The theory goes that having only a job, providing a single income, is a risky strategy. It’s fine if you are a run-of-the-mill wage-slave with no desire the break free of the cubicle, but if you’re serious about breaking free, then there are many people who would have you know – multiple, passive income streams are the way to do it.
The theory is simple really and amounts to not keeping all your eggs in a single basket. It seems to make a lot of sense. But here’s the problem that I have been struggling with over the last couple of years.
I earn a decent salary in my corporate project management gig. Maybe not good enough to have it all, but certainly good enough to live a very good life by focusing on the universal 1st commandment of wealth creation: “Thou shalt spend less than you earn“. The problem is, the corporate gig takes a fair amount of time and energy. No! I don’t generally work more than a 40-hr week and haven’t for many years now. But the day’s are still very full and at the end, how much energy and free time is left to focus on building other viable income streams?
I’ve ventured online. I’ve tried sourcing and re-selling product. [And, yes, I’ve managed to make a few Rands]. I’ve listened to friends who’ve spent many draining hours outside normal work hours trying MLM and side-line retail businesses. It’s not that it’s impossible, it’s just very, very hard it seems. At least that’s what I’ve been telling myself.
Sort of feeling a little like a failure but determined not to give up on what seems to have become my ‘holy grail’, I’ve taken a bit of a break in pursuit of this goal over the last couple of months; but never letting the concept slip far from my thoughts. Today, the first time in a while, I hammered “multiple income streams” into the searchbox again ……
Third site in – www.financialmentor.com – and I’m liking what I’m reading. Why? Because this guy seems to think very much like me. The article which caught my attention is titled “MULTIPLE STREAMS OF INCOME – TRUTH REVEALED” which has some startling and thought provoking ideas that I had never before considered.
the clear benefit of multiple streams of income is classic risk diversification. Build a portfolio of non-correlated streams of income and your risk is reduced making your wealth more stable and secure.
The key problem is implementation – not theory. Few people ever succeed in building just one stream of income sufficient to achieve financial freedom … let alone several.
Reality One: We live in a competitive and fast changing world. Business has become highly specialized and niched because knowledge is growing exponentially requiring specialized skills to employ it properly. Successfully competing in many widely varying fields is contradictory to the specialization and complexity required by our current business climate.
Reality Two: You have a limited amount of time on this planet to implement your business plans and strategies while also trying to balance the needs of family, health, spirituality, recreation, relationships, and much more. Do you really want to spend your limited time nursing more than one stream of income? Happiness has more to do with balancing life than making tons of money.
The bottom line is you could easily skip the whole multiple streams of income thing if your goal is time freedom and personal freedom. After all, what do you gain from all the complication created?
There’s a lot more food for thought in this article and there’s not enough space or time to list it all here. It’s worth the read though, so follow the links over to “MULTIPLE STREAMS OF INCOME – TRUTH REVEALED” and see for yourself.
Bottom line is, this guy seems to have a holistic view of wealth creation and life, happiness and freedom that I identify with. There’s a lot here that seems to align with my own personal world view and approach, so I’ll be spending a bit time with my new Financial Mentor, all the while keeping an open mind and remembering, always remembering;
NO WOOLLY MASSES !