Last week I talked about creating passive/residual income, today I want to tie that in with creating multiple streams of income. (If you want to see last weeks post you can find it here.)
Today the mass majority of people punching the time clock, running the work treadmill, are living pay check to pay check, many pick up a second or third job just to make ends meet … in a way they are creating multiple streams of income, yet they are still trading time for money. You see multiple streams of income is exactly what it sounds like … getting paid from various sources for the same type of work or completely different.
But what if you could create another one or two or three streams outside of trading time for money? Don’t get me wrong you will still have to invest some time and effort, it’s just that once things are more or less set up they continue running even when you are not there working.
I told you last week that three of the five companies I work with are generating passive/residual income. That is money that comes in month after month, year after year. Yes, they all fluctuate in exactly how much they generate each month, some months are better than others, that’s for sure, but still, once you build it (put the time into it upfront) then it is there and working for you years after.
Building multiple streams of income (especially passive/residual ones) is incredibly important, as the saying goes “don’t put all your eggs in one basket.” Having multiple streams of income hedges your bet, if one stream has a particularly bad month; you still have money coming in from the others. If one stream turns its toes up and dies then you are still OK as the other streams keep you afloat.
Because there are many variables involved in this kind of venture (both good and bad with the good overwhelmingly outweighing the bad), it’s a good idea to have more than one source of income. It could even be a combination of a “real” job and secondary passive income stream (and once your passive income can support you, you can say good bye to the traditional job).
doTERRA is an example of a great company which offers the opportunity to build an incredible (and life changing) residual income.
The bar to entry with doTERRA? There is none. This is for anyone and everyone from the PhD to the person who only has an 8th grade education and then went to work. You don’t have to be anyone or anything special, just willing and able to use the oils, learn, share and grow your own passive income.
If running your own business on your terms, doing something that makes the world a better place, choosing your own income and how your life is going to look appeals to you, doTERRA might be the perfect fit. If so, we invite you to join our team LINK HERE.