For financial security reasons, you should create multiple income streams to protect your assets.
Here are seven (7) different types of income streams.
Earned Income – This is your day job and most people’s primary source of income. this one’s easy to understand and most people’s primary source of income. You trade your time for money.
Business Income – You own a business. You either make and sell something, or you provide a service.
Interest Income – This is income you make from lending your money out. This might mean a CD, P2P lending, real estate crowdfunding, funding fix-and-flip debt deals, or simply money in a savings account.
Dividend Income – This is money that’s distributed as a result of owning shares of a company.
Rental Income – You own something and you rent it out. Probably the most common is owning a rental property, such as a multifamily apartment building (renting apartments in exchange for monthly payments).
Capital Gains – This is money earned when you sell an investment, like stocks.
Royalties / Licensing – You create a product, idea, or process, and you let someone use it. They pay you a small fee every time they do.
One of my favorite tools for generating traffic is using the United States Postal Service to send postcards, greeting cards and personalize gifts. The software I use is called MailBoxPower and it’s very powerful. I call this my Magic Marketing Tool, And it is one of my most used tools in my marketing tool box.
GO TO MagicMarketingTool.com
SEE ALSO SynergyCollaborative.com