Do Not Depend On One Stream of Income

Developing a multiple streams of income especially that of online is always recommended and what we should be doing...

Two excellent books on the subject by Robert G. Allen are "Multiple Streams of Income" and "Multiple Streams of Internet Income". Totally changed my view of making money.

I'm doing the same I split my CPA into different accounts, I have google adsense and clickbank and now trying to get into ebay marketing.

When one goes down I still have back-up.


Kristof

Hi Traffic-Genie,

Nice post here and very true indeed.

Yes, it's never good in any facet of life to "Put all your eggs" in one basket.

I would also put emphasis on never good as I certainly don't think it's suicidal! :p

After all, this is what the masses and majority of people in society do every day right? In their everyday jobs?

Thanks for the post again!

Thanks for sharing!

Great advice! I'm trying to get my IM income up to (and past) my 9-5 job. Double my income + have multiple income streams. Plus my internet income will be coming from multiple places.

Hopefully it will all go well.

Wow! So much great comments/feedback here, thanks for your inputs.

I mostly agree with you Traffic Genie, but I think there is an opposing view that can work once you are at a certain level. If a person were so inclined & ready for the undertaking, they could build a basket themselves on a solid foundation, place all their eggs in said basket, and then place an awesome alarm system around the basket.

Now if someone were "putting all of their eggs" in the Adsense basket and asked for my advice, I would strongly suggest they think about diversifying their income streams, as Adsense does not provide a strong foundation for sustainable income...

If someone were an awesome web designer, though, and had a killer portfolio, I would see no problem with them focusing most of their time on an endeavor relating to web design.

I agree with OP absolutely

Nice books about Streams of Income both are very knowledge able and give more perception about focusing income.

I HUGELY disagree. In order to be successful one must focus. And to focus you should not be all over the place. I am speaking out of experience that when you are in a place of being focused you will put more effort out into one thing then you will for many. First you can throw a lot of **** to the wall to see what sticks, but after you have something that sticks I recommend sticking with that full force! People that are all over the place with there work and goals generally do not succeed in anything. Just like the phrase "jack of all trades but master of none." Don't let this happen to you!

To have a better finances, it is always recommended to develop multiple streams of income...

Very few millionaires have a singular income source

Let me clarify my earlier post. I believe it is very important to hyper focus. For instance, if you do SEO, SEO of mulitple products is great, but the main thing you are doing is SEO. Another example is that I do very well in online marketing, I have many different jobs and product launches going on and different faucets of my company, but still they are under the internet marketing umbrella. For someone to do internet marketing, pizza delivery, dog walking, therapy and all these different jobs they will most likely not be giving them the attention they deserve. Which is why I suggest to hyper focus on one thing, and then go off into different aspects of that. It is better to be an expert at something then mediocre at everything. For example Warren Buffet invests, he is an expert in investing, so I classify all the businesses he owns as his investments. Even though they are all different companies they are still classified under his expert field of knowing where to invest. I hope this clears up my earlier post. It is good to have multiple streams of income as long as they fall under one umbrella of focus.

don't give up. opportunity is here and there, but many people just don't have the eyes that can seize them.

Thanks to you all, but one thing am certain about is that Multiple Streams of Income is a sure way to Financial Freedom!

Like I said earlier when I started this thread, never ever depend on one source of income. We all know that nothing in life is 100% guaranteed, how the wind blows no one knows, and at what direction the wind will blow no one knows. The absolute form or shape a burning fire will take, no man can predict with absolute 100% confidence, neither can any man predict the number of hairs on his head or the number of sunrise/sunsets he will witness in his lifetime.

We as humans are just mortals, thus, we can not control anything around us with 100% absolute confidence. Any situation, job or endeavour can collapse or become successful through our actions or in-actions, through ommissions or commissions, thus, to reduce the odds against us as humans, it makes logical and reasonable sense to divest our investments and efforts into various profit generation channels, by so doing, you can hedge your risk(s) without getting burned. For the chances of all income streams failing at the same time (though possible), is very very minimal. The whole concept is to have some form of back-up at all times.

