintaining your multiple streams of income.
I should also add, by multiple streams of income, I do not mean taking on a part-time job delivering pizzas! The income should be achieved with as little effort as possible, or at least the majority of your effort is put into the start of the project and you create a passive stream of income that is sustainable – forever.
What are some alternative revenue streams?
– Creating websites and getting affiliate income
– Writing an ebook or other information product
– Renting out real estate
If you have any other ideas, perhaps you could add them to our forum.