Over my years of writing on the topic of making money, both online and offline, I have written on the principal of producing multiple streams of income. That is a theme that I have written on numerous times, and it is a theme that I live my life by.
What do I mean by “multiple streams of income?” Well, it is fairly self explanatory. What I mean is that it is a wise strategy to grow a number of different business ventures to the point where they make an income for you, even if it is only a small income. Let’s say that you grow 6 or 8 different businesses into such small streams that produce income. Perhaps none of these streams produces a “river” of revenue that would support your lifestyle completely, but by combining each stream, the revenue you are able to generate is ample to cover your needs.
Additionally, over the years, you can and will likely come up with new streams that will present yourself. Even if these new streams are small, as they combine with each other, they will produce a larger river for you to feed from. On top of that, your river can become larger even if you don’t add any new ideas. The fact is, that if you are managing each stream of income properly, the streams will grow and have more income flowing from each. As each stream grows, your river of income will grow exponentially.
Sometimes things don’t go as we plan though. Let’s say that one of your streams dries up, or becomes much weaker than it once was. Of course that is not good, but if you live by my theory, you will still be OK, because each of the other streams is still producing for you, and likely some of the streams are growing in size. Still, though, it is important, in my opinion, to not allow any of the streams to grow so large that you give up on your other streams. Of course, the bigger your streams get, the better for you, but you also have to remember to maintain the less productive streams in case that river hits hard times down the road. Always remember to keep your multiple streams of income at the forefront, and keep your income healthy by keeping the income production from multiple outlets.
Off the top of my head, I don’t really know how many different “streams” or businesses I have. I have a lot, I know that. I will estimate that I have at least a dozen different streams of income, and likely 15 to 20 in all.
Over the past 5 years or so, I have one particular stream that I have been paying very close attention to, and hoping that it would grow into a river. Many of you who are reading this probably think you know which of my streams I am talking about, but I would bet that you would be wrong in what you are thinking. I am not going to name which stream I am talking about either, because that is really not that important for this discussion. But, let me say that 5 years ago this stream was more like a small creek. It made a little money for me 5 years ago, but only a trickle. Certainly not enough to pay my bills or keep my family living well. But, of all of my businesses, this was the one that I really wanted to be successful at, and to the my “river” among all of my streams.
I have managed this stream carefully, spent a lot of effort on it, even though the amount of income was relatively small over the years. However, I have been happy that I have seen this creek grow into a stream, and the stream has continued to grow.
Just a couple of days ago, I realized that this stream has grown to the point that it is nearly a river of income. I believe that if I continue to grow it wisely, carefully manage it, that within a year it will be a river indeed. I believe that by one year from now, this stream of income which was once so small will be large enough that I could comfortably live on that river alone.
So, what will I do?
When the river is mature, as I say in about a year or so, what direction will I take. I will I close down my other businesses and rely on this single river?
Not a chance. Ain’t gonna happen.
Because that would totally negate my theory of multiple streams of income. Yes, I will have a river on my hands, but it’s still nice to have a few streams feeding the river and keeping it strong. Also, almost all of my streams are inter-related, and what I do with one stream will affect the other streams. So, if I close down one of my streams, it will weaken the overall river that is created. So, instead of having 15 or 20 streams, I will have one or two rivers that will merge together, and maybe a dozen streams to feed the rivers and keep them strong.
That is my theory that I have lived by for many years now, the multiple streams of income. So far, it has worked well for me. I don’t intend to dam any of those streams, no, I will manage them wisely and keep my river strong. You never know when one of those streams will emerge as a river of it’s own.