Written by: Gina Redzanic, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
The idea of multiple sources of income refers to income dripping in from various unrelated sources. For example, an individual could have income from employment (salary), interest (investment), Public Speaking and so on.
One reason why having multiple sources of income is beneficial to you is the fact that it fast tracks the wealth creation process. All things being equal, if you have three sources of income, you can accumulate wealth faster than if you had one.
Another reason is that multiple sources of income ensure income security and minimizes financial vulnerability. In the wake of the coronavirus pandemic, many people have lost their jobs.
If they had just a job as the only source of income, you can imagine what will happen to them financially. They will have to resort to their savings.
And if they do not have savings, as many people do not, they have to rely on government support, which barely exist, especially for developing countries.
I hope you would not want to experience this level of vulnerability. Of course, no one should go through this! But you can only avoid this experience when you prepare for it.
More and more business savvy individuals are looking for ways to leverage their income and diversify their financial potential. Because I have built a 7 Figure business with network marketing with no prior experience in the industry, I can firsthand give my stamp of approval that—“this business model works.” One of the biggest advantages of the network marketing business is that you own it like an entrepreneur. And most goal-oriented entrepreneurs have great work ethic, a desire for more, and understand that it takes time to create residual income. The business model is a low risk, low investment business thus the return on investment is strong.
While a job will guarantee a fixed pay, you can increase your take-home salary by increasing your efforts by adding a network marketing business to your portfolio.
For all those looking forward to stepping in the direct selling business, my suggestion is to master the direct selling industry first. Understand the market, needs of the people, buying trends of the audience, marketing strategies and then move to the next step which is choosing the right company.
Undoubtedly, the future of network marketing is bright because it can be both an active and passive source of income. You can create a lucrative income per year while working only a few hours per day. The more effort you put, the better the results. It may sound surprising but as you progress in the industry, you enjoy the perks of high-ranking professionals like trips, hotel stays, bonus, etc.
Experts declare that with the world becoming increasingly connected the network marketing business will rise to its golden era. Network Marketing companies typically provide you the opportunity for personal development through training. This empowers you to learn, grow and develop yourself.
If you are thinking of creating an additional source of income, either part-time or full-time, Network Marketing is one of the best options. To understand how the Network marketing business model works, be sure to dive deep into the company’s compensation plan, history, ownership and leadership development. If you are would like to learn more about my company and leadership, you can schedule a discovery call with me here- https://www.ginaredzanic.com/join-my-team
Gina Redzanic, Executive Contributor Brainz Magazine
Gina Redzanic is a self-made network marketing millionaire, Success Coach, and John Maxwell Certified Speaker and Trainer specializing in Leadership Development. As a busy mom of 2 daughters, Gina balances motherhood and her career through many of the habits and practices she teaches her clients and team. Gina has been featured on Yahoo! Finance, named Top 10 Leadership Coaches in Influencive, and is a contributing author in the best-selling network marketing book series, Momentum Makers. Gina is God-driven and Goal-driven and uses personal development techniques to help others break down their business blocks, take control of their future, and reach success without the presence of "burnout."
