Multiple Income Streams Smooth the Way
- By denise1956
- On 29/03/2019
One job for life with a valuable pension as part of the package has long been an outdated pipe dream. Traditional self employment has been a great alternative in the recent past, offering control and up to a point flexibility. Network Marketing, a business model that has been around for well over half a century has typically been seen as an industry full of wide boys and the gullible in equal measure. So what can the way forward be in a rapidly changing world with a constantly changing workforce?
Multiple income streams seem to more than ever offer a balanced bank balance, smoothing the almost inevitable peaks and troughs in each of the possible options.
So is it really possible to juggle work to accommodate multiple income streams? In our current world I would say yes, and it’s likely to be the way forward for more working people in the coming years? Why? Part-time flexible working is becoming more prevalent in the traditional work-place. Blurred lines between employed roles and self employment are becoming more and more evident and Zero hours contracts, something that was unheard of just a decade ago are now almost the norm. A sensible move would be to develop those multiple income streams with a view to smoothing those dips in income, wherever they appear!
Someone starting out with this strategy may feel more comfortable with having a traditional but part time employed role with an element of security and potentially covering the base bills. Add to this a traditional self employed role related to an interest or passion.......garden design/maintenance, fashion design/styling, beauty or sports therapy. Something that makes the heart sing and doesn’t feel like work. Related to this self employment or even something in a completely different field can be a Network Marketing Business. Typically this will be part-time, often no more than 10-12 focused hours per week that can slot in with other activities but can develop into a passive income. This industry has been around for well over half a century (Forever Living, the NM business that I work alongside has been around for over 40 years. There are many alternatives in this business model, something to suit everyone! I would of course recommend that people look at Forever Living with me as I know that it has a very stable and profitable marketing plan, but nothing is for everyone and if health and wellness isn’t your thing then research with bring forth several alternative options, in product as well as service sectors. I would only caution full research is needed and honestly would not recommend joining a brand new NM business as I would say that would be very risky!
As incomes grow I would also recommend investing outside of business, in property and shares/bullion. Shifting 10% of income across into investments from an early age can make a huge difference in later life.
The result of a multiple income stream strategy can provide not only income from paid work, but as time goes on a passive income and even multiple pension pots!
I truly believe that this strategy is the way to achieve comfort in the later years without money worries that seem to be almost a given if a single path is taken.