How to Design Multiple Income Streams | Janine Cox

Let’s face it, we would all like to earn more, but how do you do it when there is only 24 hours in a day? It seems that today now more than ever we are all working harder, under more stress and have less time. Just imagine for a moment you could change that to having more time, less stress and more money.  Well you can by creating multiple streams of income.

What do I mean by multiple streams of income? Income that flows to you from sources outside of your normal wage, such as:

  1. Investments like shares or property
  2. A business venture/s either on or offline
  3. Royalties from things such as a book or e-book

To get started ask yourself?

  • What type of income stream do I want, and will it be passive /active or both? Investments and royalties once set up can be reasonably passive income requiring little maintenance.
  • What resources do you have? This can be broken into time, money, knowledge, experience.

Other important considerations require your thinking including:

  1. The amount of capital you have to invest will have an influence on the type of investment. There is no point looking at investments that require large capital injections upfront if you don’t have the capital to invest. Remember you want to increase your cash flow not constrain it for the next decade.
  2. Typically property investments can require lump sums up-front whereas you can start investing in the share market with between $5,000 and $10,000 and all you need is an internet connection.
  3. How much time do you have each week to put into building your income stream(s)? Time, or a lack of it, is one the single biggest reason given as to why goals are not achieved. Remember the time spent planning now will be returned later once the income is flowing.
  4. What knowledge and experience do you have or need to get in order to help you to generate income?

In my experience, gained in teaching people to invest, women generally underestimate what they can do and achieve, whilst I find that men overestimate what can be achieved. This is very evident when it comes to the share market, which is the easiest place to start looking to create more income, as it is possible to select a strategy to suit any level of capital and time available. The rewards for taking the time now to create more income streams are more choice, more time and ultimately more freedom.

Janine Cox
Senior Analyst
Wealth Within