What Are Multiple Streams of Income and Why Are They Important?
“The average millionaire has seven different income streams.”
With the cost of living skyrocketing, it can be difficult to meet all your expenses and still have some money left over at the end of the month. One way of protecting yourself from the effects of the economy is to have multiple streams of income. But what exactly are multiple streams of income and how can you build them?
What are multiple streams of income?
Multiple streams of income are different types of income that come from different sources.
You can have multiple streams of personal and/or business income. Each income stream can be passive, semi-passive or active. We’ll look at some examples of each later.
What are the benefits of multiple streams of income?
1. You are less reliant on one or two large clients
If you have cash flowing into your business from several different sources at different times of each week, month and/or year, you’re not likely to be strapped for cash if one of your sources of income reduces or disappears altogether.
