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What Are Your Multiple Streams of Income?

Income Streams Do you have multiple streams of income? More importantly do you have multiple streams of passive income?

At this site, I stress the three actions most people can do in their lives to increase their wealth over a lifetime. However, I also talk about the options market too because that is something I consider to be one of my other streams of income.

I’ve been using options to create extra income since 1999. It’s not an easy game to figure out and play. It does take time and energy to do.

You need startup money. You need patience. Sometimes a stomach made of steel. Some of it can be “outsourced” to others. Like what options to pick. There are services out there that provide better options selections than I could select. So for that service I pay a fee.

Multiple streams of passive income are streams of income you create and at some point that stream generates income so you don’t have to do too much to keep it going – at some point.

Examples include:

  • Writing and selling a hit song
  • Recording a hit song and selling a million copies
  • Writing a book and selling millions of copies
  • Playing the options market and actually making money in the long term
  • Writing a blog that is so popular it makes you money while you sleep
  • Selling a product or service that you don’t have to actively be involved with and again, makes money while you sleep
  • Owning Rental Property
  • You fill in the rest…

Now, the hard part is finding that stream of passive income that fits into your life. Maybe it’s something that takes a long time to implement or maybe it’s something that you could get other people to implement for you – for a fee of course.

Whatever it is, multiple streams of passive income are definitely something that makes your financial life better but your personal life could temporarily suffer or suffer for a long time as you work towards a lofty and meaningful goal. 🙂

A Story

When I was going to college about 30 years ago, I used to work in a pizza and sandwich shop, a liquor store, as well as being a musician on various nights of the week and weekends.

At one music job, I met an older gentlemen in the hallway outside of the hotel ballroom my band was playing at. He asked me what I did and eventually got around to asking me what I planned on doing with the rest of my life.

This caught me off guard since I was young and didn’t think too far ahead into the future. It did get me thinking and I’ll never forget the conversation either.

He just happened to be the speaker that night for the engagement I was providing the music for. He was a Tony Robbins type speaker who energized people with his presentations.

During our conversation he mentioned that he planned on trying one career every 10 years to keep his life interesting. I was twenty years old and looking at a future of one career forever. I never really thought that far in advance to plan like that.

Another tidbit of wisdom he shared with me was, always have a project to come home to at the end of the day that inspires you. Whatever it is.

This guy worked a regular day job for many years while trying to become a motivational speaker and in the evenings he would spend hours building an airplane. That’s right, an airplane.

He would do this after he came home from his day job to his wife and two boys, have dinner, spend some time with the family, then go to the garage and start working on his airplane.

After 2 or 3 years of doing this he finished his plane and flew it. WOW!! Now if someone can take that time to figure out how to build an airplane, do it and fly it, then most of us can strive to do what we want to do over the course of a life time.

That man’s name is Raymond Lemke and I met up with him last year, 2006. I told him the story about how I met him 30 years ago and the conversation we had as well as what he said to me that evening and how I never forgot it.

Although he said he didn’t remember it, he was very happy I came up and I told him about the impression he made 30 years ago.

You can listen to a sample of him here. Here’s his book Yes, You Can!: An Innovative Approach to Happiness

{ 2 comments… read them below or add one }

Bunk September 17, 2007 at 4:52 am

Bill,

This is a valuable source of information, especially for younger generations. While I myself do not participate in options I firmly respect anyone that does. Keep up the good work in blogging about wealth building and streams of income. Active cashflow is a topic that more Americans need to know about.

Signing off,

Bunk Price

Bill Stevens September 17, 2007 at 7:40 am

Thanks Bunk.

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