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Survive the Time with Multiple Income Streams

by Leslie Truex

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Published on this site: April 23rd, 2009 - See more articles from this month

Most people apply the old adage "Don't put all your eggs into one basket" with investment strategies. But in today's economy one needs to apply this idea to their income sources as well. Gone are the days when a company will support its employees for 40 years and help build a pension to support them in retirement. People need to take control of their income if they are to have any chance of developing financial security. Creating more than one income stream is one of the best ways they can do that.

Multiple income streams are not a new concept. Barbara Winter and Robert Allen both wrote books that outlined why and how people can create multiple income streams. Even so, the idea of a single income source prevails particularly in the traditional work world. Only online entrepreneurs have truly embraced the idea of more than one income source.

There are several benefits to developing more than one stream of income. It can be much easier to find or create smaller profit streams than one large one. Further in a difficult economic time, if one income source tanks, other income sources can make up for the loss. Plus once someone has learned how to create income streams, she has the tools and resources to create more if needed.

The challenge is keeping up with more than one source of income. Each requires attention to not only get it up and running, but to keep it going. As Barbara Winter's explains it, it's like plate spinning in which you have to watch each plate and give it a push every now and then to keep it going.

The easiest ways to develop more than once income stream include:

  1. Start with one income stream at a time. The most intense time of any start-up endeavor is the launch. It takes time and lots of mental energy to plan and implement a new idea. Focus on one project at a time; get it up and running, and then move on to a new income stream.

  2. Build inter-related income streams. It's faster and easier to branch off an existing income stream than to create an entirely new one. If you sell container box gardening tools for one stream, a second stream of income may include books or videos on how to container garden.

  3. Use the Internet. While you can create additional income streams offline by getting a second job or building a home business in your neighborhood, the Internet can save you time and money. You can run several income streams from a single sitting at your computer.

  4. Use systems to help you run and manage your income streams. The more you can automate your work the easier it is to manage. There is a host of fee and low cost online tools that can help automate some of the tasks required to run an income stream.

Running several income streams does require planning and organization. Sometimes it can be overwhelming. But in an unstable and predicable economy, having a variety of income sources can make the difference between financial survival and financial ruin. Don't get left with nothing by putting all your income eggs in a single employment basket. Start now to create back up sources of income that can support you as money gets tight or worse in a layoff.

Leslie Truex: Is the author of The Work-At-Home Success Bible (2009 Adams Media). She has been telecommuting and running home businesses for over 15 years and helping others to work at home in jobs or home businesses since 1998. Get work-at-home jobs and other resources with her free newsletter at: http://www.WorkAtHomeSuccess.com.

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