Multiple Streams of Income

“Do what you have to do, so you can do what you want to do!”

The quote above was taken from the powerful movie The Great Debaters when James, the son, was being grilled by his father, played by Forrest Whitaker, about doing his work. It was an intense scene. To this day, I think about that quote when I am working hard trying to build self sustaining multiple streams of income. By choosing to take this path there has been sleepless nights and mental fatigue. But, I know my labor is not in vain! I know that the benefits of having multiple streams of income vastly out weight depending on one source of income. What are those benefits? I’m so glad you asked:

• You get more options in your life! You have more control and flexibility because every decision is not based on your job. For example, if you decide to take a vacation for 3 weeks, you are worried about what they might do.

• If you lose your job, your income only may decrease for a period, not totally disappear! If your only source of income was the job, then your income disappears if you are fired, injured for long period of time, or forced to move somewhere else. By having multiple streams of income and you lose your job, you just have more free time to either come up with another income stream or find another job you just love doing.

• You can be a bigger giver to causes. Imagine paying off your parent’s mortgage, writing a check to pay your child’s full tuition, helping your church build a new day care, or simply paying for a stranger’s groceries in line at the super market.

• You can enhance the life of generations after you. Now instead of your children inheriting debt and heartache after you pass on, they can inherit income generating assets that can sustain them and their children.

• You can become truly wealthy. Wealth is measured by a calendar not with a calculator! Meaning, how long can your sustain your current lifestyle if you stop working right now? Years, months, weeks, or days? Abundant wealth will out live you.

Life Lesson: Acquire as many income generating assets as possible.

1. Good Stuff!

   Posted by Esquire | February 26, 2009, 6:07 pm

2. Great ideas! You make it sound so easy… I know it’s not!

   Posted by Jon | February 26, 2009, 10:52 pm

3. Eventually maybe your “giving back” can be in incubating startups as an angel investor. Hopefully I’ll be able to allocate 10% of the fund I manage to that.

   Posted by Stephen | February 27, 2009, 1:44 pm

4. A person should focus in the areas that he or she likes, and naturally excels at.

   Posted by Phillip J | February 27, 2009, 11:42 pm