A lot of us were raised believing we need to be smart, go to school, go to college, get a good job so we can work eight, ten, twelve hours a day, and earn a high paying salary, but that’s not going to bring you wealth. Just working a job or additional jobs is not going to get you multiple streams of income.
Multiple streams of income are really based on the passive residual nature of income. So if you have three jobs: the primary job, one side hustle job, and a part-time job. Your side hustle can be considered multiple streams of income but maybe not the other two, and I’ll explain why in a moment.
A lot of us are too stuck on that paid by the hour, paid by the day, paid by the month, paid by the year mentality, and we think that’s going to get us to where we’re trying to go. It won’t.
Salary or wages are based upon what you put in, so you’re not going to get what you don’t put in. You have to work the whole day or the entire month, or the full year, to in return receive something.
But multiple streams and residual passive income is different. You might work hard for one, two, three, five, six months, a year, and then after that, you’re pretty much done. You can apply very little pressure to that thing and still make money.
Income and money it’s a reward for a service rendered, so when you’re working your job, your J-O-B, you’re rendering your service hourly, daily, weekly, and you’re receiving your income in return. However, the goal is to render a service that can keep generating itself without you actually doing the work that helps you build multiple income streams.
If the worst happens. You can’t work, or you get sick, or you lose one stream of income. Your residual and passive incomes will help supplement that main thing or that other loss of income. That’s the actual prize.