Multiple Streams of Income
I always recommend that everyone develop multiple streams of income so that they can actually retire some day without having to change their lifestyle.
Nothing is worse than waking up the day AFTER you retire to discover that you don't have sufficient income to continue living the way you have always lived.
But this is a very common situation for the Baby Boomer generation. Previously (for our folks generation) there were Defined Benefit Retirement Plans where you got a stated amount of money every month. You could plan on it. Now (for us) there are Defined Contribution Plans (such as 401(k)s) whare you have no idea how much you will be able to get monthly, and the amount can actually change as you go (and spend down the balance in your account).
So what is the solution to this all-but-too-common problem?
MORE MONEY
Of course more money is the solution. You could accumulate more money in your retirement account OR you could have Multiple Streams of Income. Either way works. Both ways together really work.
As a Real Estate Broker my first choice in investments is real estate. Income producing property can and should be one (or more) of your Multiple Streams of Income.
But there are other streams of income you might want to consider. You could write a HIT SONG and get residuals for many years. You could "join" an MLM and develop a downline that will "pay" you every month forever (maybe). Or your could start a small business.
I haven't been able to write a hit song, so I guess that is out of the question for me. But I have done the rest.
Residual Income
My favorite MLM is Lyoness. I joined it about four years ago. It isn't your father's (or mother's) multiple level marketing program. It is primarily a Consumer Loyalty Program for merchants with a networking component. Most of the money in the system comes from SHOPPING and is paid by the merchants. I like that. There is nothing I have to do every month to stay involved. No auto-ship. Gee, what's not to like about that? And I get "paid" when I shop within the system.
My Dentist is a Lyoness member. I get "rewards" every time I or my wife go to the dentist. I buy Kroger Gift Cards and get a reward when I do. Since most of our groceries come from Ralph's (the Kroger store in our area) we get benefits from buying groceries. We buy gasoline the same way. And our mechanic is a Lyoness member. More benefits.
And on-line shopping pays benefits. I get my business cards form VistaPrint. They pay Lyoness benefits. Even HSN pays Lyoness benefits and I can't help myself from shopping on HSN. I'm hooked. If you can wait to buy stuff from Office Depot on-line, you can get benefits as well. I buy it on-line then pick it up in my closest store. It works for me.
Lyoness has three primary ways YOU can participate. You can choose to just be a shopper (FREE for life) and get cashback and other rewards. OR you can choose to be a merchant and use Lyoness as your customer loyalty program. It is a very cost-effective solution to develop a loyal customer. Maintaining "old" customers is a lot cheaper than attracting new customers. But Lyoness allows you to attract new customers as well. Shopping members are always looking for more places to get their benefits. Lyoness REALLY works for merchants.
But the third way to participate is my choice. I am a Lyconet Marketer. This is what we call the members that participate in the networking opportunity. As a Lyconet Marketer I get "units" in an accounting system the grows geometrically (several geometric progressions woven together) and will produce income for me for years to come. Residual income like the royalties from that hit song I didn't write. To watch a short video CLICK HERE.
My Small Business
Now, another cog in the wheel of multiple streams of income is a small business. I have a small-business promotion business. I sell promotional products that have your logo or your message to get people to remember your business. You can visit my company here. It is called Advertising Specialties Unlimited. Even if your business is a Real Estate practice I have stuff for you.
I actually have several small businesses. I expect to be able to retire
one day and have these businesses continue to support me. I am not dependent on any one single one of them so if one fails the rest will continue. I think of this as "insurance." I don't want ALL MY EGGS in one basket. I just might drop that basket. But having several businesses gives me confidence that things will be OK.
And as time goes by, I will E X P A N D my business involvement. Why not? Maybe a coffee shop is in my future.
You can start now. Join Lyoness under me (just call me or email me and an invitation will be sent to you directly from Lyoness). Get your benefits. Buy a promotional product from me. Improve your business. Maybe you will decide to have your business become a Lyoness merchant. We will all win if you do. Or start a new business. And then do all of the above.
A nice little business will give you more security for your future and your retirement.
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