7 income streams?

Do you know what's the difference between people who are struggling to have ends meet and rich people?

It's quite simple.

People who are struggling generally have only one income stream or even less while rich people have at least 7.

If one stream dries up, they have 6 left and have time to create a new income stream for themselves.

Basically they are always on the lookout for a new income stream, the more passive the better.

For example, work once and get paid forever. Pretty neat, isn't it?

You think it's not possible? It was possible a few years ago to build websites about a certain niche or topic, write some 20 articles about certain aspects of that niche, set up Google AdSense advertising and watch the revenue roll-in.

And actually then such people would go create a second and a third and a fifth or a tenth website about different topics.

That's how they would get multiple streams of passive income.

Today it's no longer feasible because of such great saturation on any niche online.

If you set out to build a website about a certain niche today, chances are there are many such websites already. So you would be competing with all of them for traffic and ad revenue.

If your website is the only one today, it means it's not very profitable niche. In other words, people are not willing to spend the money in buying products of services related to your niche.

But I digress...

It used to be that job security meant you get a nice paying job and if you do well, if you work hard, you will be set for life.

However, in today's day and age there is no real job security. Entire industries are disappearing because of automation and at the same time new industries are born.

No one is safe, basically. Therefore my best strategy has always been this:

When I get I new job, I start looking for a new one. Not when I lose a job. Then it would be too late, wouldn't it?

For the last 8 years I've been working towards financial independence.

So when I say job, I don't necessarily mean JOB per se where you go to work and get paid like normally you would expect people to do.

What I mean is that when I create a new revenue stream for myself, I start to look for a new one right away.

Each stream doesn't have to be large, doesn't have to be sufficient to live on. To my mind 10 USD per month of regular payment is also a revenue stream.

By the way, that's how much approximately I get from my YouTube videos per month.

So of course you can feel where I go with this. Crypto can also be a revenue stream.

And if you own at least several different coins, you have several revenue streams. Especially those coins which have natural inflation. This inflation later gets distributed to the investors.

For example, Steem or WLS. Not only I get rewarded for the upvotes my posts or comments receive but if I hold Steem in the form as Steem Power I also benefit from inflation where more SP accumulates over time from just holding it.

But of course we don't just hold SP, we actively use it by supporting the community. In turn our commmunity also grows and supports us.

It's a nice circle, I think.

So if you want to feel secure in this ever changing world, I highly recommend you start looking into opportunities of creating multiple revenue streams, especially those which don't require too much of your time because otherwise you would spread yourself too thin.

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