I recently spoke at a seminar on “How to Attract Multiple Streams of Income” and during the Q&A session, an audience member asked, “Dayo, how can I attract multiple streams of income when I can barely take care of my bills and expenses? relatives “? I replied, “You can use your skill, hobby, interest or talent.”
I know most of you are wondering what I’m talking about, but please indulge me for a few minutes. Multiple Streams of Income (also known as MSI) is a concept that has been adopted by almost all very wealthy people. It is exactly what it says; they are “multi-stream income”. MSI is not another job nor is it a better job or a job. Multiple streams of income is another source (s) of income in addition to your primary source of income. MSI is a way to add a new dimension of excitement and fun to your daily life, while getting rich.
For example, my main source of income is IT training, while my MSI speaks, writes, and advises. When I write a book and it is resold over and over again in various countries, I have created the perfect MSI. I do the job once, but get paid over and over again. Also when developing a presentation, I can present it over and over again. This allows me more time and space to create more income-generating projects.
Let me share with you what kinds of things interest me personally when it comes to MSIs, in case you want to create your own interest list. The point here is that I start from my own life and my own interests. This is what I suggest you do. I am very interested in MSI in the following areas: information technology, sale of information products and services, Internet, publishing, public speaking and coaching, organizing events, managing artists and music promotions.
What are the benefits of MSI? Money enters your pocket in many ways; it does not depend on a single source of income and therefore avoids risk. You are practicing the art of diversification by not putting all your eggs in one basket and you are taking advantage of your time. You can create some products, programs or services only once and then market them over and over again. The main reduction is that if you are not careful you will tend to lose focus.
Here are the top four general sources of income for most millionaires today: real estate: rental income, home equity, sales income; Financial markets: stocks, bonds, IRAs, CDs, money market accounts, generally any interest income; business – brick and mortar or internet based and finally general employment – exchanging labor for a paycheck.
According to one of my professors, Bob Proctor, “There are three earning strategies. The first is trading time for money, which is by far the worst of the three earning strategies. About 96% of our population employs it, including doctors, lawyers, accountants, laborers, etc. There is an inherent problem with this strategy: saturation. Time is running out. If a person accumulates any degree of wealth using this strategy, it will be at the expense of a lifetime the car they drive, the house they live in, the clothes they choose and the vacations they take. They rarely get what they want. The second is to invest money to make money: this strategy is used by about 3% of the population The number is small for the obvious reason: very few people have money to invest. Many of the people who employ this strategy effectively follow the advice of a trusted and knowledgeable advisor. And finally, take advantage of the Make Money – This is where you multiply your time through the efforts of others by setting up Multiple Streams of Income (MSI). This is, without a doubt, the best way to increase your income. “
Make the decision to have many sources of income; It is the strategy that the rich have used, and it clearly dates back to the ancient Babylonians. Unfortunately, this strategy is only used by about 1% of our population, yet that 1% earn about 96% of all the money that is made! According to Lao Tze “Find something you like and you will not work for the rest of your life”
Your MSI should be as follows: be low risk, have little engagement time, require little administration, require only little personal energy, require little capitalization, need high thinking, provide high service, reward with high personal satisfaction, and should be unique. You can turn your interest, hobby, passion, talent, or skill into an income stream if you don’t have the money to invest in real estate, financial markets, or businesses.
Here are possible MSIs to help you decide: give speeches, publish a book, provide marketing materials, review, start an achievers association, host an awards ceremony, start a networking event, create a website, export, tell people how to dress (fashion design), organize a retreat and get the rights to a product.
Make a list of your interests, skills, hobbies, and anything else that interests you in a role. My question to you is, can you turn any of them into another source of income? Which of them can you act on NOW? Take Action – There are endless possibilities for MSI. Do not procrastinate. According to Robin Seiger in his book “42 Days to Wealth, Health and Happiness,” he said that “they put things off. Tomorrow, next week, next month, next year and it never comes. Many people will They wake up one day and find they are older. And their youthful dreams are gone forever. ” Here’s my final question: would you like to have one stream of income or multiple streams of income?
Start your journey to financial success today and do it the MSI way. From our fingerprints to our thought patterns, each of us is a unique creature. Human beings are amazing people, you can turn a penny into fortune, you can’t turn anything into something. You are endowed with the seeds of greatness.