Why I Create Multiple Streams of Income | multiple stream of income.

by admin on May 24, 2013

Creating Multiple Streams Of Income

One of the biggest mistakes that I have made in my life was not preparing myself for failures in business.

Take for instance last year.  Last year I had an Amazon business that was making me between 10-20K per month.  All I did was find some products from a Chinese website and sell them on Amazon for a profit.

I started with 3 items and they sold in 4 hours!  Then I bought 50 items and they sold in 3 days.  So I started to buy thousands of items at a time!  I was making so much money that I forgot to follow one key rule.

Always have multiple streams of income!

After about 6 months I had made over $120,000.  Not bad for some part time Internet stuff!  But I made a fatal mistake; I did not build any other streams of income.  I was so caught up in my Amazon business because I was making so much money I didn’t diversify my income streams in case the Amazon business were to fail at some point.  But why would it fail?  I was making BANK!

So of course it failed!  I received a letter from customs informing me that I was importing counterfeit goods!  I had no idea!  I though I was just ordering from a wholesale website.  I was crushed.  I didn’t build multiple streams of income because I was so happy with the big score I had achieved.  So once my Amazon income vanished, I was left with only about $1000 per month in passive income from a few other income streams that I had built in the past.

So I learned a major lesson that I will never forget.  Always build multiple streams of income no matter who much money you are making.  I am in the process of building a six figure income with a company called Leaf International.  But since I learned my lesson with Amazon I will be taking 80% of my income to send traffic to Level One Network.  The reason of course is to start building a second stream of income in case Leaf doesn’t stand the test of time.

Most people get so caught up in the money they are making or the career that they have that they don’t take the time to build out multiple streams of income.

Once I take Level One Network to 5-10K per month I will take 30% of that income and build another stream of income.  Do you see how I am starting to protect myself here.  Once you have that second, third and fourth streams of income flowing in then it doesn’t matter if one goes down.  You still have the other 2-3 income streams.  I will also take a percentage of my income and purchase more real estate.

It is smart to not only diversify your income streams but to have completely different business models when you diversify.  That way you also minimize the chance of multiple streams of income crashing at the same time.  I hope this article was helpful!

 

 

 

 

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