Second Income Streams

This is a continuation of yesterday's post, Multiple Income Streams. Yesterday we discussed the need for more than one income stream especially in this current economic climate. We briefly covered the fact that people are losing jobs much faster and that companies tend to not keep employees for as long as they used to.

Because you cannot rely on a traditional single income stream (a regular job) for your whole adult life any more, it is necessary to find additional streams of income (second income streams). Again, we are not talking about taking on a second job, where you have to go to a place of business and trade your time for their money. We are talking about finding some additional income source you love to do without losing much time from your family or something that the whole family can do and earn an income. The concept is to build a passive income stream that would supplement your main income and may even surpass your main income stream over time. It will take some time to build that second income, but once you get it going, that additional income becomes self-perpetuating and you are no longer trading your time for their money.

Passive income basically is income that is received on a regular basis with little effort required to maintain it. That doesn't mean the minute you choose a business you will be earning a passive income. There is work and effort expended to begin achieving passive income, but once you have laid good groundwork, and developed replicatable processes, the amount of time you need to spend working on this income stream decreases. You will always have to spend some time maintaining and building your residual income stream, but once you have a repeatable system in place, the amount of time you would need to spend would be relatively minimal.

Another benefit of this type of income is that it would usually be associated with a business activity that you LIKE to do, or really ENJOY doing. If you and your family enjoy spending time together working on a particular small business, it then doesn't really appear to be work, and the added benefit is that the family is working together towards a common goal. If everyone in your family were committed to working this side business an extra 10 hours a week, by the end of six months or a year, you could have some very significant residual or passive income coming in. That additional income could mean you now have the ability to take the family on a great vacation, or it could provide you the freedom to pursue your dreams and goals without having to go to a regular job every day. The key is to teach the people you bring into the business how to do what you are doing. If what you are doing is successful, then if they replicate what you have done, they too will be successful. The beauty about the passive income is that once the people you bring into the business replicate what you are doing, you also reap the financial rewards, so everyone wins.

There are several companies out there that have not only great products and services, but some really awesome repeatable processes. These processes, if followed as designed, should lead you towards the financial freedom you have been looking for. If you are interested in discussing second income options, please feel free to e-mail us at hawgwash1@yahoo.com. Otherwise, please feel free to review our website to see if any business opportunities we have to offer will excite you.

Until tomorrow...