Living Out Your Dreams Past Edition Internet Newsletter of The Center for Balanced Living Living Out Your Dreams - May 2003 The Most Important Things to Consider When Creating Multiple Streams of Income       Living Out Your Dreams The Internet Newsletter of the Center for Balanced Living     In this issue of Living Out Your Dreams, I am pleased share a new article on Creating Multiple Streams of Income and am excited to announce the availability of my new ebook, Is Your Ladder Leaning Against the Wrong Wall? at a special introductory rate. Wishing you the best in living out your dreams. Warmly, Stacey     The Most Important Things to Consider when Creating Multiple Streams of Income by Stacey Mayo There is a lot of talk about multiple streams of income these days. And for good reason. Having multiple streams makes you less dependent on any one stream for your cash flow. And when you are not dependent or attached to any one source for your money, you are that much closer to financial independence. Multiple streams of income can be viewed many different ways. For instance, there is a difference between active streams of income and passive streams of income. Active streams of income are streams that are dependent on your action day in and out to keep the income coming in. Working for someone else and receiving a paycheck is an active stream of income as is coaching a client. I have to be present every time that activity occurs. But creating an informational product such as an audiotape, book or report that you sell on the Internet or through a catalog is a passive stream of income. It requires a lot of work upfront, but once it is done, the income continues to flow in over time. The same is true for rental income or the sales margin on real estate, interest or dividends from investments, commissions from the sale of a product you (or someone else) created once, etc. To determine what kind of streams of income are right for you, start by asking yourself a couple of questions: What do you want to achieve by having multiple streams of income? (For example, my goal is to have passive income that exceeds my monthly expenses.) To achieve that goal, do you need to create active streams of income or passive streams or some combination of the two? Once you know what kind of streams you want to create, the next thing to consider is the same thing I would ask you to consider when looking at career: What do you love to do? What are you knowledgeable about or interested in learning more about? What do you want to provide in the world? What are you passionate about? What excites you when you think about it? What strengths or skills do you bring? It is important to choose something that lights you up. If you are in it just to make money, the fire is not likely to sustain you. Look at what excites you and then brainstorm streams of revenue that are consistent with your interests and talents. You may want to get your coach to help you clarify this. The last thing I want to mention today and this is probably the biggest mistake people make with respect to multiple streams of income is that you will be most successful if you focus on one at a time. This is especially true if the streams are very different. For example it is different to create two lines of jewelry as opposed to one line of jewelry and a real estate investment. Get one type of stream up and running and a system in place to keep it flowing consistently before plunging into the next one. This is important because when we have lots of things going at one time, especially new things, we lose focus and scatter our energy and as Loral Langemeir says loss of focus is a ‘distraction to cash’. It creates the opposite effect of what we are intending. Coaching question: What step will you take today to learn how to become more financially independent?     Is Your Ladder Leaning Against the Wrong Wall? Unlock Your Purpose and Mission in Life I am excited to announce the availability of my new ebook, “Is You Ladder Leaning Against the Wrong Wall? This workshop in a book is based on the workshop I taught for many years at Emory, Kennesaw and Oglethorpe University(s) call Unlocking Your Purpose and Mission in Life. It provides the same wonderful value, information and exercises taught in that popular class, but now you can read it and do the exercises in the privacy of your own home. For a limited time, I am offering this complete workshop in an ebook at a 25% savings! I wanted to let you, the subscribers to this newsletter, know about this special introductory offer before announcing it to the public. To find out more about what's included and see excerpts from the book, click on the link and Read about the Ebook Stacey Mayo is a Master Certified Coach who partners with individuals and companies to live out their dreams with ease and abundance. To schedule a free consultation to find out if coaching is right for you, contact her at coach@balancedliving.com or call 770.643.0886. Visit the website for the The Center for Balanced Living     To subscribe to this list, please send an e-mail message to: LivingOutYourDreams-On@zines.webvalence.com To unsubscribe, send an e-mail to: LivingOutYourDreams-Off@zines.webvalence.com   Return to Living Out Your Dreams Past Editions