To achieve financial freedom, one cannot only depend on the earned income from his/her day job. One needs to create multiple streams of income, by tapping into the different channels of opportunities.
Let me share with you 6 main types of income streams:1. Write your own books; create your own audio cds, e-books, video etc. Then earn royalties and fees from licensing or selling your intellectual products.
2. Conduct seminars and workshops so as to magnify your value by reaching to more people at one time. In this way, the money that you will earn from each workshop or seminar will not be fixed; it will all depend on how many people you are willing to reach.
3. Start your own business. Earn dividends as an investor or directors of a business, earn salary as a CEO, and earn through royalties from the brand of a business.
4. Earn commissions from sales, or referrals. For e.g. through online affiliate programs, through downlines, Google Adsense, etc.
5. Earn through investment in real estates by collecting passive income from rental fees.
6. Earn through investment in paper assets such as stocks, mutual funds, bonds, etc.
Before you engage in any one of the way to generate your additional incomes, please do read up and understand the field of investment first.
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About the Author:
Cheow Yu Yuan is one of the directors of HomeBizGears.com
HomeBizGears.com strives to provide the resources and gears for you to start YOUR own Internet Business. At HomeBizGears.com, you can find lessons on Internet Business, useful links and articles.
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