Did you know that 90% of the world’s wealth comes from 10% of the population? Those who fall in that 10% have got there by creating multiple streams of income.
Diversifying your income sources and creating residual income flows are the keys to creating lasting wealth.
The Myth of Job Security
Most people think that as long as they do good work at a stable company, they have guaranteed job security. Their sense of security is enhanced by employment perks like great benefits, great vacation time, and maybe even a company car.
But the reality is that there really is no such thing as job security. No matter how wonderful your job is, your income is dependent on someone else’s decisions. As an employee, you really have no control over your income.
While this has always been the case, nowadays jobs are even less secure than in the past. We have an unstable economy. A side-hustle is almost required if we want to build a stable source of income.
This point was made painfully obvious to me when I visited my former employer’s office a year after I left. I chatted with my previous assistant and learned that there had been many layoffs. Given the downturn in the economy at the time, I wasn’t surprised. Even when I worked there, I saw a trend toward hiring off-shore employees who worked for a fraction of the pay.
What did surprise me, however, was who they laid off. There were two single women who never seemed to leave the office. Every time I stayed late or went in on the weekend, these two women were there. If anyone could be called dedicated employees, it was them. Yet they were included in the first round of lay-offs. My heart broke for them.
There have been studies done that show that the average Canadian only has enough retirement savings to last for 1 year. So much for the golden years of retirement! Without retirement savings, retirees are dependant on the government. I’ll let you decide if that is secure and safe.
I can guarantee that those with less than a year’s worth of retirement income had not have created streams of income. It is so important to think long-term. Having diversified streams of income not only creates stability now, it sets up you securely for retirement.
When it comes to creating a source of income apart from your regular job, it is important to think profits.
I chose network marketing as my first source because it has a low start-up cost and a proven product. My company of choice was doTERRA: the quality and effectiveness of the products is unsurpassed. If I am going to promote something, it must be a huge benefit to those purchasing it.
If you are choosing a secondary income stream and decide to go the network marketing route, be sure you have a quality consumable product. In order for your network marketing business to create residual income for you, you need two things:
- a high customer retention, and
- a team of partners that duplicate your efforts.
Retention refers to whether a customer continues to purchase after their initial purchase. doTERRA has a 65% retention rate. This is unheard of in the Network Marketing industry! Most companies’ retention rates are between 8% – 11%.
Duplication is another key to a successful residual income flow. In my business, I have successful duplicated myself in over 2,000 business partners throughout 40 countries. You business model needs to be simple enough that anyone can duplicate it and succeed.
To learn more about creating multiple streams of income using my business model, watch my webinar.
Want to learn more?
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