Time is your most valuable commodity

uptomyeyeballs

Everyone in this world has the same amount of time per day, week, year. You work a fixed amount of time for a fixed wage. This limits your earning power and is poor use of your most limited resource - your time. The solution is to get paid multiple times in parallel. This is the principle of multiple income streams. You can have 10+ 'jobs', all making you on average just £5 each per day. That's £18,000+ extra per year. You could do a lot better than that too.

Maz

Indeed. I work at a 'proper' job for 16 hours per week and the rest of my time is spent developing my multiple income streams, pretty much at my leisure tbh.

Recently, for a comparison, I looked at a full-time position in my nearest town that matched my skill sets. For a 40 hour week, plus another 10 hours commute and associated travelling costs, I would have been the princely sum of £30 per month better off than I am now and pretty much ALL of my waking time would be gone!

The sun is shining today so I might take a drive to the coast and have a nice lunch somewhere with a friend.

Doesn't suit everyone but I value having the freedom and income to do whatever I like, whenever I like so, for me, multiple income streams is a no-brainer.

SailorSam

I'ts not just multiple jobs that can give you more time, you can arrange that with a single job. I think that's why more and more people are attracted to being self employed.
I drove a cab for many years, like most self employed people becoming a workaholic but after time you get to realise to use your hours more efficiently and work less. The drop in income can mean an improvement in your life.

uptomyeyeballs

That's true SailorSam, but this isn't about a drop in income, this is about increasing income by earning from Multiple Income Streams, running side by side. They effectively increase your earning time.

A week of 168 hours with 10 multiple income streams means you can 'work' for 1,680 hours per week! You only actually work at one job, but you earn from 10 at the same time.

mrsmadmand

and can you give us mere mortals some hints and tips on what "multiple income streams" means in the real world? *intrigued face*

fluffpot

I find that putting up my hourly rate does nicely! I'm self employed....

So I work less time for the same or indeed more money

shmeeko69

uptomyeyeballs wrote: »

Everyone in this world has the same amount of time per day, week, year. You work a fixed amount of time for a fixed wage. This limits your earning power and is poor use of your most limited resource - your time. The solution is to get paid multiple times in parallel. This is the principle of multiple income streams. You can have 10+ 'jobs', all making you on average just £5 each per day. That's £18,000+ extra per year. You could do a lot better than that too.

Time is the key, but you have to use it wisely or you'll waste a lot of it. Working for a company is fine, but there is usually a ceiling to how much you can earn, if you work for yourself on the other hand and create residual income from various multiple earning streams then, you're well on your way to a nice and comfortable financial future.

Working for yourself is very appealing and if you can earn money whilst you're away from your work station then, the sky is the limit.

uptomyeyeballs

mrsmadmand wrote: »

and can you give us mere mortals some hints and tips on what "multiple income streams" means in the real world? *intrigued face*

Anything you like within your imagination. BUT, the streams have to be able to earn you money even when you sleep, so you're looking at Internet based stuff really.

10 income streams, each earning an average of £1 per day nets £3,650 per annum. Scale that up for an idea of what is possible. Your effort is in the setting up of each stream, after that they virtually run themselves.

Think outside the box.

Maz

From my own personal perspective, the thought of relying on one income only (i.e. a traditional job) is waaay too scary :eek: , ESPECIALLY with the uncertainty of the economy in the UK. You just never know when or where the axe is going to fall and I think the days of a job for life are long gone. I like the security of having several sources of income, that in reality, take up not a lot of my time. As soon as my residual income is at a comfortable level for my own needs, I'll be jacking in the 16 hours a week job, leaving a vacancy for someone else.

I worked for most of my life in finance/administration/accountancy and tbh, I couldn't stand being back in the whole corporate horse !!!! environment again!

Louise03

uptomyeyeballs wrote: »

Anything you like within your imagination. BUT, the streams have to be able to earn you money even when you sleep, so you're looking at Internet based stuff really.

10 income streams, each earning an average of £1 per day nets £3,650 per annum. Scale that up for an idea of what is possible. Your effort is in the setting up of each stream, after that they virtually run themselves.

Think outside the box.

Still rather vague. Is this an idea you have just come up with and fishing for suggestions?

morganedge

I wouldn't know where to start in order to have another revenue stream coming in.
Just ''something on the internet'' and being able to ''make money whilst you sleep'' reminds me of a episode of the Simpson's when Homer wanted to start an '' internet business'' because everyone was doing it, but he had no clue what he was actually doing after he'd gone out and bought a fancy PC and registered a domain etc, lol. I guess it's a LOT easier said than done.

The only thing I have that is anything like what is being discussed (only 50 times riskier) is that I dabble in the stock market, spreadbetting using very small stakes.
I've averaged just £20 per week for the last year or so. But I guess that's closer to gambling that having a legitimate, online business!