Every time I see an entrepreneur make this business mistake, it kills me. Multiple streams of income are the key to making money while you sleep. However, so many people run this play the wrong way. Let me show you how to do it right and achieve financial freedom…
To paint a picture for you, I am going to start with an example I heard of doing this multiple streams of income deal the wrong way.
Recently, an employee of mine told me that his landlord started making food deliveries to earn some extra cash…
To say I was shocked would be an understatement.
Don’t get me wrong. There’s nothing shameful about delivering food.
What took me aback was how dissimilar one stream of income was from his main venture. In short, they didn’t support one another.
MORE IS NOT BETTER IF THEY DON’T WORK TOGETHER.
I don’t think I have to convince you that the example above is NOT the way to create wealth.
With this in mind, let’s redefine how we look at cashing in from different sources…
The Secret to Winning with Multiple Streams of Income
When you are deciding on adding another income flow, I want you to consider something in the same industry or a parallel one.
This approach allows these multiple flows to feed and fuel one another, which ensures their strength.
Now, let’s say the landlord from the previous section owned a restaurant instead, then made all the fees and tips from delivering the food.
That would be a different story…
Anyway, you know the ins and outs of your industry better than anyone else. You know the problems you face on a daily basis. For this reason, you could even invent a business solution as another income stream.
The possibilities are endless, and it’s the way to make this technique work without running in circles.
At the end of the day, multiple streams of income have to be tackled with a plan in mind. You have to be strategic about it.
Otherwise, you’re adding more shackles instead of working towards freedom.
Play smarter — and be great,
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