This feature will outline the main six most well-known streams of income and the advantages and disadvantages of each. The main six that will be discussed are employment, business, investment, marriage, crime, and gambling. This article will as well reveal the hidden seventh, which has come to be classified as network marketing (also known as network distribution). I would like to shed some light on each pathway as well as what makes network marketing different enough from the others that makes it a completely different pathway altogether. As an entrepreneur, one must gain enough knowledge about each possible option to create wealth in order to remain diversified. Let us take a look at each in a little more depth.
Employment is by far the most popular pathway that most individuals take. We are groomed from the time we enter academic education, to start off as employees to work in a job for a company. We are raised to learn a specialized field and get a job in that said field. Obviously a large percentage of the population choose this option for several reasons. It is obviously one of the safest options you can take. Simple study hard at something, then find somebody who will employ you for it. It is generally a low-risk pathway and is viewed as one of the most stable career choices according to popular belief. However, the income potential of employment is generally capped or has a ceiling as the wage or salary you earn is only as much as what you are entitled to. You do not make any more money unless you work more or you get promoted. Still, it is one of the simplest forms of income and one of the best places to start your journey as depending on the company you work for, you can gain much experience and perks as well.
Starting a business is probably the next most well-known options as an income stream. It is generally one of the more risky ventures compared to employment as you usually need a sizable amount of capital or funding to get started as well as a considerable amount of well-documented research in order to begin. And even as you start, there is still the risk of the business failing depending on the state of the micro and macro environments that will affect your venture as well. However if your business is successful, there is no limit to how much you can earn and you can reinvest your gains for some more leverage and build an even bigger organization. You are the boss and you are in control of what to do with your business. A very daunting venture for many, but those with the courage and passion for their particular field as well as some well-planned and well-documented research, tools and marketing can succeed very well in this pathway.
Next we will talk about investments. Simply put, it is the concept of 'you have to spend money to make money'. You put whatever funds you have into an asset and then watch your income grow. This is generally popular with those who have a lot of spare cash lying around or those who want to think more long-term. Some of the most popular forms of investments are real estate, shares, foreign exchange, gold and silver, among other forms of trading and many more. The downside to this is that you will usually require a considerable amount of cash (although there may be some exceptions) in order to make decent income from investing, with the notion that the more you put in, the more you will get back. Another downside is that the risk factor is almost as high as starting a business, if not sometimes even riskier. That is because you generally cannot control investments as much as you can with a business (again there are some exceptions to this).
As controversial as this may seem, some can also view marriage as another form of income. Simply put, just marry a rich spouse and there you go. Unless you are manipulative or extremely good-looking, there is not much control you have in this venture as opposed to the others. But its brilliance lies in its simplicity. As devious as it seems, marrying someone for the money has obviously been done by many in the past. I am not here to stand judgemental of this notion; you may form your own opinion about this. This is definitely one of the other ways to get rich.
This next one is more controversial than the previous one and is not recommended. Crime is obviously seen by some as another way to create wealth (most probably in the short term). I do not condone this pathway at all nor am I going to any lengths to promote this venture at all for obvious reasons. There really is nothing much else to explain about this. I merely added this to fill in the list. It is there.
And now we will look at gambling as an income stream. The notion of high-risk, high-return definitely rings true in this venture. You are pretty much leaving your financial destiny all up to chance. Although it is not something I would recommend, there are a lot of people out there who have gotten lucky and strike the gold through gambling. But that's all it is - luck. Are you really going to leave your future in a game of chance? Either way, your view is up to you. There are some out there that went from rags-to-riches by playing the lottery. Again, it is nothing but a game of chance. You decide - rest your future in the hands of luck or take control of your own destiny?
Finally, let us talk about another income stream. Some consider it a business although not really a true business. Here we will explore Network Marketing (or in other terms, Network Distribution). The concept is, you join a company as a distributor of a range of products or services and market directly to your personal network and take referral-based commissions from each sale. It is a form of direct sales, network marketing is basically a business model in which you simply build a referral network and market products and services from a company (or your own) in order to create a stream of income. One of the most well-known forms of this is Multi-level marketing or MLM. This is a form of marketing in which your income increases upon multiple levels of referral. Meaning, if you grow an organization full of referrals, and then sponsor them as 'downlines' to refer to others and build their own organization - your income will grow.
Many often get confused with MLM as a pyramid scam and rightfully so. It is usually often the way compensation plans are drawn as well as the notion of the person above always makes more money than the people at the bottom. This is indeed however, a false misconception as a pyramid scheme has no product and must continue to keep 'recruiting' in order to stay active. MLM however, is a legitimate exchange of goods and services as well as the fact that any person can earn potentially unlimited amount of revenue no matter where they are in the downline.
There is another misconception that MLM belongs in the 'Business' category. Although it is definitely an unorthodox business model, it is not actually viewed as a real business. Unless you own the company, own the products, own your downline, then you are not liable for any of them. You do not own the company and it isn't really your own business. You are a distributor and your business is making referrals and sponsoring others to do the same.
Network marketing does have several advantages which I will outline rather briefly. It features low risk, unlimited cash flow potential and leverage, mentoring and training at a low cost all in a simple business model. It is definitely an income stream that has the potential to far overshadow all the others. It has the advantages of all of the others put into one.
However, network marketing is not without its shortcomings. Its greatest weakness lies within its greatest strength. Without a sizable network or the ability to build a network, as well as lack of actually marketing training and techniques, then you have little to no chance in network marketing. In fact, the industry itself has a 97% failure rate, in which most people in the downlines do not get the proper marketing training they need in order to be successful in this venture.
In order to address these shortcomings, a well-crafted and proven system must be followed that can be easily be transferrable and duplicated by anyone you introduce into your downline organization. Without the right training system and the right mentor to guide you through the many challenges of such a misunderstood industry, then you may as well try something else. The people who succeed in network marketing are those who employ the latest cutting edge marketing tactics and have the skills and experience to help you duplicate their success.
In summary, each of these forms of income has their own variety of challenges as well as perks. Take the time to explore and understand which is best suited to you and shape your own future. Other than crime, these are potentially great options for you to determine a promising financial future. And best of all, network marketing has withstood the test of time as one of the simplest, rags-to-riches means of attracting the life you desire.
