How to BUILD Multiple INCOME STREAMS
Kiss ‘Being Broke’ Goodbye!
Having multiple income streams is not just a strategy, it's the secret sauce of the wealthy.
But we ‘regular folk’ are stuck between a rock and a hard place — no time, money, or resources to spare. A second job often meant sacrificing family time and microwaved dinners while the TV became the de facto babysitter.
Enter the era of information technology, the Internet, and a host of other game-changers like AI. Suddenly, opportunities that were secret and reserved for the elite become accessible to us regular folk.
But wait, you cannot obtain financial freedom, build wealth, or simply save money if you don’t have money, right? All the money you earn is going to day-to-day living. That’s kind of the problem.
Well, that is what we’re going to talk about here. We're diving into the art of ‘never being broke again’ by building multiple income streams. We’re going to start from where you are and work our way to where you want to be — financial independence.
So, let’s get started!
WHY BUILD INCOME STREAMS?
I hope you don’t think that building multiple income streams means having several jobs and working yourself to death. Nope, not at all. Have you seen the wealthy working up a sweat? That’s because building multiple income streams is a wealth-building strategy. But, it isn't just about money, it’s also about creating a life on your terms.
Here's what building multiple streams of income brings to the table:
Financial Security
Diversification
Increased Earning Potential
Flexibility
Independence
Entrepreneurship
Wealth Opportunities
Essentially, four actionable steps will put you in the right mindset to easily lay out a winning income-generating plan.
ACTIONABLE STEPS
Define Success: What does success look like for you? Set clear goals.
Identify Essential Changes: What milestones do you need to hit to get where you want to be?
Detail Tasks: Break down each step into actionable tasks, including what you can do, need to learn, and what to outsource.
Resources Available: Weaponize what you have — your phone, laptop, automated tools — and build from there.
MULTIPLE INCOME STREAMS
Creating multiple income streams is not all about money. If you don’t balance your portfolio, you won’t make any money, or at least not as much as you hoped. You should focus on making smart money moves and taking opportunities that will best position you to achieve your overarching goal. So, choose income streams that balance your time, skills, interests, lifestyle, and other elements that are important to you.
Essentially, 4 categories of income streams will catapult you to success:
Passive Income Streams: Think "set it and forget it."
Side Hustle: Discover the vast possibilities and how to set up side hustles for yourself.
Earned or Freelance Income Streams: Turn your skills into an independent income source.
Start a Business: Find the perfect business for you! The day-to-day hustle is real, but so are the rewards.
SECRET: Income streams can be "time-intensive." It's essential to recognize that you can cultivate more passive income streams that consistently generate revenue than you can through freelance work. Why? Because freelance gigs are bound by the number of hours you can dedicate to them each day, imposing limitations on your earning potential. Conversely, with digital products, once created, they can continue to generate sales indefinitely.
Feel free to research each income stream category based on your interests. Engage in our onDEMAND workshops to gain easier and faster understanding and navigation. You'll have a wealth of tools and resources at your fingertips. With numerous options available, the choices are uniquely personal to each entrepreneur.
Here's what you'll need to conquer with each income stream:
List of Resources
Setup Guidelines
Moreover, building multiple income streams is about working smarter, not harder. In our onDEMAND Workshops, you'll discover the ideal balance between passive income, side hustles, earned income, and entrepreneurial ventures that resonate with your passion. By establishing multiple income sources, you not only safeguard your financial future but also attain the freedom to relish life's true pleasures with more time and autonomy.
Much success! Here's to an income-building journey that's both prosperous and fulfilling. Now, head over to our onDEMAND Workshops to ‘kiss being broke’ goodbye!
