One of the keys to creating massive wealth in life is to create multiple streams of income or passive income.
After all, the reason why most people work is to earn an income to support their standard of living.
When you work in a job, regardless of the position and level you are in, you are basically trading your time and skills in exchange for a regular paycheck. People who depend solely on their job as the only source of income are highly at risk.
After all, the reason why most people work is to earn an income to support their standard of living.
When you work in a job, regardless of the position and level you are in, you are basically trading your time and skills in exchange for a regular paycheck. People who depend solely on their job as the only source of income are highly at risk.
This is because you can only continue to work in your job provided you are healthy and the company and economy is doing well. However, during recessions, with corporate America ever trying to please shareholders and investors, naturally the first thing that comes to mind is cost cutting. This normally translates to layoffs and retrenchments.
Technological advancement brought about the Internet, which was initially used more for research purpose. It was not long before companies, businessman and entrepreneurs discovered the potential of Internet in conducting business.
There are many online business models that can be used to create multiple income streams.
For example, one popular marketing strategy employed by marketers is to set up a one page site offering free gifts or information like an e-course to people who opt-in to their list.
Next, using an auto-responder, they will then follow-up with these prospects seven times or more until eventually they purchase some product either their own, or other people's products.
Another business model that can be used is Google Adsense, which is becoming increasingly popular. There are frequent stories of ordinary people earning a substanstial amount of passive income each month just based on this method alone.
Today, you can set up an online store, a directory of pages, an affiliate site, a blog for for many, many times lesser than what it would cost you to set up a brick and mortar business.
For less than fifty dollars, you can register a domain name for just $6.95 for one year, sign up with a $9.95 a month web hosting to host unlimited domains and spend the remainder of the money to drive traffic to your sites using pay-per-click programs.
If you want free traffic, you can use a myriad of strategies available to small and medium online business owners, such as article marketing,blogs, rss feeds, podcasts just to name a few.
What has all this got to do with you, you might ask?
Simple. Going back to the fact that one can only work a fixed number of hours in a day, the only way to increase your wealth is to create additional income streams for yourself.
Setting up your own online businesses to create multiple income streams is one of the easiest and most inexpensive ways to do so.
Blogs, or more specifically niche blogs offer the budding entrepreneur the best of both worlds in terms of traffic generation and the flexibility of multiple income streams all on one site.
The idea behind niche blogs is this: Set up a blog on a niche topic, for example acne causes and solutions, post articles on it and add in income streams such as Adsense, Amazon, Chitika and even Clickbank.
Next, use the blog's built in rss feeds and submit them to rss directories to start driving traffic to the niche blog.
The result? You've just created your first stream of passive income.
Imagine creating 10, 50, 100, 1000 of these niche blogs. How many streams of income would you have created? You can create a niche blog in basically any niche, for example coin collection, keeping aquariums, candle making just to name a few.
Start taking charge of your financial future now and create your own niche blogs.
By: Brandon Hong