Diversifying Your Source of Income: How to Multiply source of income and achieve good result

Diversifying Your Source of Income: How to Multiply source of income and achieve good result – One of the impediments to Financial Independence is having only one source of livelihood or income. This can affect your chances of becoming Financially Independent.

To Create Multiple streams of Side Income you need an income-producing seed.  There are primarily two seeds: The Money Seed and the Scratch Seed.

When you want to expand your source of income, you either use money to create more money or you create money from scratch

The Money seed is the option that uses money to create more money. Money can reproduce money especially by good Investment.

The Scratch seed is not based on how much money you have but on how much of these three skills you have. There are three very important skills you must know and develop:

1. Problem-solving skills (Creativity or innovation skill)
2. Relationship building skills (Networking skills)
3. Marketing skills.

Active Sources of Income

1. Create Your Own Product/Service

Create your own products and sell them in exchange for cash. Although, this will require your full attention as it’s growth will be determined by your efforts. Attached to this, develop good Marketing Skills and Networking Skills as you’ll need to have a good business sense and relationship with your customers.

2. Selling Other People’s Products/Services

Selling other people’s products is another way of making extra income. Salespeople, Agents, Franchisee, and Independent Marketers fall under this category. While this is a good income source, not everyone is good at it. The typical salesperson is uncultured, too pushy, and unwelcome to many people. Many sell products they don’t believe in or will not buy with their own money. To succeed at selling other people’s products you must be good at marketing and relationship building. You must also choose products you believe in and are passionate about.

3. Be a Relationship Broker

This is one of the fastest and most effective ways to fast-track your journey to financial independence.

Relationship Brokering simply means serving as the middle man (Broker) between someone that wants to solve a problem or meet a need and another person who can help them solve that problem in exchange for an agreed reward.

All you have to do is make a sales connection happen virtually, passively, online, or offline. It’s a win-win for all parties involved. The business owner is also able to generate income without the huge cost of marketing. The customer gets the transformation and the help they need. You smile home with your pay.

Passive Sources of Income

There are only two ways to earn passive income in the word.

1. Investment-based passive income.

This is the weaker passive income. This income is earned by investing active income in good and reliable investment vehicles. Invest in your financial Independence using a proven plan.

2. People-based Passive Income.

This is the more powerful passive income.

This income is earned from people working for you. It is the strongest passive income in the world and the one that can make you rich the most.

Critical Factors for Financial Success

1. Never combine two or many jobs that require full-time service at the same time. It will reduce your Competence and Productivity.
2. If you’ll ever want to quit your job, do so only when you have attained financial independence or you have another job with stable and reliable income.
3. Look before you leap into any Investment plan. Your savings and years of hard-work can be at stake.
4. Invest Money in Good Investment platforms if you have money and focus on developing the High-income skills if you don’t have enough income.
5. Choose the side income that will give you the most desired results. You can learn from those who are already successful in those areas.