Have Your Multiple Sources of Income


Have Your Multiple Sources of Income

In one of my previous articles, I described what are assets. Kiyosaki distinguished that assets will FEED you while liabilities will EAT you. Assets bring in money while liabilities drain it out.

Having said that, the true mindset of the rich having the proper mindset in financial intelligence is to build income-generating assets. And this is where the idea of multiple sources of income comes from.

How many sources of income do you have? Most of us only have our jobs as our sole source of income which places us to a risk the moment we got laid off or terminated, most especially if you don’t have an emergency fund. Having multiple sources of income fast tracks us into achieving financial freedom. It gives us some sort of security the moment one source of income fails.

As tackled also in one of my previous articles, incomes can be classified as active income and passive income. Active incomes are produced the moment you work for it. Without you working, no income will be produced. In contrast, passive income are incomes that are produced even while you sleep. As Warren Buffet said: “Never depend on single income. Make investment to create a second income.”

In Kiyosaki’s Cashflow Quadrant, the left side of the quadrant, both E (Employee) and S (Self-Employed) are active income earners. In contrast, the right side of the quadrant, both B (Big Business Owner) and I (Investor) are passive income earners. 90% of the world’s population belong to the left quadrant whereas only 10% belong to the right quadrant. Why is that? Because passive income require greater risk in order to produce. Those persons willing and determined to get out of their comfort zone increases the chances to be in the right quadrant.

As an author of this blog, I have so far three sources of income: employment (active income), online income (semi-passive income), and interest and investment income (passive income). In my effort to add another source of income, I joined a network marketing business. MLMs or Multi-Level Marketing System are one of the best ways to get involved in the business in comparison to starting a business from scratch which requires a lot of effort and a large capital and buying a business franchise which requires an even larger capital. As of now, I am looking for business partners both locally and abroad who are committed and determined to do this business with me. I hope some of my readers will join me in this endeavor. To know more about this opportunity, I recommend you to view the ad I created here.

Starting this month, I will resume my monthly networth report to keep track of my developments. Once again, I will write about my expenses, the developments of my portfolio income, and my progress on the network marketing business I joined. The last time I updated it was May 2009 since I became very very occupied with our online business back then.


Tyrone is a passionate financial literacy advocate. He started this blog on November 2008 when he watched The Secret which talked about Law of Attraction because he wanted to become a millionaire and wanted to know how a millionaire acts. At the age of 26, he achieved his first million. To find out more about him, click here or follow him at Instagram

20 responses on “Have Your Multiple Sources of Income

  1. Hi Tyrone,
    I am an avid fan of your blog. FYI, i even posted links of your site on my blog (see above link). I believe we have lots of similarities. Aside from the fact that I’m an advocate of financial literacy as well.

    I’ma bit concerned with you joining an MLM company.. Knowing you have conducted financial training seminars in the past, I trust you will be interested in our group. Our primary mission is to give financial awakening to our fellow Kabayan through disseminating valuable financial concepts. There is also a good potential of earning sizable passive income from sharing the same. Hope to hear from you.

    More power,
    Rainneir | Dubai, UAE

  2. Like what I heard from one of the seminars I’ve attended, don’t just raise one horse, raise more. Besides, having an income stream aside from your employment gives you a sense of independence. Your boss cannot impose anything on you knowing your not that desperado like everyone else.

  3. Let me apply this in making money online.. I am earning through different income stream, I don’t rely in only 1 source. It is because when other fails there are still back up.

    Having different source of income is great.. Keep it up Tyrone.

  4. I’m completely with you on multiple streams of income. I personally think that the more income streams one has, the better. MLM wasn’t a good fit for me, but I’m glad to see that you are giving it a committed approach. Look forward to reading more from you as you proceed.
    Chris

  5. I have read this interview of yours, http://www.megabizflakes.com/interview-tyrone-solee-millionaireacts. Thanks for insipiring more young leaders thru that blog… i guess you have earned already your first million thru network marketing just like my newly friends here in this industry (AIM Global-Cebu). More power!!! Inspire more!!! I’m looking forward to meet you here in Cebu… for a speech just like Mr. Aspirin who visited last Sept 15-16 here in Cebu…

    • Hi Analiza. I haven’t earned my first million in network marketing. I just joined last month and still squeezing some time for it.

      I earned my first million through employment with the right attitude and discipline of saving and investing. However, I achieved more success when I learned how to make money online. 🙂

    • Hi Tyrone! Can you give me more tips on how to make money online? I found out you have many articles about it, can you share it with me? Please send it to my email: [email protected] I’m also into google adsense, adbrite but I earned only few dollars… I even tried fanslave… affiliate programs… and I also tried readbud… until now I haven’t earn 50 dollars yet to get paid… is it true that you will earn less on ads if its hosted on free hosting sites like blogspot, weebly…etc.? Please give tips on how to earn more income… Thanks a lot! Is it okay to ask financial advice on you for free?

  6. @Dexter & @Nick

    It’s nice to hear those words from a fellow OFW. i too have been targeting multiple sources of income since I started working abroad and i could say that so far, it’s been very rewarding. I hope you could visit my blog also. Just like you, helping our fellow Kabayans is also one of my reasons why I decided to create my blog

    http://www.myquestforriches.com/

    Goodluck to us guys.

    Desertman

  7. Hi bro!
    great site!
    meaty powerful content!
    And yeah, totally agree with multiple incomes..

    “why have one, when you can have many?”

    more power to your cause of imparting great knowledge to
    everyone!

    cheers!

  8. I agree Tyrone! Network marketing is the quickest way to learn how to become a business owner, just like Kiyosaki states, and it has led me to learn so much about myself and about helping others. It truly is a selfless profession and can allow one to make a lot of income based on leverage and the efforts of others. Thanks again. Your site is rockin”

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