A multiple income stream is the surest way to a life of wealth.
By: Amanda Anderson
Maybe you originally believed that most people accumulate wealth by being extremely successful in one particular area. But honestly, most people will not be so lucky to get rich by one single act. It is nearly impossible to win the lottery, it is not easy to get into Hollywood, and everyone cannot be born into a wealthy family like Paris and Nicky Hilton.
Even business owners can tell you that everyone will not become wealthy by starting their very own business. It takes some real genius and innovation to join the ranks of Bill Gates and other entrepreneurs who have accumulated millions in their business endeavors. With multiple streams of income, it is totally possible to become wealthy even if you do work a job.
One of the surest ways to wealth is to save more and spend less. If you are in your chosen career and save at least 10% percent of your income over about 20/30 years, you will save a lot of money. Saving does not work well for some careers more than others, as there are even teachers who have been able to retire wealthy due to their dedication to saving at least 10% of their income over a steady period of time.
Investing is another sure way to wealth. It is recommended that a person begins their investment portfolio at the very beginning of their career. There are many ways to invest, with the most lucrative being real estate and the stock market. Although both markets are currently suffering due to the recession, those new to investing are advised to begin now since they will be investing for the long term.
Debt is one of the main reasons most people will never become wealthy. Most Americans will spend the majority of their life paying off student loans and mortgages, but those who dedicate themselves to paying off debt faster have greater chances of becoming wealthy. Create a budget and make the sacrifices needed to paying off your debt in a shorter time span.
It is also a good idea to use your talents, skills, and gifts to create another source of income. Although you may work a full-time job, you can also charge for services outside of your job. You can charge any rate you choose, and build up your own clientele aside from your profession. Some people have even taken to the internet, and started their own successful businesses selling merchandise on E-bay and other popular shopping sites such as Amazon. Get creative and think outside the box while you discover new income streams.
Amanda is a TV junkie with a passion for all things reality television. She's from Decatur, GA.
One of the best income streams I can think of is for a sister to turn her "side hustle" into a part- or full-time business. You know those red velvet cakes you make for family and friends and for which they are always begging? Take a hint: people love your red velvet cakes and they will pay you handsomely for one of your cakes. You know that beautiful jewelry set you made and wore to work the other day and received raving compliments, make some more sets and sell them to co-workers, sorority sisters, fellow church members – everybody. And, for goodness sakes, if you are giving your talent away, stop it at once! Charge for your talent and charge what you are worth. Now that's an income stream that will make you a wealthy woman!