Why do most people, despite their skill or talent - or even how hard they work - still end up with JUST enough money to make it through the end of the month?
Here’s the deal:
They trade their time for money.
You could work longer hours to earn more - yet you still run out of time at the end of the day. The precious time that could be spent with your grandkids, taking care of yourself - or going on that trip to Italy.
Now, here’s the truth about wealthy people…
Most own a company or business.
And not just any business - that business has MULTIPLE revenue streams that feed the bottom line. It could be through offering products, hiring one of your team members, an online membership program, etc.
Now if you still have a 9-5 job, and you’d like to enjoy great wealth, consider starting a side business. It could be affiliate marketing, coaching, e-commerce...anything! The easiest, fastest and most effective way is by doing something that is closely related to what you’re already doing or something you’re really good at.
By having money coming in from multiple sources, entrepreneurs and business owners can make sure the money never stops rolling in.
I was taught how to create Multiple Sources of Income by my mentor, Bob Proctor, and I have had multiple sources of income ever since, and have taught thousands of others to do the same.
Here are 5 (simple) steps YOU can take to create MSIs:
1. Start by brainstorming. Take out a piece of paper and write what you do, your main product or your primary service or product in the middle and draw a circle around it. For example, if you’re a functional medicine doctor, write functional medicine doctor in the middle of the page and circle it.
2. Let your imagination run wild. Relax and think of all the products (e.g., supplements, educational content) and services (e.g.,workshops) you can create that relate to your existing business. Draw several lines from the center circle on your paper so it looks like the rays of the sun. Each time you think of a new product or service, write it down at the end of one of the lines and circle it.
3. Identify passive income sources. Make a list of passive income sources that are on your map. A source of passive income is something that you create once and then it continues to generate income with little or no input from you. For example, writing a book is a passive income source. You write it (and market it) once and sell it over and over. Other forms of passive income include courses, audio or video programs, affiliate marketing, licensing your ideas, franchising, and continuity programs (i.e., memberships).
4. Identify where you can get the most value for profit and your time. Look for ideas that allow you to reach many people at once, such as teaching classes, leading workshops, speaking in public, or creating videos.
5. Choose just ONE! I know this can be hard, and although you may identify several potential additional income sources during this process, pick just one to start with, and finish it until it’s done!
Here are more ideas on how to create other income streams:
1. Investing in index funds or stocks
2. Write an e-book
3. Teaching a course on Udemy or Skillshare
4. Sell your own products on places like Amazon, Etsy, etc.
5. Rent out unused space with Airbnb.
6. Build an app
7. Invest in real estate
8. Put your photography to work on stock photo sites
9. Put your music recording for purchase
10. Start a blog or Youtube channel
Remember that creating additional income sources won’t happen overnight. Be sure that you give each of your potential income sources the time and effort needed to get them running...It could take one month - or it could take a year! Are you committed?
How would your life change if you had multiple sources of income?
