Why Every Parent Should Earn Up to 8 Income Streams
By: Eruvwu Joyce Obuaya
Tags: Multiple Income Streams, Leaving A Legacy, Parents, Parenting Advice, Parenting

The reality is, no matter how much you earn, once you stop working, your income stops also. I learned this first hand when my dad died, a month after my 11th birthday.

The devastation that comes when a parent dies is closely followed by the devastation of financial lack in every way previously unknown. Life was hard for me as it can be when you’re broke and I only survived by the grace of God. This came in the form of a loving step mum who ensured I was fed and housed and an Uncle who ensured I at least got a secondary school education — Dad had moved the family back to Nigeria a year prior.

Why 8 Income Streams? You might ask and my answer would come in a quote from the Bible in Ecclesiastes chapter 11 verse 2, which states:-” But divide your investments among many places, for you do not know what risks might lie ahead” (NLT). Coronavirus showed us all that this is true!

My 8 Income Stream Ideas

There are many ways to legally earn a living other than being employed to do so or owning a business alone. Again many businesses and employed people who relied solely on this felt the impact of the pandemic. However, just like any skill, you do need to learn and develop the ability to create an extra income consistently and on autopilot.

I have broken down 8 income streams into the following:-

1. Affiliate Marketing — This great thing is that you don’t have to create it yourself and don’t need a big capital to start. Provided you find the right ones and can promote them successfully, you’re well on your way to earning a residual income.

2. Product Creation — Are you good at creating products i.e. books, software, videos that you can market to a specific audience or do you want to know how to successfully do so?

3. Trading the markets (forex — foreign exchange). It's a great way to create and build wealth when you learn how to trade the trends correctly and consistently whilst protecting your profits. The beauty of this is you have several sectors to choose from and to diversify into.

4. Property — This is the oldest way of creating and sustaining wealth provided for example you have paying tenants — retail or commercial. Alternatively, you can receive training to become a developer with the support you need — see this time-sensitive post: Inviting Angel Investors Building a property portfolio is a great way to create and sustain wealth as property value appreciates over time, most especially your children’s children enjoy the benefits!

5. Joint Venturing — Sometimes you just need to know a good deal when you find one and partner with a product creator who already has an established niche and already earns a residual this way.

6. Blogging — Getting a website up and running is cheaper now than it used to be and can be a very profitable way to create an additional income.

7. Become a published author — write about your knowledge and experience that can help others gain knowledge and experience in a certain area. The link

8. Become a consultant — If you are always full of great ideas and giving them out for free, consider becoming a paid consultant.

It is also important to note you could decide that your 8 income streams will come from a diversified portfolio which is a good thing as long as they’re all separate i.e. not in the same sector. For example, having 8 properties that all suffer from a falling market will not be beneficial. However, having 8 different income streams of choice with 3 doing very well is a good thing.

What you need to understand is that whatever you choose to invest your money in, it should be able to consistently bring your returns on a weekly, monthly, or yearly basis. Also, it should be passive and not be dependent on you having to work at it following the initial setup. Learn more about this here: Complete the Survey to Learn More

This article has been republished for my LinkedIn article.