Streams of Income

Happy Friday. I hope everyone’s week was a highly productive one. Mine was. For the past few weeks, I’ve been concentrating on investing more in stocks, ETFs, and cryptocurrencies. Even though I was busy blogging and other assignments, which were working out very well, I believe that a balance is needed to keep my online portfolio up to date and moving in the right direction.

First and foremost. Be careful building multiple income streams that you are unable to manage well that could lead to neglect and to lose money in the process. Build within your means to manage all very well. That was my mistake at some point. I had to scale back. I was building too fast and too wide. Unless you got help. Do not do what I did on my own.

For those who love to hit one stream and stay a lifetime. Here’s a problem. God forbid. That stream dries up. Then what. Most will just quit since there is nothing more to build on. The reason for that stream to dry up. You may be in a field that’s gotten too saturated. No one is buying anymore. You become uninspired. Anyway, staying in your one stream field requires you to work harder to stay in the game or risk losing your market share to the competition.

Let’s share some history of some of the one stream wonders. Remember Blockbuster Video. They had a great run until streaming came along. They had no chance. Kodak was too late to catch up to digital camera and imagery. Blackberry, well. They got outdated real quickly. Luckily, Blackberry is still in the game. I believe they are now in the cloud business. Smart companies diversify into other areas inside or out of their expertise to garner market shares. Bigger companies have funds reserved for research and development (R&D) or worse. Hostile takeovers.

Fortunately, hostile takeovers are rare working online. So you and I are safe for the moment.

Now, you might be wondering where to start building income streams. What if you are already working online. Well, it’s time to build. Have a job. Now, it’s a great time to start since jobs are the first thing to get cut during a meltdown.

There are books you could read on the topic. One book I recommend is “Multiple streams of Income” by Robert Allen. Do your own search online if you must or go to your local public library and inquire on this topic.

I can get lots of money-making opportunities right from my mobile device. Networking plays an intricate role in knowing what is available on and offline. The choices are endless. Picking ones to suit your needs is important.

Building streams of income is important to weather the storm in any condition. It creates security. It creates protection. Why take a chance on one stream knowing that there will be a possibility that stream could dry out. You may be good at what you do, so why not protect it. Build a moat around it by building multiple streams of income.

Extra

Here are a few examples taking from my network of money-making opportunities.