Having multiple streams of income means that a person is receiving income from several residual or passive income streams at once. Residual or passive income is income that a person earns without directly putting in work. This could be by opening an e-business to make money online, or it could be from property that they own and collect rent payments on.
While they may have to put in some up-front work, they do not need to put in direct work in order to make an income. In other words, they could go on vacation and that rental property or online products can continue to make money for them.
Most people who have passive income streams have found that once they have one income source up and running, it is easier for them to create multiple income sources. These are often referred to as multiple streams of income.
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