Multiple Streams of Income
The secret to becoming well off without a high paying job is generating multiple streams of income. Most people, especially creative types, believe that the only way to do this is by getting multiple jobs or working well over 40 hours. I knew a guy who used to work around 80 hours nearly every week, one daytime full-time job and a nighttime full-time job. His extremely sleep-deprived life had two decently paying active income jobs. He may have been able to achieve the same amount of income, however, by having one active stream of income and multiple passive streams of income.
Passive income is a source of money that you create during your spare time that you pair with a system that allows you to generate income all day long. Because this type of income is essentially "set it and forget it," you are able to have multiple streams of income at the same time. For most creative professionals, passive income takes on the form of a blog with advertising, an e-product like a book or a song, or a movie that can be downloaded in digital or DVD format. Some other types of passive income include real estate and other investments, owning a franchise store and hiring a separate manager and affiliate marketing in which you sell other people's products on a website.
In my opinion, one of the best ways to have multiple streams of income as a creative type is to write a book. When you write one book you have the ability to make the book into several streams of revenue on its own. For example, I self-published my first book 1,000 Creative Writing Prompts and hosted it on my website. I was working with a freelance writing company at the time, so between the book on my site and my job, I had two sources of income. When I published the book to Amazon, it was like moving up to three (insert Count from Sesame Street reference here) sources of income. If anybody bought the book from my site, Amazon or later iBooks, Kobo, Barnes & Noble and other book sites, no matter what time of day, whether I was working or not, I earned income. Now that I've published seven books on six different publishing platforms, its like having 42 sources of passive income, which takes a lot of pressure off my need to earn active income.
Anyone can learn to earn a passive source of income in his or her spare time. It's easier than ever to start a blog these days, which can be the first step to future advertising revenue. The self-publishing industry is growing for books and music, so with a little technical knowhow, you can turn your work into a passive income generator. I'm not saying it's necessarily easy to create a perpetual earner, but there are certain companies like Solo Build It which have created very reliable formulas for multiple streams of income. There's no time to start like the present, because every product or stream you create today could earn you money for the rest of your life.
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