If you been reading my articles for more than a year you're probably aware of the fact that I am a big proponent of multiple streams of income. In addition to the idea of multiple streams of income I am also a big fan of income streams that can be built from home based businesses.
One of my lifelong dreams was to get to the point where I could work totally from home and not have a job that required me to commute to an office. I commuted to various distant locations for 28 years, but today I have finally realized my dream. I no longer have to worry about a commute to work. If I wish, I can plan my schedule around the weather. On warm summer days I like to take a break, and go out to the lake for an hour or two in the middle of the afternoon. I start my work day with a cup of coffee, sitting on the screened porch, listening to the birds. It sure beats sitting in traffic!
I'm telling you the truth when I tell you that I have managed to eliminate a great deal of stress from my day-to-day life. I still work very hard, but I work on my schedule when I want to work. You should also know that as wonderful as this is, I made some significant sacrifices to get here and stay here. One of the sacrifices was eliminating as much debt as possible. The other sacrifice has been the willingness to persevere through hard times to develop business models that cash flow well and can be run from home.
Real estate investing has certainly played a key role in my ability to achieve the goal of working from home. But it took me a number of years to grow and develop real estate investing into a profitable enterprise. Along the way I discovered that there is great wisdom in doing what is necessary to develop multiple streams of income.
While real estate is an important part of my activities I have learned the hard way how important it is to diversify so that I am not dependent on any one source of income.
When you only have one source of income, be it from a job or your own business you become totally dependent upon that single source. It controls you. It becomes a ball and chain. If anything happens to that source you could be in big trouble unless you have substantial savings. As anyone with a job already knows, jobs and substantial savings don't generally go together.
Your primary reason for developing multiple streams of income should be to protect yourself from any one income stream failure. Several years ago I was totally dependent upon real estate investing income. If a deal went south I did not make any money. Then I had four deals that all went south at the same time. Between financial commitments already made on those dealsand the loss of anticipated income this event almost put me on the street.
It was then that I woke up and realized that I needed additional income streams to protect me from such a total disaster.
p>If you are tired of the commute, tired of the stress of rush-hour traffic, tired of the ball and chain of dependency on one source of income, tired of not being at home with your kids, you can do something about it. Or, if you just need additional income streams that you can build without too much expense, a home-based business could be just the ticket.
While real estate investing is a great home-based business, not everyone has the resources necessary to finance an investing business. Building multiple streams of income can help you build funds for investing activities.
Recently I was shopping the Internet for good income stream ideas and came across a program called "Home Biz Ideas Goldmine". It has a lot of interesting ideas for starting home based businesses. I think everyone should have two or three different income streams. If you can leverage them off of each other, so much the better.
In my boat and RV storage business, we have also added selling new trailers for pontoon boats, as well as offering detailing and repair services in our shop. This is the same concept on a little different level. We are able to generate income from different, but related businesses. I do the same thing with my real estate investing. I never focus on any single strategy. I will work any deal that has real potential, instead of saying I only wholesale or only own rentals. I have made money many different ways. This has allowed me to survive and grow at a more even pace.
Today I have about 4 income streams that produce income on a regular basis. 3 are directly related to real estate products and services. The 4th one is the boat and RV storage business, which was the result of my investing knowledge combined with an opportunity to obtain a property suitable for the purpose. You can do it too, you just gotta get out there and commit yourself. Commitment is the essence of success!