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Every Family Needs Multiple Income Streams

By: Stacey Reid

There was time long ago that a family could survive and did survive off of one income. The father worked while the mom stayed at home. Today inflation and economic factors especially with the recession the country is in now, surviving from two incomes is difficult. Looking at this trend we can imagine what the future holds for families. It is already obvious that two incomes is not enough for the average family. With this fact known it is best for families to prepare for the worst of times. These are difficult times for the average working family. The single best idea to ward off being the victim in stressful times that we are living is to create multiple income streams into the family finances. Families need to begin looking for ways to earn extra money on the internet or wherever.

Successful individuals have always been aware of the fact that multiple streams of income is very important to the safety and security of a family. If one source of income stops there are other income avenues that can be looked to. If everything is going well then it just does not get any better than that. The money is just pouring in.

The average American has always been behind the curve ball when it comes to finding other revenue sources. They bank on that one or two income so much that when one or both disappears the family is in dire straights. The problems arising from a loss of income is emotional and physically damaging.

It is necessary for every family to have other ways to earn money. You need to have a backup to fall back on. If one revenue stream dries up, there are other streams to draw from. Having diverse sources of income or extra income gives you a backup to fall back upon. If one source vanishes, you should not feel the difference. The average American does not have 6 months of income in reserve so when a job is lost the husband or wife does not have much time to find another job. The bills begin to pileup quick when you do not have time to find another job.

Extra income sources are mostly two types, linear and residual.

Linear income is similar to an hourly wage job. Once you get paid for a service you provide that is it, the money stops. So you have to continue working for that person to continue receiving pay.

Residual income is the total opposite to linear income. You work hard once for residual income but you continue to get paid for many years as a result. You will receive the same pay over and over again.

The internet has many linear and residual income opportunities. The goal is to make extra money and hopefully replace your full time dependence on a job. Do some research on the internet and locate income sources that are residual or linear. A second, third, or fourth income is desperately needed for everyone looking towards the future.

Article Source: http://bytepowered.org/articles

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