The True Path Towards Financial Freedom…

moneyHello!

I had a bit of a nightmare last week so didn’t get to write this post. My PC died on Wednesday morning, leaving me with just my phone to work with! I was finding it impossible to be honest! All my passwords were on there too, stored in Roboform. I only had to click on the little icon to open the Chrome extension and then click on the website I wanted logging into… Only problem was, I didn’t have to remember the websites URLs either! So I had copies of my username and password, but no URL… To log into my blog….

Sounds so silly doesn’t it?! I still have my newbie moments! LOL

Anyway, I went out and bought a new laptop, well, a second hand one! I wanted to get one in the future anyway so in a way, it’s moved me along a bit…

There are always going to be things in the road during our journey… Something will go wrong and you need to have the ability to adapt. To new situations, to blockages on your path, to a change in direction.

As an entrepreneur, you can’t be moping around feeling sorry for yourself at the first sign of a problem, you need to always be looking at new or difficult situations with new eyes. Find a way!

When things went a big wrong for me last year and my primary business failed, I felt pretty much down and out… Well not completely, I knew I never wanted to give up, but had no idea where to start.

Luckily for me, I’d been working on a few other income streams while building that primary business. This turned out great as I was able to fall back on those during some financial difficulty. I am a HUGE advocate of having multiple income streams and probably wouldn’t be writing this now if I wasn’t… I wouldn’t have had the money for the laptop and I probably would have quit last year when my primary business failed… If there’s one thing I’ve learnt, it’s to always have a back up plan!

When you’re thinking about multiple income streams, it’s important to consider these things…

  • Are they congruent? You don’t want to spread yourself too thin. I would avoid trying to build 2 different mlm type businesses. Ideally, you want your income streams to compliment each other.
  • Building one income stream at a time. In my early days, I think I used ‘having multiple incomes streams’ as a cover for ‘shiny object syndrome’, as in, joining every new, ground floor opportunity that passed my desk. This doesn’t work and I ended up losing money and getting stressed out!
  • Having NOW income. Something that will pay you now. I use matched betting for this and affiliate marketing. Without these, I’d probably have had to go back to work and wouldn’t have the time to build my other businesses. Maybe you have products to sell to earn you immediate commissions?
  • Building a future residual income. Something that will pay you regardless of effort. This is what most of us are working for, money that comes in, just like the bills do each month. But you have to put in the consistent hard work now for it to pay off in the future.
  • A passive income stream. Something which doesn’t take much time or work. My chosen passive income stream takes me 5 minutes work per day but takes time to build! Patience! It also helps me to grow my other income streams so it’s a win win!
  • High ticket program or offer. Something which pays you a larger commission immediately after a sale. I have a couple of these, one is in the thousands and would pay me a very large commission. Check it out here. The other is a much smaller amount but is also a monthly residual income. Probably not considered as high ticket, with $100 commissions but works out at $1200 per year when you look at it as a monthly income. Check this one out here. They both compliment my other businesses and provide me with the knowledge, training and tools I need to build my online businesses.

I hope this has helped you with choosing your multiple income streams. As entrepreneurs, we should be making our money make more money for us. Investing in yourself and your business is so important if you want to build a business which will give you time freedom.

Let me know if you got value in the comments below. :)

Kirsty

P.S If you’d like to learn how to brand yourself online, generate leads, get more sales and sign ups in your business then CLICK HERE. If you haven’t joined my Mums Mean Business group on Facebook yet, then you should! It’s a great place to be for all home biz mums (Dads too!), where I share my free tips daily and offer support and motivation to all! :)

Leave A Response

* Denotes Required Field