Having multiple streams of income is the only guaranteed way a financial
improvements experts say but which income stream is more important than the
other or which income streams do you really need in this video i'll be
sharing with you the three streams of income everybody needs and if you're new
to the channel then hit the subscribe button below for more life changing
content stream number one employment income at one point or another in our
lives we've been told this following thing you need to go to school get good
grades so you can get a good job and while more and more people are veering
away from this traditional life path it still doesn't take away the relevance of
getting a good education and subsequently a good job firstly
employment income is the kind of income that we get from our day-to-day job
popularly called a salary or if you're from the uk wages this income could be
paid daily weekly monthly or even yearly depending on your employer whichever it
is it doesn't take away the importance it plays in your quest to be financially
successful now as you should you're probably wondering why this source of
income is important and i'll tell you why employment income is very important
as it gives you a sense of stability it is fixed and paid regularly typically
every two weeks it is also the most predictable income among the three
incomes that i'm about to go over in this video so predictability is
important when it comes to income because when you know that you have
money coming in every two weeks it allows you to do things like budget your
money plan for future expenses while also allowing you to ease your financial
stress of course jobs are becoming less secure these days but they are still
generally a reliable means of making an income not to mention employment income
is generally the easiest way to start making money especially after you finish
your post-secondary education you see most people graduate college with a ton
of student debt and by starting to make money right away with employment income
you will dramatically cut down how long you carry this debt as long as you're
using that new income source to pay down debts that is so
especially in the short term having employment income offers you the ability
to generate income and pay off those pesky debts as soon as possible moving
on employment income also allows you to gain access to debt making you eligible
for mortgage loans lines of credit and other forms of debt when you have a job
you become a more trusted borrower in the eyes of the bank and as you know
debt is a great tool that can be used to buy assets that can increase your cash
flow month after month finally having a job allows you to meet new people and
start to build your network when you start your career chances are your
professional network won't be that mature just yet but over time you will
likely connect with people of all working backgrounds and each new person
you meet can be an opportunity to learn and grow not to mention the individuals
you meet can often act as aids in your quest to find new work in the future
therefore they can become valuable allies in your quest to increase the
employment income you're aiming to earn so overall employment income acts as a
foundation of your income it is secure timely and by being employed you allow
yourself the ability to gain valuable experience and connections that will pay
you tenfold in the future stream number two internet income ah the world wide
web often described as a global village is the best description of the internet
there is as many people know the internet has opened up a new lane for
making a ton of money and for this reason internet income is the second
type of income stream everybody needs in fact it's not surprising that the
richest man in the world is at the time of recording this video jeff bezos made
his fortune with the help of the internet the third and fourth richest
men bill gates and mark zuckerberg also made their money through the internet by
creating microsoft and facebook respectively in fact the internet is
limitless in its financial potential and we must all jump onto this trend and
make some money online if we're looking to be financially successful in our own
right one of the major advantages of learning from the internet is that there
are a ton of ways to make income passively that is you don't have to be
there actively to make money from the digital assets you have set up online
once you set up everything you can mostly just go to bed and the money will
be made automatically for you all you need to do is periodically maintain
whatever platform you have whether it's a website or social media account or
even your online software tool it also lets you work from anywhere and makes it
easier to network with people all over the world now i know i touted networking
as being a huge benefit of being employed however the rise of social
media has really made networking way easier than it ever has been before with
the rise of facebook instagram linkedin amongst other platforms networking has
been made as easy as hitting the follow button on your screen typing a message
to people halfway around the world and then receiving the message instantly
these apps and platforms have totally revolutionized interaction with
customers colleagues friends and this in short has expanded the networks we can
all tap into now you may be wondering how you can get started making money
online even if you're not a tech guru to help guide you i'll share with you a
couple ways you can earn money on the internet today for starters there's
freelancing basically freelancing is where an individual works for themselves
as opposed to for a company while freelancers do take on provisional labor
for organizations and associations they are at last self-employed freelancers
are not considered staffed by the organizations they work for yet rather
contractors to put this simply a freelancer is a self-employed person
that offers services for money now there are a lot of gigs that you can do online
as a freelancer and they range by skills and difficulty if you're just getting
started in the freelance space and have yet to find clients to work for don't
worry you're in luck there are many websites out there that you can offer up
your services to clients and start to build long-term relationships with them
so that you can make your internet income a reliable source if you're just
starting out check out websites like fiverr upwork and freelancer.com if this
all seems a little bit confusing don't worry it was for me too in the beginning
this is why i created the side houses success course where i teach you how to
build a freelance site also from scratch that you can use to make an extra
thousand dollars a month or more starting with absolutely zero experience
if freelancing interests you and you want some help to get started check out
the side hustle success course using the link in the description below now
another major advantage of working on the internet is that it can be easily
paired with your 9 to 5 job generally you can work online at all times of the
day so you can integrate this work around your 9 to 5 schedule one major
advantage about freelancing is that it gives you the freedom you need to still
keep your nine to five job while offering your services and making a lot
of money during your free time the major downside of freelancing is that you
cannot make passive income with it however it's a good way to get started
in making money online now if you're looking for a more passive
approach to making internet income an option you have is affiliate marketing
this is basically selling other people's products for a percentage of the total
sales and the best part of this is when you sell some products that clients pay
for monthly that's to say that they have recurring payments you get paid every
single month for just referring a client once and whether you do anything after
that or not you get paid regardless every single month sounds great right
typically to get started making money through affiliate marketing you're going
to need a platform that gains traffic on a routine basis this will give you a
youtube channel a blog etc and you will effectively pitch products and services
from other people's companies in the hopes that customers will use your
affiliate links on route to making a purchase while this is passive in nature
building up your platform may not be so just keep this in mind before diving
into this internet income model overall there are a ton of ways to make money on
the internet many of which offering you the potential to make more money than
you could ever imagine making at your nine to five job which is why you want
to pair this income stream with your presently employment income
stream number three dividend income this is by far the most positive amongst all
the previously mentioned sources of income but it is another important
stream of income everyone needs if you're unfamiliar dividends refer to a
reward or money that an organization provides its shareholders for having
invested in their company dividends are typically dispersed in the form of cash
or stocks and are derived from the profits the company generates year over
year however you can't start making dividend income without starting to
invest in dividend stocks investing in stocks and shares is what differentiates
the wealthy from the middle class and the poor investing in stocks in effect
is buying a small piece of a company and when the company's value and stock value
increases your holdings in the company increase with it this is basically
letting your money work for you however before you invest your money you must
first decide what type of investor you are an online broker will likely ask you
before you get started about your investment goals and how much risk
you're prepared to take on when you open a brokerage account some investors tend
to manage their money's growth actively while others prefer to set it and forget
it stocks shares exchange traded funds index funds and mutual funds are all
available via more traditional online brokers a minimum deposit is required by
many financial institutions in other words unless you deposit a certain sum
of money they will not approve your account application some businesses
won't even let you open an account with a deposit of a thousand dollars and some
don't have a minimum deposit requirement others will frequently reduce expenses
such as trading and account management fees if the balance exceeds a certain
threshold and others can offer a set number of commission free trades in
exchange for opening up an account this is all to say that if you personally
don't have an investing account set up this is the first step in starting to
earn from this third stream of income once you have your investing account up
and running you're ready to invest in dividend producing stocks what i
recommend is you research companies with a proven history of paying out dividends
you will come to realize that some companies offer more reliable dividend
payments than others and earning regular dividend income is necessary for this
third stream of income to be effective hey it looks like youtube thinks this
next video is the one that will change your financial life forever give it a
watch and let's see if they're right