Why You Must Have Multiple Income Streams

Why You Must Have Multiple Income Streams
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The reason why we work is to make money, but did you know that working a regular job is actually the worst way to make money? Well, the reason why is because if you dedicate your entire day working a job, you’re tied down to ONE income stream unless you have passive income from other sources such as investments, rental properties etc.

For the average person, you’re probably not going to have many investments or have rental properties. If you’re reading this article, you’re probably falling under this category.

Even though working a regular job is the worst way to make money. Most people do it because they believe that they are only capable of making money by working for somebody else. In this article, I will go over why you need to have multiple income streams and how you can do it too. Without further ado, let’s get started!

Cost Of Living Is Constantly On The Rise

Do you remember the days when gas was cheap? Or the days when buying a bag of chips was actually $0.99? I do and I still have the penny in change that I was given back then. Just kidding.

It’s undeniable that the cost of living is constantly on the rise and our income is rising too but at a slow turtle pace. In order to meet living standards, most households have both parents working and sometimes even multiple jobs to make ends meet.

Is this what they call living the American dream? If that’s the American dream, I definitely don’t want to live it. However, we are only physically capable of working so many hours before we can no longer take it. Therefore, having multiple jobs is not the way out. What you need is to somehow generate money passively (have money work for you).

Out Of Your Control Events

There are times in your life where you’ll run into problems that are out of your control. For example, let’s say you got fired from your job because Mr. Bob doesn’t like you. The job market is extremely competitive, so getting a new job is not as easy as you think. Last week, I was on twitter researching hashtags to see what kind of content people were looking for. To my surprise, the hashtag #unemployed is extremely popular.

Can you imagine the devastation it would have on you and your family if you were to lose your job tomorrow?

This applies to people who make money online as well. For example, Joe promotes heavily on Bob’s toilets and that’s where he makes 90% (made up) of his money. He was earning a nice living, but unfortunately, Bob’s toilets got sued and went down.

Just overnight, Joe lost his biggest income source. What do you think Joe should have done from the start? If your answer is diversification then you are 100% correct and ready to tackle this world of making money online.

If Joe diversified his income stream and not relied on Bob’s toilets, he would still be making money even if it’s less than before.— Don’t put all of your eggs in one basket.

How To Create Multiple Income Streams

The good news, you can create multiple income streams online. You don’t need to apply and work for multiple jobs! You’re not a robot, so work smart, not hard.

For most people who don’t have a lot of money, affiliate marketing is probably the best way to go. It doesn’t require a huge upfront cost, inventory, storefront, etc.

Step #1.

What kind of problem are you trying to solve for your niche audience? For example, you’re interested in losing weight. You can now create any of the following to reach out to your audience (blog, Youtube channel, etc).

Step #2. 

Provide content for your audience. A blank page or channel will not do you any good. In the example of losing weight. You can write product reviews on weight loss solutions such as dietary supplements, exercise courses, etc. You can then include what is known as affiliate links to your blog or to your Youtube. When somebody clicks on your affiliate links and buys, you’ll earn a commission.

Step #3. 

Besides applying affiliate links all over your blog or YouTube channel. I recommend capturing contact information from your audience, so you can reach out to them even if they are not reading your blog posts. It’s a great way to build a customer base and increase conversion. If you want to do this, you’ll need an email list provider and I recommend checking AWeber!

Step #4. 

Once you have an email list, you’ll need a reason for people to opt-in. People are not going to just give you their contact information. You’ll have to offer something in return. In the internet marketing world, we call it a lead magnet. An offer that entices the reader to sign up for more information.

Step #5.

Now that you have a foundation for your affiliate marketing business. You can now diversify your income stream. Because your blog or YouTube channel is online (not a physical storefront). It can basically work for you around the clock. For example, I made money while I was on vacation in New York City. At this point, you can start finding different affiliate offers to promote.

Bonus Tip: There are different affiliate programs out there and here are 3 affiliate programs that you should know if you choose to become an affiliate marketer and make money online.

In Conclusion

Never rely on one source of income because if something were to happen to you or that income source, you’ll be stuck in a financial crisis. Affiliate marketing is a great way to create multiple sources of income because your blog posts are practically salespeople that work for you online 24 hours a day 7 days a week.

The blog posts that I wrote last year are still helping me generate traffic to my blog and increasing my online income. Anyways, if you have additional questions in regards to how to create multiple income streams, please leave a comment down below and I will try my best to help you out.

Cheers,

home, make money online home, make money online now, make money working from home, niche, niche website, self employed, SEO
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Why You Must Have Multiple Income Streams
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2 thoughts on “Why You Must Have Multiple Income Streams”

  1. Hi Eric,

    Very true.. This is why we need to learn how to make money online instead of relying on a job.

    - Ray

  2. Hello Raymond,

    Absolutely! With a job, it's difficult to have multiple income streams. That is unless you're able to split bodies and work at different locations.

    Cheers,
    Eric

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