- Why it's not a good idea to rely on a single income stream
- Ideas for multiple income streams
- How to create a workable plan to bring more money into your life and improve your financial situation
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The Ultimate Aim
The ultimate aim in financial freedom is twofold:
– a mindset that allows you to live a life of freedom
– multiple streams of income that you receive without having to put in time or effort.
True financial freedom is about being able to live in such a way that you feel totally free to do whatever you want to do, right?
Free to travel, play, have fun, spend time with your family, go places, do things, have whatever you want to have.
Total and complete freedom to just live the kind of life you've always dreamed of living.
Take a look at your life right now. The likelihood is that you're exchanging all your time to earn not very much money.
The likelihood is that you feel trapped and frustrated.
That's probably why you're reading this article and on this website, right? To move from the trapped frustration and into freedom & choice?
Changing your financial situation requires expansion in a number of ways
Your effort needs to be divided: work on your mind, OPEN your mind to the possibility of doing things in a different way, while creating ways of allowing more money into your life.
Right now, it's highly likely that the only way you're receiving money is through some kind of work, and you've got to keep doing the same amount of work to carry on receiving that money.
To be financially free, you must create income that might require work at first but eventually become residual income: income that you receive whether you do any ‘work' to get it or not.
A normal job isn't ever going to be a residual income: if you don't work, you don't get paid.
This distinction is one of the keys to being financially free: create passive/residual income streams.
Some ideas for residual income streams
The residual income streams might be:
- real estate investments
- affiliate marketing
- writing a book
- renting out a spare room on AirBNB,
- a vending machine of some kind
- part or full ownership of a business that doesn't need much input such as a laundromat.
There are hundreds of other second income ideas that I'll cover in another article.
It's highly likely that you're going to have to start small and work your way up so have some kind of plan in place, some path that you want to take doing this first to get some cash behind you, then invest that in the next step up, then the next step and so on.
Create a plan
You don't have to stick to the plan, but at least you've got a clear idea that you can get there, right?
What path are you going to take to get to where you want to go?
What will your residual portfolio look like?
Mine has always been predominantly in real estate because I like real estate.
I'm also working on a few affiliate marketing things, I have a book that is sitting there, waiting to go to market.
It's taken me quite a while of hard work to get to this point and, of course, everything happens at once!
But my priority is to establish income streams that allow me to do the things I want to do, when I want to do them.
So, what can you do to start creating residual income?
You may only have a few hours to put into this each week right now (trust me, I know about that one), but let me make this clear: if you don't put effort into creating residual income, you will never be financially free.
Instead of watching TV or scrolling through social media, spend the time researching, looking at opportunities, BUILDING YOUR EMPIRE.
I know you're tired, exhausted, drained, you're sick of things and you need some time to yourself, but that's never going to change, not while you're exchanging your TIME, and therefore your LIFE, for money.
Do it another way: put aside a few hours a week to begin creating residual income. There's no other way to do it.