I was reading this month’s issue of Parents Magazine in the salon as I had my hair braided. One of the articles that really struck me is on financial freedom – having multiple sources of income (MSI). MSI is where you have various ways that money flows in to your bank, or mattress, account.
The author writes that MSI is how billionaires go from being rich to being wealthy. Even Tele-evangelists have MSIs – the viewers- that is why they drive big cars as you tarmac after ‘planting a seed’. Interesting, huh!
The article really got me thinking … I want to move to a better neighbourhood, take my children to better schools, travel all over the world e.t.c Yet with the calculations I have done, my salary prospects and that of Mr., all these things are a pipe dream and will need some sort of miracle like someone throwing a bag full of dollars over my fence, or money raining in my backyard. But with MSIs, it all seems possible now.
I am going through my old diaries and files dusting all the business plans I had when I was younger. I gotta get on the MSI train for me to able to accomplish my financial dreams.
According to my online search on the MSI concept, In essence, MSI does not advocate having lots of work to do at the same time, rather it emphasizes letting your money work for you. You just have to set it up, and once it is up and running, you can relax and enjoy while your money grows on its own.
Jeremy Enke says “the benefit of having multiple streams of income is that you can constantly change your focus and give more effort to the revenue streams that are performing best for you at the time. Nothing is better than receiving several payments each month from various business ventures. Undoubtedly many of an entrepreneurs new projects or experiments will fail or produce negative Returns On Investment. If your diversified and have these multiple sources of income however your business should be able to absorb the losses on the smaller projects.”
The way to go about it if you are employed is stay in your job whilst it provides you with a steady paycheck. But whilst you are gainfully employed and using your monthly savings to build up your investment assets, consider too how you can make use of your skills, talents and abilities outside of your working hours.
MSI is a powerful concept and can make significant impact on our lives if we apply it. It is not necessary whether we learn it from a wise and wealthy person. As long as you have appreciated its importance, begin practicing it now, at least from where I stand.