Friday, February 18, 2011

What are your Multiple Streams of Income?

Have you heard of Multiple Streams of Income? Making money online includes diversifying where your money is coming from. After years of being online I know that one thing is certain - everything changes. The Internet changes and grows daily, and a program that is making you money today might just be gone tomorrow.

Finding several different programs that make you cash is like diversifying your stocks. You should know not to put all of your eggs into one basket because if that basket disappears you are out of luck and out of money. Instead if you have several different streams of income if one goes away you won't be in dire straits. Likewise, having many or multiple streams of income means that each stream could be more of a trickle of money but together they all add up to a nice income.

Another thing to think of with your income is finding passive streams of income. If you have passive income that means you have to little to no additional work once you have set up this passive income stream. One example would be writing an ebook, uploading it to clickbank, writing a sales page and then letting clickbank affiliates sell your book for you. It would take initial work but once set up it would be mostly passive income.

If you want to take your passive income streams a step further you could set up a residual income stream. A residual stream would be an online money maker that requires a monthly fee to participate. This could be a forum that has several pro's posting or a monthly subscription to a members only informational website.

When setting up your multiple streams of income remember to diversify, diversify, diversify. Trying out new programs periodically can lead to new streams that might just end up being rivers and lakes of income.

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