By; Izobofolo’s Blog –
HOW TO CREATE MULTIPLE STREAMS OF INCOME THAT WILL MAKE YOU A MILLIONAIRE IN THE 2020s
2020 is just beginning. And, it’s going to usher in another decade.
If you desire to become wealthy and financially independent in the 2020s, then creating multiple streams of income should be your top-most priority.
Whether you’re a student, an unemployed graduate, an underpaid or a well paid worker, the steps highlighted in this post will work for you.
NOW, why is creating multiple sources of income necessary?
It’s simple. Unless you’re a politician or you work in an oil company (of which many of them are not even rich), then you need multiple streams of income to become wealthy.
SO, are you interested in becoming financially independent?
Then read on. I will show you how I did mine, so you can copy and apply for yourself.
Here are the simple steps you should follow:
Step 1: CREATE A BASE INCOME SOURCE
A base income source is practically anything that provides you with steady income on a weekly or monthly basis.
Why do you need a base income source?
Because your base income source will provide you with the money you’re going to use in creating your multiple stream of income.
Now, this might be the most difficult part of this process if you’re a student or you are unemployed.
But if you have a job already, then you’re good to go. You can skip this step.
If you don’t have a job, then read on.
One of the biggest mistakes unemployed graduates make while seeking to create a foundational income source is looking for a dream job.
Why do they look for dream jobs?
It’s because they think that with their shinny degrees they’re entitled to good jobs with mouth-watering salaries.
Truth be told.
Those jobs don’t exist anymore. Where they exist, they don’t come easy.
SO, you have to create your own job to provide you a foundational income source.
This source of income is designed to help you build your financial bank for expenses that would occur later while trying to create other sources.
It will also remove pressure from you while searching for other streams of income.
Please note that even as you provide yourself with a foundational income source, you should always remember to keep your focus on the bigger goals.
Step 2: LEARN A SKILL
To be able to make money from outside your main job, you must be good at something.
This step is very important because it will set the pace and open up other sources of income. At this initial stage, I recommend skills that can allow you to work from home at your own convenient time.
I personally love ICT skills because it only requires me to work from my computer at my spare time.
They’re an array of skills you can choose from.
• Mobile app Development
• 3D Animation
• Software development
• Web design/Web development
• And many more..
Learning any of these skills will allow you to start-up your own online company, freelance for others, carry out projects etc.
And the money will start rolling in.
Latter on it might be ok to diversify and start-up other offline businesses.
There’re a number of low-risk investments with high ROI that a beginner can put money into.
But some of them will require your time and presence, especially at the initial stage.
Step 3: CREATE A SIDE HUSTLE
After mastering your skill, the next move is to start-up your own online agency where you can carry out projects for clients.
The good thing about online side hustles as a means to create multiple streams of income is that it requires little investments in form of learning fee, but in some cases, gives huge profit.
SO, identify a skill you love and go learn it.
Step 4: INVEST ON LIQUID PORTFOLIOS
Investing is the Holy Grail in wealth creation.
Nothing gets better than investing when you are looking to create multiple streams of income.
Every single profit you make should go into your liquid financial investments. That way, you can multiply your income with minimal effort and stress.
Once you have completed the 4-step process explained above, you can see that multiple streams of income have been created. NOTHING is as cool as having money entering your pocket from several sources.
But the key is that you must acquire the skill needed to be able to start the process and compete.
NB: Have you tried to set-up multiple streams of income? What were the challenges you encountered?
Why not share it in the comment?
Ref: Josh Charles Amadak