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Favour Timothy 2019-07-30 General

Three Ways To Generate Different Sources Of Income

In my role as a financial planner, I serve clients with varying levels of income. But, my goal is the same for everyone I meet. I want to help rich families continue growing wealth while helping young families reach their financial goals. While a lot of my work revolves around getting clients into the right investments for their needs, I also try to help them understand the point of building multiple income streams. I do this because, over the years, I’ve noticed that nearly all of my high-income and high net worth clients have several different streams of cash pouring in every month.

Heck, even I have several income streams going on, including my financial planning practice, blogging at Good Financial Cents, my life insurance website, investing income, and my online course for financial advisors. So, there must be something to this idea of having more than one income stream coming in, right?

How to Build Different Streams of Income

Simply put, more income streams equals more security. It’s hard to rely on a 9-5 job for your entire livelihood with layoffs and pay cuts always right around the corner. With multiple streams of income, on the other hand, you can avoid putting all your eggs in one basket – and use several streams of cash to grow rich.

If you’re angling for a brighter financial future and think several income streams sounds better than one, here are some strategies to consider:

  1. Diversify your investments.
  2. Offer a service or sell something.
  3. Create a product.