In today’s economic environment, with Globalization, shorter Product Life Cycle (hence Business Life Cycle). All these factors have created challenges for every individual, not just to the Businesses. For every working adult, regardless the position you hold, the job that you do and the industry or organization that you work with, there is lesser certainty and “stability".



As workers, we need to look into new strategy, new approach to manage our career and life to ensure greater survival in such environment. Taking an entrepreneurial mindset in managing our life and financial well-being is one important mindset change that we need to adopt. It is not an option for us.

We no longer can rely on our job and thinking that with our loyalty to the organization, company will take care of us and our financial well being, not to mention about our retirement. Today the competition is across the border, not just at the business level, but also at the individual level. What you can do at your local country, there is always someone in a lower cost country that can do.

It becomes imminent that as individual we need to look into alternatives that enable us to have a alternate sources of incomes to supplement our current employment income. If a business is having more than one client and selling more than one type of product, some even with diversified business units as part of the business strategy, as individual we need to learn from the businesses and adopt such strategy as part of our survival plan. This is what I mean by we need to adopt an entrepreneurial mindset in managing our life and financial well-being. In short we must have multiple streams of incomes apart from our employment income.

It is not necessary that the alternative sources of income need to be providing thousands of dollars a month. For example if a person can have 5 alternative sources of income, and each is giving just $500 a month, it will be a $2,500 extra incomes. The key factor here is the alternate source has to be highly leveraged whereby it does not require a lot of time effort. This single factor will enable individual to create multiple streams of incomes using their leisure times.

There are few types of incomes sources that we can look into to adopt as part of our alternate sources of incomes:

1.Property investment. With the require knowledge and the ability to identify potential property (commercial and residential), this is a tremendous source of incomes whereby it provides Rental Income and Capital Appreciations. In some countries, it is much easier to invest in Property with no or low cash investment.

2.Business investment. With a good niche and the ability to leverage on others Resources (Money, Effort, Time etc..), Ideas, Contact and Expertise, business is one of the great source of income. You can also be an Investor without the need to run the business yourself. But you must understand the business, and have good control and influence on the business. In short you need to protect your investment as much as possible.

3.Stock trading. Options trading is one good alternative. But before involving in stock trading, you have to make sure you have sufficient knowledge and adopt the correct investment strategy, i.e. follow a systematic and objective methodology in your decision making on when to buy and when to sell. A proficient trader just needs to spend about an hour a day to do the transaction.

4.As an “Infopreneuneur". Publishing a book to share an area of expertise is one example of Infopreuneur. Today with the Internet, you can publish Electronic Book (eBook) instead of physical book. This has reduce the cost of publication tremendously and you can sell the eBook through the internet.

5.Network Marketing or Multi-Level Marketing is another form of income sources that one can adopt. There are a lot of negative on network marketing. Putting things in perspective, actually the network marketing is a good business model. The issue is on how the products were being marketed. There were a lot of hype and miss-representation in the selling process that have created the negative image. Those who understand the concept and play the right way will be able to succeed in such business model. This is not suppose to be the kind of business that make you millions in few years. Doing it correctly, it will give you small income in the beginning and slowly the income will increase to a level that can supplement your employment income. It will take a few years to achieve that.

6.Internet Marketing is another form of alternative income source. You can create your own product (informational or physical) or services to sell through the internet. There are various business model that can be adopted for marketing through the net. The beauty in internet marketing is that it usually do not require high capital investment and when done correctly, it can be highly automated. There are Internet Marketers that have few hundred websites sell thousands of products. Today, to set-up a website, it will not cost any much more than $100 a year. Imagine if you have 100 websites and each give you $300 income a month.

There are other sources of income and the list can just go on. The key factor is we have to adopt an entrepreneur mind and constantly look out for alternate sources of incomes. This is no longer an option but a must for us to pursue. Whichever business model that we are pursuing, we must ensure that we have invested in our own education to acquire the necessary knowledge.

To further understand the concept of Multiple Streams of Income, you can read the book, “Multiple Streams of Income" by Robert G Allen.

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