A BIG THANK YOU TO YOU ALL FOR YOUR UNIQUE AND SINCERE CONTRIBUTIONS

Keep Striving, Keep Believing, Never Give-Up, Winners Don't Quit and Quitters Don't Win.

Just some thought : A quitter never wins -a winner never quits...

This was a great read and everyone has a different perspective on the same subject which allows us to view things differently.

Well done guys and girls...

It is ideal to say and dream of that kind of income from different sources. But not very easy

Totally agree... have more than ONE Basket.

One of the best things that ever happened to me was getting FIRED from my job.

I had created two vacation companies from zero in sales to over $1,000,000 in sales in our 1st 120 days in business.

One day I got sick with a heart infection and while lying in the hospital bed DYING... I told them the LAST Secret to how I was getting so many clients into the office.

Ten minutes later.. I go a call that I had been fired.

But guess what... now I have FREEDOM to travel the world and do what I want to instead of working 80 hours a week making them rich.

Sooo sometimes getting FIRED is a GOOD thing.... it sure was for me.

To Amrutg, IrisEyes, Perseverance and Roger, I appreciate your comments. Wow! I didn't envisage this much inputs when I started this thread. There is no other option to security in this present age, the only option is to have multiple streams of income.

I completely agree about the multiple streams - and it applies just as much online as it does in real life.

I joined Hubpages a year ago (my first real venture into online money making). Luckily I learnt enough there to pursue other ventures online (websites etc) but I still had enough content there to take a hit during the latest Google update.

Certainly a good idea to plan ahead and figure out what you'd do if you lost ANY of your streams of income - you never know if you'll lose the biggest or the smallest!

It is always better to inculcate new modes of income. The more diversification we will bring in our earning source, the better it will be for us.

It is very important to create more than one stream of income without losing your focus. There is some truth is the fact that you can lose focus if you spread yourself too thin. I guess the key thing is to be able to select what you can effectively handle.

Because I started with a good coach, I have done this from the beginning....and SO thankful I did.

I am very much satisfied with this statement "Never Put All Your Eggs In One Basket". This means that we must not do our income from one source only because once the job is gone , you will have to struggle more.So go for it...

Yeah man, i defo need to add more to mine.

Facing the big waves of economic crisis we need to diversify our sources of income. I really agree with the words "Never Put All Your Eggs In One Basket" and I did it online and we shouldn't depend on one stream of income. Currently, I am trying hard to develop another 2 offline source of incomes.

There is a lot of "hype" these days when it comes to making $$$ / millions in a matter of minutes (WSO's) (Clickbank affiliates) is there any truth to that?

I agree not to put all eggs in one basket. Yet it is a fine balance not to spread one too thin on too many projects at once. I "like" doing so many things that I may have started too many without good focus. I lesson I continue to learn!

So balance is the key?

Louisa

This is one of, if not the most important things with respect to building a successful business in any industry- especially IM!

Always think of new way to make money, but never stop doing the old... Oh yeah, and make sure all your income isn't going into your Paypal account...

good reminder that if you lose 9-5 source, what are your alternatives then? only solution is multiple stream of incomes. I think, you must also be sure with the sources from which income will originate ...taking the advantage of internet, we must make it possible to have income from multiple streams from different countries as well. it's how big businesses works.

Life is a numbers game, so is internet marketing.

I have 48 streams of income, that enough? I don't hold more because there is only so much one can do in 1 day...

Bernard St-Pierre

There always so many streams out there, the only problem is we need to find out which are suitable for us, and that, never been easy.

this is plenty of information. please tell me apart from the Robert G. Allen book is there any other book or e book that talk about the same topic "multiple streams of income"

There really is no one answer that applies to all.

I know millionaires who have had the one and only business for 25 years, and nothing else. I also know millionaires who are constantly adding new revenue streams and cutting off old ones.

There's a lot of conventional wisdom being bandied about, but ultimately everyone needs to stand up and decide for themselves - based on evidence - which approach works better.

This is exactly im trying(sadly) to do.

I would much rather have ten things making me $10 than a single thing making $100, even if the ten things were more work.

Just ask all the people who are unemployed and spinning because their "one thing" went away.