We’ve been talking a lot about affiliate marketing this week. Why is that? Affiliate marketing is one of the many ways you can create multiple streams of income for yourself and/or your business. Is this important? You bet it is! Did you know that most self-made millionaires have 3-6 streams of income?
Having several streams of income is important because, as we all know, the economy fluctuates and there are slow times during the year for most businesses. Those are the times when those extra income streams can really help!
Here are some examples of how some celebrities have used multiple income streams:
- Ashton Kutcher – In 2009, Kutcher invested some of his Hollywood cash on Skype when it was valued at just $2.75 a share. Microsoft recently purchased Skype for more than $8 billion, making Ashton enormously wealthy.
- Arnold Schwarzenegger gets most of his current income from real estate investments he made prior to becoming a famous film star.
- Warren Buffet – Ironically, due to the diverse nature of the investment portfolio held by Berkshire Hathaway, Buffet actually is invested in 15 different industries. That’s a lot of baskets kicking off a lot of income streams.
TIP: Don’t put all your eggs in one basket.
What could you do with income above and beyond your “regular paycheck”? Here are some ideas, but the list is extensive:
- Save for retirement
- Pay for college education
- Invest in your business
- Go on a vacation
- Upgrade your home or car
- Help others or give to charity
- Pay off debt
There are a lot of good sources for learning how to add streams of income to your business. Some that I use, personally, include Affiliate Marketing, an Etsy Shop, and something new and exciting that I will share with you in the next day or two! For now, let me recommend a book for further reading: Entrepreneurial You: Monetize Your Expertise, Create Multiple Income Streams, and Thrive.
More on this topic tomorrow!