Take Action To Succeed

According to Brian Tracy everyone wants to be happy, healthy, popular, prosperous, and successful in whatever they do, but the only way for you to achieve and enjoy all that is possible for you is to create your own future. And one sure way of creating that future is by having a multiple stream of income in your life. Your life is too precious to be left to chance.

Everyone wants to double their income but the real issue is how fast you can do that given the rate of inflation. So you need to step on the accelerator and that again is by having a multiple stream of income. Multiple streams of income is the secret of unimaginable wealth. You need to make money from more than one source. Even God designed things in such a way that we should have at least 4 sources of income. With multiple streams of income, your likelihood of success in life is improved by 100%. It is therefore imperative that you map out a concrete plan of action on how you intend to increase your sources of income.

We agree with Brian Tracy completely that there is a direct relationship between the number of different things you attempt and your likelihood of eventual success. If you want to achieve success in any field, and you have clear, written plans that you follow and work on each day, you are much more likely to attain your goals.

There are different dimensions of income such as:

• Earned income: This is where a lot of people are. You get paid only when you work; if you do not work you get no income. A good example of this is salaried employment or even a contract job. Relying on this source of income alone is not good enough. Why? Have you even stopped to think what would happen if you become incapacitated or are even too old to work any more? Some might say, well I would get a pension or gratuity. How big is your pension? Would you be able to maintain your current standard of living on it or even have a better one?

• Passive income: Here your income comes as a result of labouring once. For instance if you labour to build a house for rental purpose, you are done with it but keep collecting your rent as long as that house remains standing. The same goes for intellectual property such as writing a book or recording an album etc. You do that once and it becomes your source of income for life.

• Portfolio income: This is the most interesting type of income generation where you send your money to work for you without you doing any part of the labour. Example is investing in stocks or shares and real estate.

To become wealthy you must derive your income from all of these sources. If you so much believe in salary mentality please note that your boss or employer can never make you wealthy. Your job, employer and government are only the resource you use to create your own future.

Strategies To Having a Multiple Stream of Income.

• Have a primary source of income which would be your main source of income. This should be in an area of what you principally love doing. This must be anchored on what you love to do best, your passion, gifts and talent. So, what do you love doing? What one thing do people tell you, you do best or you even know that you do best? Focus on that because that is what you should make your dominant source of income.That should be the main thing you should be concentrating on. It is from here you would get your income to get into other streams of income by applying the principles in our e-book After God, Me! It teaches you how to save and branch out to other streams of income. To know more about the book, click here.

• Use financial intelligence to diversify: After finding your dominant source of income take a second look at it and see other things you can do that are related to it that can get you more money. For instance if you are a home management teacher which is what you have passion for, you can decide to write recipes for new food you have made and people have enjoyed. These little books you can sell at give away prices. You can even start a catering school to teach others how to cook. You are a tailor? You could also open a small shop where you sell sewing accessories and even start a school teaching others how to sew. You could create your own designs, put them in book form and sell. You may even have a hobby that could make you money. Hope you have gotten the message.

• Have an investment mentality. As you begin to get income from the above, start investing in shares. From your profits in the stock market you then begin to acquire lands and properties.

In starting your dominant stream of income especially when it requires setting up something of your own, do not start big. Start small but dream big. Start with what you have and from where you are and it would amaze you the opportunities that would begin to open up before you. Do not forget your God, go to him in prayer and he would direct you.