And why do we need them?
Having more than one source of income is a good idea whether you have a job or are in business. Both can change or disappear overnight. That applies to online and network marketing businesses too. I know several successful network marketers whose company and (big) incomes have shut down, without warning. And sadly, we probably all know of big companies and small businesses that have drowned under the pandemic.
Clearly a backup plan or additional source of income is essential, even for the very successful. So, what are the options:
- investments – stock market etc.
- pensions, annuities etc
- side business, passive income.
And any other ideas you can think of!
So do you have some or all of these? Most wealthy people do. Obviously, some of these options, most in fact, need some kind of investment, and some may be quite risky. Generally, the higher the rewards, the higher the risk. If you’re not ready to make any kind of investment, then it’s definitely got to be some kind of extra income or side business. And if your existing commitments take up all your time, then it needs to be something that will need little time or money to get going.
Once it’s up and running, start saving as soon as possible, even a small sum, in order to invest in some of the other options and get multiple income streams and financial security.
I am fortunate enough to have more than one income stream, but I’m always looking for something new and interesting since I took a step back from my network marketing business. And I’ve found a couple of interesting opportunities which make the most out of the high value of data, especially browsing and shopping data. Up till now, all the value of that data has stayed with the big tech companies, but now there’s a chance for consumers to get some of that value for themselves, with no investment and no selling involved.
Intrigued? Open-minded? Take a look at this 3-minute video and tell me what you think:
It should be a nice little earner (as we say in the UK!).