Multiple Streams of Income….the concept is biblical! In Ecclesiastes 11 we read "Ship your grain across the sea; after many days you may receive a return. Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land. In other words, don't put your eggs in one basket - put them in multiple baskets because you just never know where the market will be tomorrow!
It makes no financial sense to rely on one source of income...not one job OR one business, even if it's a GOOD one! For instance, savvy investors don't put every penny they have into one stock...they spread their investments around to reduce their risk/exposure while increasing their odds of winning.
Life happens to all of us. Expenses go up. Circumstances change. Markets shift. When you develop multiple streams of income it's easy to roll with the flow - "because you do not know what disaster may come upon the land" - be ready for any market!
The entrepreneur found in Proverbs 31 (aka the Proverbs 31 Woman) created multiple home-based businesses that provided a stable source of income for her household. This is a fabulous model for today’s men and women seeking to be free of the dangers of relying on a traditional job with a single paycheck. After all, a traditional job brings with it the chance of downsizing, demotion, and burn out. If you have multiple streams of income you can easily financially adjust when any of those things happen to you OR when you decide you want to work for yourself instead of for someone else.
There is freedom in not being tied down to a single company or employment The Proverbs 31 Woman can “laugh the days to come” meaning she has built a lifestyle that includes a financial model that can withstand “downturns in the economy.” I have multiple streams of income for every economy! I've got a stream for health, the environment, I've got books and online coaching, and I've got a financial GPS system to help everybody get rid of debt in a fraction of the time without making extra payments or changing their lifestyle. Having no debt takes the squeeze out of every household and every business is a piece of cake to build in any economy without the pressure of bills to pay. So, in this economy, it's the financial GPS that's soaring higher than my other streams of income right now.
Here are some guidelines in establishing your own Multiple Streams of Income based on Proverbs 31.
1. Follow your own passions and skills. Even though the Proverbs 31 woman was skilled in real estate, grape growing, and clothing production, these may not be your skills. Follow the concept and do not duplicate the exact businesses. In this case, the same customers she had for her clothing product were potential customers for her wine and vice versa! She didn't come up with a cheaper version of the same thing/concept she was selling - that would have only served to diminish her brand! Find COMPLIMENTARY streams - not conflicting streams!
2. Start small. The Proverbs 31 woman’s skill in clothing and cloth production obviously progressed over time. Perhaps she started by making clothes for her family before she progressed to linen garments sold in the market. You must develop your skill and develop it well before moving it from your home out into the marketplace. However, there are lots of stream options with built-in systems, support, and training. All you have to do is be willing to work them, and you can have an extra stream in no time at all! Living Larger can help coach you toward your success by branding yourself for whatever streams you have with everything under one roof.
By the way, LIVING LARGER is actively looking for military and/or stay at home entrepreneurs for our financial GPS system. IF you know of anyone who falls into either of those categories please have them email us at [email protected]
3. Reinvest your earnings. She "considers a field and she buys it" - then she plants a vineyard “out of her earnings”. You must treat your income streams as business income and not as a hobby. Profits are reinvested into other ventures until you reach the level of income you desire.
4. Be alert to opportunity. Before the Proverbs 31 woman planted a vineyard, sold clothing, or purchased property she had to determine that there would be a market for her enterprise (Luke 14:28 "Suppose one of you wants to build a tower. Won't you first sit down and estimate the cost to see if you have enough money to complete it?") If you have six entrepreneurs in your neighborhood selling your product, your immediate market is likely becoming saturated. Find something others aren’t doing. I was LOOKING for another stream to add to my arsenal that could address finances because I recognized the perfect timing for a GPS tool. I am immune to a recession and you can be too!
5. Ask daily for wisdom. Make the Lord your senior partner in any enterprise. He knows the end from the beginning and knows what the future brings. Also seek advice from others. Proverbs 15:23 says "Plans fail for lack of counsel, but with many advisers, they succeed" - Seek wisdom!
Deuteronomy 28:12 is my daily prayer over all my business - "The Lord will open the heavens, the storehouse of his bounty, to send rain on your land in season and to bless all the work of your hands. You will lend to many nations but will borrow from none" - there we go with that desire to eliminate debt again!
Get started today! Don’t wait for a downsizing or other event to force you to find other sources of income and DON'T quit on your dreams because of cash flow!
You too can build a secure financial future and be able to “laugh at the days to come.” I sure am!
Multiple streams of income...it's Biblical!
Living a Life That's LARGER Than Life!