Creating Multiple Streams of Income
I just attended a seminar about taking action to improve my financial well-being.. becoming financially free by having multiple streams of income. When I first read about the seminar, I thought it is going to be another motivational seminar or "sell another product related to this seminar" kind of event, with no value-adding. But I guess I sort of understand more about where all these "becoming financially free" seminars are going.
Take Action
One of the main highlights of the seminar is to take action.. and, if possible, to take huge action. Hmmm.. I think many people will have heard of this phrase, that we need to take action to improve our lives. But what action can we do? This is where the thought of having multiple streams of income came across my mind. At least for me, I believe that my formal education has trapped me in a frame of mind that we need to work hard in our job (one active income) and this job will likely take up most of our time. However, thinking about it, there is now a gig economy (where people are driving for Uber or Lyft during their spare time, creating blogs via Wordpress or videos via YouTube, etc.) and this is made possible by the Information Technology (IT) age. Hence, there is a need to re-calibrate my thinking and take action to build more income streams for myself.
Becoming an Author/Publisher?
To create multiple streams of income, we need to know what can help us generate income. Our skills and experience is one (that's what we use to generate our active income). In general and accounting terms, our skills and experience is an asset. The asset helps us create income with time.. That's why we are paid by the hour/weekly/monthly. Thinking through, a vehicle (like a car) is an asset that a driver uses to drive passengers around to earn money. Videos are the assets that YouTubers create to generate ad reveneues. For an Author/Publisher, an article/book is the asset that is created. There can be more examples, but you get the drift..
For me, writing an article seems the easiest. I have been trained to write essays since young and I write reports on a daily basis for my work. What I need to adjust is the format and tone that can be used to write articles. Also, the internet seems to have broken down the barriers of entry for becoming an Author/Publisher. In the past, it seems an Author needs to be able to write well and be able to find a Publisher to publish his/her works. It is almost impossible to become a Publisher too. Now, through the internet, we can self-publish (like using social media or other platforms) and our audience can come from anywhere. Hence, it appears being an Author/Publisher is much easier now than before. Wordpress is, as of now, a little too difficult technically to use. So, using a social media format seems best. I can practice here and learn while compiling the information that I have written that people would like to read about.
I will detail my journey here and hopefully it will benefit both myself and you, the reader. May we all have a wonderful journey ahead.