Are you relying on one income source?
ByIn a three-year period, I bought millions of dollars in residential real estate. I still believe that real estate is one of the best vehicles to create wealth, and that everyone should invest in real estate whether it’s your main income or you’re just buying a couple of houses a year to add to your retirement portfolio.
But some things happened in my real estate business that caused my monthly cash flow to go down significantly. I will follow up in the future about some of the lessons learned during this time specifically regarding real estate, but the point right now is…
The income from the residential real estate business was all I had at the time – income that I had come to rely on as a sole source.
God used the situation to teach me more than ever the importance of multiple streams of income. I had always believed in it, but thought I didn’t have to concern myself with it, since real estate was MY business, and I would NEVER need anything else, right?
Even if you have a steady job, I recommend that you have your own business of some kind on the side instead of relying on that one income source for obvious reasons. Don’t have fear of losing your job, but be wise and prepare in case things don’t go as planned.
If you are diverse in your businesses, investments, and real estate, then you won’t be affected as greatly as markets change in various areas. If there is a bump in the road with one of your markets (or the loss of a job), you have the others that continue to flow. In the current economy, this is not just a good idea, but could be essential for the future.
This situation in my life is what birthed the Multiple Streams of Income for the Christian Entrepreneur 7-CD Audio Program. If you haven’t picked up a copy, you can click here to learn more about the program and the whole idea of multiple streams.
Now I have three main streams of income that I am currently building with some others in the works. I want real estate (commercial and residential) to be just one of many sources for me. This time, I hope I’m building wealth much smarter and wiser.
Thank you for listening!
Mark
2 Comments
March 3rd, 2009 at 11:24 am
Amen.
March 3rd, 2009 at 7:10 pm
Greetings Bro. Mark: I have enjoyed your messages for years now, as I have had the honor to have met you and your partner some years ago at Living Water Community Church in Bolingbrook, Illinois. Since then I can see that you have come forward to be honest about what has happened to you! However I’m wondering what happened to your partner/friend who had a great testimony about how you ministered to him when he was down and out in life, and God gave you both this great concept, that you have allowed the Lord to tweak, and bring the whole matter into perspective and balance. I am in the process of trusting God for more income streams, and or a full time teaching job at a University or College. My wife and I are empty nesters, and are looking to move to Nashville, Ten. We have a music & marriage ministry to families and couples, that’s my only desire and focus, even while I do many things to bring in income. I know when I met your guys that real estate activities were how you were developing wealth. My question to you and other brothers and sisters is, if we pursue God’s will and calling, when will we have the time to devote to anything else, except that? And, shouldn’t that bring us wealth and security! Just a thought, as we are all wanting to give God our all in everything we do for his kingdom, while here on earth.
Peace & Blessings!
Bro. Joe Wright aka “The Artist: Joe Jr. & Friends”
http://www.blapoprecords.com