It is often said that you can only be financially free when your passive income exceeds your expenses. For most people, single incomes are barely meeting their expenses. Most of us end up struggling to satisfy the basic human necessities. You might be thinking of diversifying your income; however, you end up asking yourself, how? Most people have multiple incomes but don’t know it yet. One should maximize the potential in each category of income to increase your revenue stream. We meet up with Max Andrew Smith, a renowned social media business guru, who shares the advantages of having various revenue streams.
Max Andrew Smith grew up in a modest working family in Brighton. Max sold shoes and clothes during his high school years, which made him some good cash. While on campus, Max tried branching out into the jewelry and phone case business, but that did not go as planned. Having experienced his fair share of problems, Max decided to venture into the social media business. “Thanks to my social media business — mostly Instagram, Facebook, Twitter, and Snapchat pages — I was able to rake in six-figure income for the past year,” says Max. Max Andrew shares with us the main advantages he gets from his various income streams.
“Multiple revenue incomes help you make more money, hence being able to handle your expenses with ease,” says the social media guru. Max believes not having enough cash to handle your expenses should not be the case for anyone. After all, no one wants to have an average life.
“What happens when you wake up to being told that you have been fired? I don’t think you can handle it if you entirely depend on one job,” says Max. Max Andrew Smith insists that multiple income streams help you with financial protection in case of job loss and believes that one should not be devastated when the time comes to leave his primary source of income.
Finally, Max believes making more cash can help you realize early retirement plans after making some good cash. This doesn’t necessarily mean you won’t be working. However, he believes the workload can be reduced significantly if you control your business and relax, enabling you to have your plans.
You should now realize that the more revenue sources you have, the more you increase your chances of being a millionaire. Remember that an average millionaire has seven revenue streams.