Why Multiple Sources of Income will be in the very near future, the RULE rather than the exception

In today's economic challenges and uncertainties, nothing is for sure. What seems now to be strong and stable be it an institution, an organization, a proven business or even a country may just fall apart overnight. So what does that means to an individual working, to only just to survive in the midst of such disruptions but also to thrive and do well financially?

It means we have to start throwing away old ways of doing things and embrace new approaches. Not to change is a sure way to getting into potential financial trouble. Right at the top of the list is the issue of being a single income source earner. Most people are in that situation and that is not unusual ; we are all brought up and educated that way.

There are generally two ways to make money and they are:

1. Linear Income is income we receive by exchanging our time for money commonly through a job or profession. We only earn for the time that we actually work. Some of us earn a higher linear income than others. This form of income could be a Primary Source of Income (PSI) for many people and the stream of income will flow as long as we keep going to work. The moment we stop the income stops. Because we all have limited time; linear income is a work-hard income and it is always limited.

2. Passive income is income that comes to us whether we go to work or we dont. There are two types of passive income; Residual income and Multiplex income.

a) Residual income which results from initial efforts of working hard one time and reaping the benefits of this work thereafter. In some cases for many years into the future. A single effort is rewarded repeatedly. If you write a book that would be residual income as would be if you sell a person a razor and wait for him to order razor blades refill.

b) Multiplex income. These are income earned from other people's efforts. If you have a thousand persons out there selling razor blades for you; you are earning multiplex income. The same situation exists for franchise income and licensing.  

MasteryAsia through its programme the Money Mastery Mentorship Programme advocates that while we go out there and accumulate as many income as possible, eventually we should all just have two types of income: passive income & passion income.

What then is Passion Income. These are income that you make doing what you love; it can be linear or residual.

However the success rate for creating additional income sources is low and very often it ended up as getting another ’job". That would be alright if it is a passion income but in most cases it is not.

There are many types of passive incomes but we must be careful when making a choice because we must build passive incomes that suite our needs. The reason why success is illusive is simply because we were all educated and brought up on a single income source mentality from the moment we leave school. We leave school and the first thing we do is to get A job..a single income source. We are never taught how to create multiple sources of income (M.S.I.) and so what do people do ..they want it so they learn through trial and error ..they learn by
MAKING MISTAKES!!!!

There are many things we learnt in life that way but when it comes to making money; doing that is absolutely crazy. Making mistakes in the area of money can cause prolonged if not permanent financial disasters.

The other thing that most people do when they go on their path to create M.S. I. is they ended up buying themselves a job (another job) It is another source of income no doubt but not a passive income not a passion income either. All you need is to understand these things a little better and the decisions you make could be so much better and the financial results you want can be forthcoming. It only requires one thing YOUR WILLINGNESS TO LEARN

There are many types of passive incomes but we must be careful when making a choice because we must build passive incomes that suite our needs.

How do we decide if we need to create Passive Incomes?
ASK YOURSELF THIS QUESTION:

How many days can you last if you STOP WORKING TOMORROW & WITHOUT CHANGING YOUR CURRENT LIFESTYLE?

 

           6 months?
           3 months?
           Or a month?

If there was a number to your response we suggest that youdefinitely need to create additional Passive Income Sources as the ideal answer to that question should be FOREVER!

The Multiple Sources of Income Summit is designed to give you the enlightenments you need….it provides you the insider's tips to tackle these issues. This is a summit that gives you actual and handy strategies on unleashing a steady flow of multiple incomes. In one day you would pick up ideas that would take normal people to learn in months or years and typically through the process of making mistakes. DON’T……. The Multiple Sources of Income Summit saves you TIME and MONEY.

We are inviting you to join us at the Multiple Sources of Income Summit and discover the real-world pathways to creating extraordinary wealth for ordinary people!