Many of the richest people I know are not rich from just one simple business or venture. In fact very few are. Also before I get to much further into this, I think we should look at the definition of rich versus wealthy. In my opinion, these are two totally different things.

Being Rich - A rich person is someone who at the current time has several possessions and a solid income. There are millions of people that are rich, yet in the course of 1 year or even a few weeks, the rich person can literally become poor. Take for example a high limit online poker player or even a day trader. It’s very easy to be rich one day and poor the next.

Being Wealthy - This is where it’s at. A wealthy individual may or may not have tons of flashy possessions. Perhaps they do not even have massive income anymore. What all wealthy people have however is long term financial stability. Having the wealthy mindset is very different than that of a rich one. A common trait I have seen in almost every wealthy person I know is that they all have or at one time had multiple streams of income.

Having multiple streams of income is how business people go from simply being rich to building wealth and security. As affiliates in the online gaming industry, having multiple streams of income is especially important. If I had not built several income sources over the past few years, I would have been what I like to call “Fuct” after the UIGEA. Having multiple sources of income is just another way to be diversified in your affiliate business.

So when is the time to start building your multiple streams of income?  How about RIGHT NOW!

When thinking about this as well, you should also think of creating revenue streams that have absolutely nothing to do with online gaming or affiliate programs. The key however is to create revenue streams that you can leverage your existing skills in. One example of how I created an alternative revenue source besides affiliate marketing was when I was actively selling real estate. In fact this site was my real estate website. Because I was moderately savvy at SEO I was able to generate almost 100% of my leads from the website. I would get new clients from people searching various keywords that were pertinent to my area.

And then to make it even easier for myself I would usually just refer the leads on to another agent and keep the refferal commission. I barely did any work, but I was able to generate a fair amount of income in a different industry just using the tools and skills I learned as an affiliate. Furthermore every “baller” millionaire I have ever met or read about usually has some sort of real estate interest.

Another 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 ROI. If your diversified and have these multiple sources of income however your business should be able to absorb the losses on the smaller projects.

As an affiliate marketer, the easiest way to create multiple streams of income is to utilize your existing skills and promote within several online industries. Especially if you have had success in the online gaming market, many of the other industries will be very easy for you. Being a poker affiliate, it easy to just dig your heels into gaming and nothing else. This is because the commissions we make are so much bigger than almost any other industry. And in fact just being a poker affiliate can make you very rich. However unless your one of the top 10 poker affiliates in the world, you will probably need to have other sources of income to build enormous wealth.

Having multiple streams of income is even more important if you are or are thinking of doing internet marketing as a fulltime profession. One small change in a google algorithm could cost an affiliate marketer thousands of dollars. The last thing you want to happen is something like the UIGIEA or a drop in search engine rankings, and be left wondering how you are going to pay your bills.

Those are my words of wisdom for Monday, make it a great week!

Here is a good article by Justin Goff about having the right mindset to become wealthy.

This entry was posted on Monday, September 10th, 2007 at 10:04 am and is filed under Affiliate Business. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.