Many people ask what is multiple sources of income (MSI for short). These people probably work on a regular job. They might even have a second job. That is not what I’m referring to here however.
Why might someone have a second job – Obviously, they could not make the amount of money they require on their primary job. So what I’m going to talk about is pros and cons to having a job (that is ofcourse you are fortunate enough to have one)
The Nature of Employment has Changed –
- Jobs can no longer be considered a career
- Many full-time jobs are now part-time
- Job pay has become flat ang stagnant
- Jobs are more stressful
- Medical coverage is not there in many cases
- Working hours are fixed, unless you work part time, in which case you might literally be on call all the time.
- Working people pay the bulk of taxes to the IRS
- Many travel long distances to and from work
- Some telecommute
Those were the cons, I would list the pros but there is only one. You have a job.
The Old MSI – The old multiple sources of income centered around doing various tasks for different individuals or companies and getting paid on a per completed task basis.
The New MSI – The new multiple sources of income talked about here involves online activities that generate income from each. A single point of income failure would not disrupt your financial life.
The Internet and online marketing have blown open the doors to multiple sources of income. Most of the barriers associated with having a job disappear and are replaced with the knowledge that you can finally get appopriately compensated for your efforts. You also control when you work and how hard you work, and how much money you make.
Typical Multiple Sources of Income –
Setup a Youtube channel – Youtube channels are easy to create and maintain. Video with engaging and appealing cont is what will bring in the views that will support the advertising revenue.
Setup one or more blogs – blogs/websites offer an excellent opportunity to deliver content to readers who might eventually buy the product or subscribe to the service you are promoting.
Setup multiple Affiliate Marketing Accounts – These accounts can generate huge and consistent income. Depending on the product or service the income could become residual.
Setup multiple Online Stores – Online stores are very popular and could be very lucrative, especially being promoted to a loyal email subscriber base.
Setup a Membership site – Setup up a membership site based on expertise you can offer
Setup a “How To” Site – Many are willing for knowledge of how to rather than spending time, which frees them for more productive pursuits.
Setup a Research Site or Service – There is much information online. For some, too much unless you are good at drilling down and targeting. This provides an opening for someone with the expertise. Research can pay very well for specialties.
License Your Ideas – You can license your developed methodoligies to others for a monthly, yearly, or even permanantly.
Setup a Community Market place – Community marketplaces can generate significant incomes. Communities are generally loyal to that community.
Setup a Niche based Lead Generation website or Service – Any type of online marketing is more effective if based on a niche that is low competition. You can provide low competition keywords specific to a particular niche
Write E-Books – .E-Books are very good for creating income as well as building e-mail lists.
Become a Silent Partner – Partner with others in specialties to generate Income.
These are just some of the opportunities available to create multiple sources of income. Your imagination could produce more than is listed here. The key here is the automatic nature of online marketing once a process setup and put into action, The process works 24/7.
Now that you have an idea of the power of Multiple Sources of Income, The next question is how does one qualify himself or herself to be able to learn and effectively implement MSI to our profitable benefit.
There are many solutions available to learn the required skills to create the MSI you desire. You have many choices that feature a number capabilities. The real question is how these features are packaged and do they do a complete job without any extra cost not quoted in the price. Another question is are there sufficient training, support, and community to fully complete your objective.
I would like to recommend what I consider the ultimate platform as the solution you should consider