The logic of multiple income streams

I have been employed my whole life. So I get a salary at the end of the month for the hours I have to work according to my contract. Isn't that great?

Not really! It is actually a very strange concept that you make yourself dependent on one source of income. Because if that income stops for whatever reason, you are stuck with the consequences. You can probably survive on your savings for a while, your partner can support you financially or you can apply for unemployment benefits. But of course that is all far from ideal while you are applying for your next job.

Having one source of income makes you extremely vulnerable. Especially if you are single like me and the fixed costs just keep going.

This can sometimes lead to you accepting a job just to keep the chimney burning, not because it is your ideal job.

Since I got into online marketing I've read a lot of books and many of them talk about the logic of multiple income streams.

People who are wealthy and financially independent always have multiple streams of income.

But how do you create those flows? Nowadays there are so many ways online to make money work for you even if you have little income:

1. Trading platforms for stocks, crypto, NFT

2. Affiliate marketing

3. Advertising revenue from social media

4. Selling your own digital products (e-books, templates)

5. Selling your own physical products on Etsy, own site

6. Selling print-on-demand products such as t-shirts, diaries, planners, etc.

1. Trading platforms

   
   

On most trading platforms you can start with a low deposit (€100). And the ROI (Return on Investment) is many times higher than if you put it into a savings account. There is a certain risk involved, but without risk no high profit! And if you just leave your profit in, you start stacking (compounding) and before you know it, you have made five hundred euros from your hundred euros within five months.

And you don't need deep knowledge of crypto or stocks, so anyone can do it!

2. Affiliate marketing

Affiliate marketing means that you sell someone else's product and receive a commission for it.

For this you use your socials such as Facebook, Instagram, TikTok or a Youtube channel. You try to solve a problem of your target group by offering a product that solves that problem. You do this with the help of a sales funnel with which you try to turn followers into leads through a soft sales process. You look for products that give you a recurring income per month (residual income).

You can generate multiple streams of income with affiliate marketing alone. There are platforms like Warrior+, Clickbank and many more that allow you to sell other peoples products for a commision.

3. Advertising revenue

   
   

Once you have enough followers on your social media channels, you become interesting to advertisers.

There are not huge amounts of money to be made here, but it is residual income without you having to do anything. And the more followers you get, the higher the income. So make sure you consistently post valuable content on your socials.

4. Selling your own digital products

Software like Canva makes it really easy to design and write e-books. You probably have some knowledge that you can use to help other people. And with AI it becomes a breeze to create content. Or you are already a designer or web designer and you can create beautiful templates that other people can use.

5. Selling your own physical products

Maybe you've been making things as a hobby but never thought about actually selling them.

With platforms like Shopify, Wix or Squarespace you can easily start a webshop. Or you can use Etsy to sell your products.

Personally, I think the disadvantage of this is that you have to deal with shipping, returns and everything else you have to do to get your product to the customer.

6. Selling print-on-demand products

Nowadays you can create designs for many things and only have them printed when the sale is there. The advantage of this is that you do not have to build up stock and the delivery is arranged by the print-on-demand service.

And these are just a few examples. You can apply this now, whether you are employed or have your own business. And once you make money with this, you can also look at buying a stock portfolio that pays dividends. Or you buy real estate that gives you rental income.

As long as you do something to make your money work for you and create financial freedom for yourself!

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