Taking it Forward

Popular advice to the school leaver in the recent past has always been “get some good qualifications, find a good job and you’re set for life”. This might have sounded good during the 20th century, but it just doesn’t work any more.

Just one stream of income is a very high-risk option, and this applies if you’re an employee or run a business. It’s the same as having just one source of supply for every resource you need. If there is only one place you can get whatever you need you are inevitably under their control which is a big restriction on your freedom.

The trend now, and the advice being given here, is to have ’multiple streams of income’ and this doesn’t just apply to money, you could just as easily say ‘multiple sources of supply’ for the resources you need.

How do we achieve this? It’s more complex than you may think because there are limits to what you and I can do on a daily basis. The solution some people have adopted of having ‘multiple jobs’ often doing different things in different roles is extremely stressful and it’s difficult to give the appropriate level of concentration to each ‘job’.

What’s more this inevitable means you spend far more effort and energy supporting others in achieving their goals and dreams than you do your own. Spending most of your day working for other people isn’t the answer to finding multiple streams of income. There are two main ways of doing this successfully and the good news is – you can do both!

The first is to find ways of developing a ‘passive’ income. This is where you do some work up front for which you don’t get paid or rewarded for a significant regular reward (or ‘compensation’) over the years to come and for which you need do no further work unless you want to increase the income level.

There are many opportunities to do this you can look at; some are good and some not so good. I have significant experience in this are so book a call if you’d like some advice

The second option which you can develop alongside (or integrated with) developing a passive income is to start your own business. I call this a ‘personal business’ as at the start at least it’s ‘only you’ involved. Once you take on staff, should you choose to do that, it becomes a ‘small business’. My book ‘What They Don’t Tell You About Starting a Business’ explains much more, but we’ll look into the possibility of your doing this right now.