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My Journey to becoming a Nobel Woman – Day 51

March 10, 2010

Develop Multiple Streams of Income

Scripture to Memorize:

She makes linen garments and sells them,

and supplies the merchants with sashes.

She is clothed with strength and dignity;

she can laugh at the days to come.

Proverbs 31:24-25

Passage to Read: Proverbs 31:16-24 Today’s passages reminds us that the Proverbs 31 Woman could buy a field and then earn money from the fruit of the vineyard she planted in the field.  She also spun and wove fabric and sewed garments to sell.   She was a profitable business woman.

Guided Prayer:

If you’re like me, the Proverbs 31 Woman is very intimating, I’m pretty certain I can’t live up to her expectations, but I’m so thankful God doesn’t expect me to compare myself to her.  God’s Word gives us examples as an encouragement, not to make us feel bad about ourselves.

Ask God to show you today and in the coming days what He would have you do to become a smarter business woman.  Ask God to remind you that you have the mind of Christ and can do all things through Christ.  Ask God to show you the talents He has placed within you.  Ask for help to recognize the financial potential in each of your gifts so that you can use them to benefit your family and God’s kingdom.

Personal Observations:

In order to be a more efficient business woman, we need multiple streams of income.  (Robert Allen’s books Multiple Streams of Income and The One Minute Millionaire both address this issue.)  So, how do we go about developing multiple streams of income?  Donna suggests the following possible ways:

  • interest from savings
  • dividends from investments
  • rents from properties you own
  • profits from the sale of investment properties
  • profits from your own business
  • residual income from network marketing
  • passive income from the Internet (affiliate marketing and “infopreneuring”)
  • royalties from intellectual property you create (books, music, inventions, and so on).

To see true financial success, one must move from being an employee to an owner and investor.  You want your money to work for you, not for you to have to work for your money.  Residual income allows you to do just that.  How do you know if your business will generate residual income?  Here are the criteria for determining just that:

  1. Leverage:  Can I train others to work for me, so that I earn money while they are working?  With Mary Kay, I’m able to do that through the recruiting process.
  2. Control:  Do I have a protected system that belongs to me?
  3. Creativity:  Will the business allow me to be creative and develop my own personal style and talents?
  4. Expandability:  Can my business grow indefinitely?
  5. Predictability:  Is m income predictable if I do what is expected of me?   If I I’m successful, and continue to expand my business, will my income increase?

Practical Application:

Begin investigating options of developing mutiple streams of income.

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