Multiple streams of income means that you have income from several different sources. If one source stops or is eliminated you can rely on another source. Sometimes it takes a while to establish your individual streams of income.
If you have income coming in from your full-time job that represents one source of income. As long as you are working, that source of income is available to you.
When you buy homes and rent them out that represents a source of income. As long as your income is greater than your expenses you will be able to rely on this as a source of income.
Having more than one stream of income helps you to achieve your financial goals and objectives. Once your income streams are reliable you may be able to give up your regular 9-to-5 job.
One or two streams of revenue will always be your largest money makers. Usually you don’t receive the same amount of money from all streams of income. You should devote more time to those sources that have the largest income potential.
Sometimes your income stream can be based off the work or efforts of other people such as a multilevel marketing company. You achieve income based on the activity of your down-line.
Melvin J. Richardson has been a freelance writer for two years with Associated Content, and writes about topics such as banking, credit and collections, goal setting, financial services, management, health and fitness. Richardson has worked for several banks and financial institutions and gained invaluable experience and knowledge. Richardson holds a Master of Business Administration in Executive Management from Ashland University in Ashland Ohio.