Building a side business and having multiple streams of income is no longer a luxury. It’s a necessity for anyone who wants financial security and long term stability for their future.
Whether you work full-time, part-time, own a business or stay at home while your partner works outside the home, listen up! This applies to you.
- There is no such thing as job security
- We can all think of at least a few people in our inner circle that fell victim to layoffs, downsizing or shut-downs that devastated their families
- With the internet there is no barrier to entry for new small businesses. This is good news and bad news!
- Almost everyone has a skill set they can package and promote to start earning additional income and create multiple streams of income
- Even if you already have a business, it is imperative that you expand your services, offerings and client base to provide security and sustainability in your business regardless of changes in the economy, industries, etc.
Stagnation will not allow you to survive let alone thrive in this economy. Having multiple streams of income is necessary in order to continue to grow your business.
So here is your food for thought for the day:
How can you add an extra stream of income to your household in the next 30 days so that you have multiple streams of income supporting your future?
What expertise do you have that with a little bit of marketing and sales you could be charging a premium for and putting more money in the savings or vacation fund each month?
If you are already in business, are you earning what you are worth? Are you working with your ideal client? Is there a new product or service you know your customers are going elsewhere to get right now that you could be helping them with?
RELATED: Kelly’s 30 Day Challenge to Skyrocket Your Sales
It may not be a fun topic to think about, but the bottom line is that smart decisions now could be your saving grace in the future. Don’t think: “That will never be me.” Don’t wait until things go wrong and you are backed into a corner. Start taking small steps now to secure your future and ensure you get to enjoy the fruits of your labor for years to come.
Having multiple streams of income is one of the best ways to ensure this!
Simply email my team at [email protected] to learn about how you can get your 30 day jump start plan absolutely FREE!
For more business building strategies for your morning commute, listen to my podcast, Unstoppable Success Radio!
FAQs
According to a report from the IRS, the average millionaire has not one, not two, but seven different sources of income.
How can I get multiple streams of income with no money? ›
Six Places to Look for Multiple Streams of Income
- Consult with Clients. The easiest starting point for additional income is to share your expertise by offering consulting or coaching services, said Clark. ...
- Author a Book or Start a Blog. ...
- Start a Podcast. ...
- Speak Professionally. ...
- Host Live Events. ...
- Invest in Real Estate.
Passive income ideas:
- Create a course.
- Write an e-book.
- Rental income.
- Affiliate marketing.
- Flip retail products.
- Sell photography online.
- Buy crowdfunded real estate.
- Peer-to-peer lending.
Having multiple income streams allows you to flex up or down on certain streams depending on the economy or your audience. Working on multiple things means you are strengthening multiple skill sets and elevating your super strengths, which means you are constantly increasing your value!
What creates 90% of millionaires? ›
90% Of Millionaires Are Made In Real Estate - 100% Of Billionaires Are Made HERE. Getting into Private Equity.
What are the 3 things millionaires do not do? ›
Millionaires prioritize avoiding consumer debt, making wise financial decisions, and aligning spending with long-term goals.
How much money do I need to invest to make $3,000 a month? ›
If the average dividend yield of your portfolio is 4%, you'd need a substantial investment to generate $3,000 per month. To be precise, you'd need an investment of $900,000. This is calculated as follows: $3,000 X 12 months = $36,000 per year.
Who is the king of passive income? ›
Real estate is often lauded as the king of passive income.
What is the most profitable passive income? ›
25 Ways To Make Passive Income in 2024
- Buy a vending machine.
- License your music.
- Invest in index funds.
- AI-backed tools and apps.
- Dividend-paying stocks.
- Real estate investment trusts.
- Invest in a business.
- Annuities.
Aside from diversification, there are other ways to generate income - known as the "seven streams of income":
- Earned income.
- Profit income.
- Interest income.
- Dividend income.
- Rental income.
- Capital gains income.
- Royalty income.
Whether you want to make a financial investment or start a business, here are 11 ideas to consider for your passive income strategy:
- Make financial investments. ...
- Own a rental property. ...
- Start a print-on-demand shop. ...
- Self-publish. ...
- Sell worksheets. ...
- Sell templates. ...
- Create content. ...
- Create an online course.
The Bible also offers some pretty amazingly specific guidance on diversifying our income streams. Ecclesiastes 11:2 says, "Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth." In other words, don't put all your eggs in one basket.
Do millionaires have multiple streams of income? ›
The average millionaire has seven streams of income, which may sound surprising to many. However, it is their mindset that leads them to achieve this financial milestone. Having multiple sources of income can help one sail through the ups and downs of any industry, be it network marketing or real estate.
How do beginners start passive income? ›
Passive Income Ideas
- Open A High Yield Savings Account. ...
- Buy Dividend Stocks. ...
- Build A Digital Product Teaching Something You Already Know. ...
- Write A Book. ...
- Generate Sales For Someone Else's Book Or Product. ...
- Attract Ad Revenue Or Sponsors For A Site You Create And Manage. ...
- Partner On A rental Real Estate Deal.
Having 7 income streams usually mean that you have a mix of both active and passive sources of income.
Who said the average millionaire has 7 streams of income? ›
The idea in general was popularized by Robert Allen's book Multiple Streams of Income. Another possible source is Tom Corley, who did a five-year study on wealthy individuals and wrote a book called Rich Habits.
What income is considered millionaire? ›
A millionaire is someone who has a net worth of $1 million. That would be the difference between their assets and liabilities. For example, if someone had assets of $1.5 million and liabilities of $700,000, they would not be a millionaire ($1,500,000 - $700,000 = $800,000).
How many streams of income should one person have? ›
There's no one-size-fits-all answer to how many streams of income you should have. It depends on the lifestyle you want and the skills you have. But 65% of millionaires have at least three streams of income, and that's an achievable number for most people.
Building a side business and having multiple streams of income is no longer a luxury. It’s a necessity for anyone who wants financial security and long term stability for their future.