Build Multiple Revenue Streams NOW!

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Anyone who relies on their 9-5 job to pay their bills, entertainment, and necessities is playing a dangerous game. You are literally putting your “life” in the hands of your employer. Look at what’s happening right now with the government shutdown. So many federal employees are struggling mightily because they are dependent on the paycheck from the government job. Now that paycheck is not coming, and many of these people are feeling the squeeze.

Build Multiple Revenue Streams NOW!

You might not be directly affected by not getting paid thanks to the shut down, but your employer could decide you are expendable. Years ago, when employers showed more loyalty to their employees, relying on one paycheck was a safe strategy. Now that employers are less loyal to their employees for various reasons, relying on one paycheck is a risky proposition. I suppose the idea is to work hard and the employer will reward you. The paycheck will keep coming. But what happens if it doesn’t? The bottom line is your employer will look to keep the company afloat with or without you.

Build Multiple Revenue Streams NOW!

I am sure you have heard of downsizing. Downsizing is when a company cuts payroll in order to maintain its profits, or at least reduce expenses. It works for the employer. It doesn’t work for the employee, especially when the job is their only source of income. What happens if you get laid off due to downsizing? Another fact of life of companies either shipping jobs to other countries or closing completely. We rarely hear about how many companies relocate offices and jobs out of the US. On the other hand, we do hear about companies who announce a massive layoff or a shutdown altogether. Either way, the employee will be left without a job.

Build Multiple Revenue Streams NOW!

If you find yourself in a situation where you job downsizes, ships your job overseas, or closes, I hope the paycheck you lose is not your only source of income. I know this from first-hand experience. A few years ago, I was laid off due to downsizing and eventual closure of the company I worked for. It was my only source of income. The good news was I received a severance package. The bad news was it would only carry me for a month. After that, I had to finish off my savings and most of my 401K just to make ends meet. Although I survived thanks to a part-time job that I kept once I got a new full-time job, the damage was done. Many people aren’t as lucky as me.

Build Multiple Revenue Streams NOW!

The mistake I made was not thinking about what would happen if I lost my job. Another mistake was depending on that job as my only source of income. The last mistake was draining my “assets” because of my first two mistakes. I didn’t know what I didn’t know. Now I do. To protect myself from this happening again, I need multiple revenue streams. You also need multiple revenue streams, especially if you depend on your job as your only source of income.

Build Multiple Revenue Streams NOW!

First, we need to be clear about what revenue streams are and how they are necessary. Revenue streams are things that bring in money. A job that provides a paycheck is a revenue stream. A service you provide the earns money is a revenue stream. A rental property is a revenue stream. An investment of any kind that pays a dividend is a revenue stream. Even a bank account that draws interest is a revenue stream. All these types of revenue are important because they are income that you can use as needed. The idea is to have more than one of these revenue streams to protect yourself and your lifestyle.

Build Multiple Revenue Streams NOW!

As we have established, today’s volatile work environment means most families need both spouses working. This is an example of two revenue streams. But is it enough? It might be, but I think its better to have more than these two sources of income. Both jobs offer 401Ks that grow over time for funds that can be used in emergencies and retirement. It’s a start, but not the best example of adding new revenue streams. Like 401Ks, buying stocks and CDs (certificates of deposit) are revenue streams, but not necessarily worth pulling money out of when times get tough. We need to learn about passive revenue streams to get a clearer picture.

Build Multiple Revenue Streams NOW!

Passive revenue streams are sources of income that can bring in money at any time. In many cases, this money comes directly to you instead of having the need to pull or withdraw it. We all need passive revenue streams. Many of these streams come from providing a service or services in return for money. Developing passive revenue streams require thought and planning. What things can you offer as services that people need and are willing to pay for? I have come up with a partial list to help you…

  • Write and sell an E-book
  • Start drop shipping
  • Sell photos on Shutterstock
  • Buy a vending machine
  • Create an online course
  • Write and monetize a blog
  • Sell on EBay
  • Monetize social media accounts that allow click per view advertising
  • Drive for Uber or Lyft
  • Buy rental properties

Build Multiple Revenue Streams NOW!

These are just a few examples. The good news is anyone can do one or more of these things. I will say that getting started will require a solid plan, a good amount of time, and maybe even an initial monetary investment. However, if you set up your revenue streams properly, develop and grow them, and have patience you may build sources of income that one day match the money you make on your real job. Building passive revenue streams take time, but the payoffs will be worth it. On top of that, you can protect yourself in case your employer decides your services are no longer needed.

Build Multiple Revenue Streams NOW!

On a personal note, I have a regular job and two other revenue streams. I am building 3-5 more at the time of this writing. After doing some research I have learned that many of the highest achievers in our country have 5-7 revenue streams that include jobs, investment portfolios, and selling services. They can withstand a job loss, as well as a downturn in the economy. They have learned how to build multiple revenue streams NOW!

I hope you learned too.

I have.

 

I created the Motivation for the World blog to have a powerful voice and positive impact. The articles posted are for all people who are seeking better results, self-improvement, and life-changing success. Along with my other blog, Wake Up/Rise Up, I get people talking about issues that affect us all.
I am the proud author of three self-help books: Wake Up! 42 Ways to Improve Black America Now!, the follow-up Rise Up! 42 Additional Ways to Improve Black America Now! , and Defining Success: One Word at a Time.
Thank you for visiting my blog!
Gary A. McAbee
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