Multiple Streams of Income | Why Do I Need One?
So, let's start at the beginning because on a basic level, we've already discussed the two main types of income streams, Active and Passive. Active Income is income earned by actively putting forth effort to create income while Passive Income is the income you earn in your sleep.
Many of us are already hustling and bringing in a second stream of income, whether we realize it or not. Did you know 4 in 10 Americans have a side hustle or a source of income that is outside of their standard paycheck? Now you're wondering - what are the benefits to having multiple streams of income? Well, I'm here to share my three favorite reasons why people are gravitating towards having various streams of income, and I'll share a video explaining my multiple streams covering how I'm expanding my Kingdom.
Potential for More Financial Security
Multiple streams of income make you feel more secure in your finances. Your day job may pay your bills, but if you are already on a tight budget and ready to take the plunge into Velocity Banking - cash flow is key. Having a second, third, or fourth stream of income gives you the cash flow to save, invest, and more. This extra income also gives you the chance to make smart decisions for your Kingdom instead of decisions based on a survival mentality.
You Can Pay Down Debt Faster
Like I said above if you are ready to pay off your debt and make good investments for you and your family - you need to have cash flow. How do you get cash flow? Through those multiple streams of income. Not only will earning extra money likely cause you less financial stress - it gives you the chance to pay off debt a lot faster!
Helps You Build Long Term Wealth
It's not easy to think long term, especially when you're having trouble planning a month in advance. However, so many entrepreneurs have shown us that if you put in the work now, you can have HUGE long term gains. A variety of work from home, online, and side hustle jobs are scaleable, which gives you the opportunity to grow. You may even be able to scale your side hustle to the point where you are ready to leave that day job, or build killer passive income streams.
Multiple streams of passive income can build you long term wealth without having to work harder long term.
BONUS - You spend less
This one is true, especially when you have and extra active income stream - You are too busy hustling to spend your money on things you don't need!
Some of us have a second stream of income to help us get by, while hopefully, you are building multiple streams of income to help you kick Velocity banking into gear!
If you want to follow along with how I make multiple flows of income work for me, check out the video below:
Are you ready to build multiple streams of income?