Develop Multiple Income Streams
In their book “He Said It! I Did It!” Charles W. Buffington Jr. and his son, Charles W. Buffington III, take readers on a journey to financial freedom that results in a life of abundance that honors God.
In Lesson 8 of this 10-part series, the Buffingtons share how developing multiple streams of income can lead to financial success. You could invest in alternative income streams such as a 401(k). Instead of spending your time watching television, you could turn a favorite past-time into a revenue opportunity. Or, maybe you could work a second job. Just as success breeds success, streams of income breed more streams of income.
Read on to discover some timely tips to boost your investing power and to provide flexibility and freedom in your family’s financial life.
Lesson 8: Develop Multiple Steams of Income
1. Focus on creating multiple steams of revenue. It will accelerate your financial growth.
2. Take advantage of the other streams of income that are easy to establish. Find investment vehicles like 401(k)s, mutual funds, and bonds. Do not leave money on the table by neglecting to collect the free money your employer and the government offer you.
3. Find another income stream in your hobbies and other activities outside of work. There are several ways to capitalize on your interests.
4. If you have the time, find a fun, part-time play job. That additional money will go a long way in helping you accomplish your dreams.
5. Turn your hobby and passion into a business. You can start a part-time home business tomorrow. Running a business of any size opens you up to other income opportunity streams.
6. Be a rock star today. Residual income can provide you with a recurring revenue stream similar to actors and musicians.
7. Searching for multiple streams of revenue will open your mind to other possibilities. It can set you on a path toward your true calling in life, bring passion to your work, and get you to your goal faster.
Study these Scriptures to better understand God’s perspective on work and creating abundance:
Proverbs 21:5: The plans of the diligent lead to profit as surely as haste leads to poverty.
Proverbs 14:23: All hard work brings a profit, but mere talk leads only to poverty.
Psalm 90:17: May the favor of the Lord our God rest upon us; establish the work of our hands for us-yes, establish the work of our hands.