Who doesn't want more income?
We all aspire to earn more. Do more. Be more. But when it comes to our building wealth, the majority of people operating from a transactional mindset tinged with the need for instant gratification.
We find ourselves asking how soon we can use the money we make to replace our existing income. We have short-term thinking. We don't think about reinvesting.
One of the toughest parts of entrepreneurship, wealth and success is the requirement for inner change. In many cases, we need to change our entire belief systems, the way we see the world transforms based on the things we learn throughout the entrepreneurial journey.
It's a beautiful thing, but also one of the toughest journeys you can embark on.
In this article, I'll reveal three reasons why multiple income streams are so fundamental in a world where job security is practically non-existent. We live in a world where the traditional route of education and corporate work is not only broken but totally saturated and unreliable.
The number of people doing degrees is at an all-time high worldwide. More people have the same qualifications as other people. More people are applying for the same jobs. More employers are asking for more from their employees!
It's a crazy time to be alive.
We have graduates that spend years working in low-level retail jobs after spending three years studying for their degree.
There's never been a more pressing time for people to look for viable alternatives when it comes to generating income. And when we stray from the traditional route's to success, the opportunities are vast and abundant.
Let's get started!
Creating passive income
One of the most compelling reasons to start a business is to build streams of passive income.
What is passive income?
Simply put, it's income that you earn without being actively involved in the process. Income that you don't have to directly trade your time for. The opposite of passive income is active income.
Active income is when you directly trade your hours for dollars like most people
Creating passive income streams has never been easier than it is today. I'm not saying it's easy, but there are countless passive income ideas that you can start with a relatively small budget.
Passive income is powerful because it only requires you to do the work once. Once you've put the hard work into it, you can enjoy residual income for months, if not years to come.
Avoiding debt and disastrous circumstance
Most people that trade their dollars for hours are a couple of paychecks away from a financial crisis.
Trading your time for money is unscalable. You can't leverage the time you spend in your job as you work for set hours and set pay.
Financial education is the crux of wealth. The schools don't teach us how to manage our money and invest effectively. In fact, the current school system was born out of a need for factory workers at the start of the industrial age.
It's completely outdated.
We're living in the information age. A time where data moves faster than anything else. A time where we can communicate with anyone in the world within seconds.
This new age calls for a change in lifestyle. By creating multiple streams of income for yourself, you'll eliminate debt and avoid disastrous circumstances by having multiple financial "cushions" to fall back on.
Finding more time to do the things you love
One of the beauties of a digital business is that it provides what so many of us crave in our lives.
More freedom and flexibility.
By creating multiple passive income streams you can spend time growing businesses you love, pursuing a passion or taking up new hobbies.
The rat race stops us from focusing on the important things in life by syphoning our time and energy.
We weren't put here on this earth to wake up at the crack of dawn and commute to a cubicle to stare into a spreadsheet for 40 hours a week.
We're here to do more. Soooooo much more.
Bringing it all together
Creating passive income streams isn't rocket science. When it comes to starting a business, it's more of a psychological game than anything else. Anyone can learn the tricks and tactics required to succeed but most still fail because they don't have the mental toughness required to persevere when they fall down.
Creating multiple streams of income is one of the smartest ways to secure your financial future and provide more freedom and flexibility than any job ever will.
So get out there and start building those pipelines of wealth!