Multiple Streams of Income

March 20, 2006

Unless you’re already extremely wealthy, multiple streams of income are probably the best safety net you can provide for yourself.

Decades ago, one of the best routes to financial success was to concentrate on just one thing, whether it was a business, or career. But, things have changed dramatically over the last few years, and it is no longer safe or wise to concentrate on one stream of income.

This is great news for home business owners as there’s so much information, ideas and advice on the internet now. With so much information available, starting a part-time home business, whilst still doing your regular day job is a synch, in comparison to what it was like a few years ago.

So, how do you go about getting multiple streams of income? Trying to set up several things at once, on your own would definitely lead to disaster. A better idea is to start one thing at a time. Once you have one stream of income set up and running well, you’re in a better position to set up another.

In his excellent book - “Multiple Streams Of Income”, Robert Allen suggests several ways to create streams of cash coming in with minimal effort.

Allen suggests setting up as many income streams as possible and outsourcing much of the work, rather than employing a lot of staff. This idea would probably suit most people’s comfort levels. Few small business owners have the desire to build huge empires. Allen’s ideas prevent burnout too, as once they are set up, he says each stream of income should only require about ten minutes input per day from the home business owner.

Robert Allen is also firmly against investing a lot of money in a home based business. In fact, a few years ago, he decided to prove that you don’t need money to make money. And with only $100 dollars in his pocket, he managed to purchase properties worth over $700,000 dollars, in only 72 hours.

If the idea of creating multiple streams of income, using other people’s money, time and expertise appeals to you, you should check out Allen’s book.

Also, he’s now going a step further - he’s helping ordinary people who want to create multiple streams of income themselves. And if you’re seriously interested and think you have what it takes you can apply for the Robert Allen Success Story Challenge here.

Does the idea of creating multiple streams of income appeal to you? Or do you prefer to put all your eggs in one basket?

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How to Make More With Less Risk on September 8th, 2008 7:31 am

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