Misconceptions about multiple streams of income.

When I started my blog 9 months ago I was having all these misconceptions about passive income and multiple streams of income. I wanted it to be successful so quickly that when it didn’t happen so fast, I gave up. 5 full months wasted because I was believing the wrong things.

If you can resonate with what I am saying, then atleast I am not alone. But if you are just starting off on this journey to multiple streams of income, then let’s unfold all the misconceptions.

Multiple streams of income

1. You can be absent

Misconception

You can just set up your blog, your YouTube channel, your online store and automate everything. You do not need to be present.

The truth

In real life, you will need to be present more than you can begin to imagine, especially in the early months of operations. You need to be active in each of your multiple streams of income. Another thing you should not forget is that the industry changes. The internet keeps on improving. Customer expectations also change, so if you are stuck in the past your stream/ streams of income will also fade away. You need to be present, even if you have hired employees to assist you, you should check in with them time and again.

2. Overnight success

Misconceptions

Most people out there think that starting a multiple streams of income is going to take them just a few weeks to set up and to start earning money and becoming successful. They couldn’t be any wrong.

The truth

People need to realise that this will not be an overnight success. It takes soomuch time. There is lots and lots of research that needs to be done beforehand and even during every step of the way to a successful income stream. You need proper planning, you should know your niche and what is it you want and what is it you are willing to offer.

3. Focus on 1 stream.

Misconceptions

Focus on one main stream, put all your money and time in to just one thing. This is not axactly a good thing to do.

The Truth

You should diversify your streams. Do not focus everything on one stream because you risk losing it all. Yes you should focus on one thing at time at the beginning, so that you can complete the setup and get it running. Once you done with that build another stream of income and then when all are running and growing you can focus on both of the streams. You can create as many as you think you will be able to handle.

4. Just create and money will come

Misconceptions

This is the most common one, people want fast things. If you think that you only have to put on 30 minutes everyday and get rich in a few weeks, forget it. I am guilty of this, but I had to learn patience.

The Truth

You will have to market your product/ business. You need to invest in advertising. The easiest one is social media marketing and email lists. You need to learn SEO, industry groups and forums. so no quick money here.

5. You need lots of money to start

Misconceptions

Some people think everything is just free, while some people think that it is very expensive. If you fall under each of the above, you came to the right place.

The Truth

It is not all free. You will need data/ WiFi connection. You will need certain apps and while some are free, some apps require a subscription fee. It is not expensive either. Starting any online business, any freelancing will just require +- $ 150 (+- R 2000.00). So stop worrying yourself and get started. And all the best.

6. No skill required

Misconceptions

Most people are saying that if you need to get another stream of income you don’t need any skill. If you have heard this before, know that they told you lies.

The Truth

If you are going to depend on your talent/ or flair only you are not going to make it. You need to learn, you need to up your game. Invest in learning the skill that is required in the field you have chosen. If it is painting, then invest in a painting course. There are lots of free courses, articles and videos now. You will need to invest your time.you can learn every skill only if you put your mind to it.

6 reasons why loosing your job can be a good thing.

even in 2021 we are still experiencing the impact of job loss due to the corona virus. I know you might be lacking the motivation to even see the positive side of this. But losing your job can be the best thing that has happened to you. I want us to focus on the positives of losing a job. What if a new begining is awaiting you, there is no need to panic. ( maybe i don’t understand , but trust me when i say this. greater is yet to come.)

It is very crucial to understand that if you just lost your job, or got fired, it means that you wont be having the income that you usually get every month end. You will need good planning skills. Plan how you are going to divide your last pay so that it can last you atleast for the next 3 months as you will be trying to find something useful to do. If you have savings then thats awesome, you stand a good chance to focus on your basic needs first. if you are still having some money left that will be lovely since you can use it to start something afresh.

Reasons losing your job is not a bad thing

Reason 1

better job or company

before

you probably thought you have been working at the best company and that you have all the benefits. you were so sure that you have a concrete job and you will nver be fired, you never thought that your company would close down. You never thought that it would become bankrupt. but it did. and i am sure that the lessons that you learnt from this experience no one is going to be able to take them away from you.

after

the reason I say you might be thankful in the future for losing your job, is you might come across a better company. a company were they are going to value your time and your input. what about a better pay? great leave days so that you will be able to spend time with your loved ones. you will find that the company you never thought you could work in is offering even the best benefits. they may also include your children’s education and you will be so surprised, looking back to the day you lost your job, you will repeat after me that it was probably one of the best days of your life.

Reason 2

Start a new thing

Before

This might be a chance for you to start afresh. You might be so hurt by the changes but you will never know what life has in store for you until you have no choice but to get there. My role model Lisa Nichols shares a story about when she was working at an accounting firm, the boss told her that she was not good for the job, she told her that she has to let her go. And although that was not so sweet at that time it was probably the best chance for Lisa to go out and look for what she could do better.

After

Think of yourself 5 years from now. Is your future self going to be thankful that you got fired, or that your company closed? You have to do whatever you can to reach your goals. To fast forward in Lisa’s story she was now at a book launch, her book launch and she was signing new books. Her former employer, the woman who had fired her was there and she was in tears just realising what an opportunity she had given to Lisa. Now she is the owner of a multi millions company. Had she not lose her job, she would still be doing a job that she hated. So even you, it might be confusing now, but in just a few years u will be grateful. But you have to put in the work ( that’s another topic).

Reason 3

Go back to school

Before

You might have gotten so busy in life that you put a stop to your education. Maybe you took a gap year, or you started a family and there was just no time to study because you were now working full time.

After

Now that you have time, you can go back to school right? Go finish your degree, your diploma or go further and do your PhD. If you do not want to go to the formal schooling, you can always do self education. Learn the skills that you want. Buy books, listen to podcasts and attend webinars. Just improve your knowledge.

Reason 4

Reevaluate your priorities

Before

If you just lost your job without being prepared, then you know how the lifestyle you were living was affecting you. You didn’t have a proper budget, your stuff was just all over the place because you were comfortable getting a pay cheque every months.i

After

This is your chance to reevaluate the decisions you made, how you used your money, how you spent your time. Did your loved ones spend time with you or you were always away on a job project. Reevaluate your spending habits and make sure you are living below your means, that way you will be able to prepare for your future and also be mindful of things that are out of your control. like losing your job.

Reason 5

Time for your loved ones

Before

Your kids never saw you, your spouse never spent quality time with you. Your parents are tired of your promises to come visit them. You were always busy, it was work all day and even at night. You surely missed out in the lives of your kids.who was tucking them in?

After

Now you do have time to be with your loved ones, to attend those birthday. Now you can read your children a good night story before they sleep. You are a present parent, spouse and child. I bet even your friends will be glad to finally get to spend time with you.

Losing your job can be a new start.

Reason 6

Think differently

before

If you thought that your job was the best thing that has happened to you, now you know better. If you were depending on one stream of income, now your eyes are opened. Your job taught you a lot of valuable lessons, and I am sure you learnt soomuch.

After

You now know better to have an emergency fund. You will not be living beyond/ above your means. Living a life of debts. You now have a shifted mindset. When I lost my job, I learnt the importance of multiple streams of income. And I have never looked back since.

I hope you now get the clarity of what I am talking about when I say losing your job might be the best thing that has happened to you. You can learn all about multiple streams of income in the blogs to follow. consider subscribing so you do not miss any aploads.