Diversify Your Income Stream
To protect yourself from the unavoidable swings in every industry or business it’s critically important for you to diversify the sources that produce income for you and your family. These income streams can be active, passive, linear or leveraged. Linear income is what most people do at work. They’re trading time for money. It’s the same with many small businesses. Think of your dentist’s office. If the Dentist isn’t activity working on someones teeth there is no income being generated.
Almost all wealthy people use this secret to create, build and stay wealthy, but most people don’t know how to go about it. It’s simpler than you may think and there are definitely strategies you can employ that will magnify the return on effort it takes to become financially free. It’s not complicated. It doesn’t require specialized knowledge and contrary to what you may believe, it doesn’t require much of an investment to begin building wealth.
Getting rich is the result of doing certain things in a certain way. It’s not magical or mystical. It’s not even complicated, but it does require following a roadmap, and putting in a couple of hours a day following a simple step by step process. There’s no such thing as a get rich quick system that works. There is no free lunch, but if you’re able to invest some time, stick with it and follow a strategy it can work for you. The good news is you can start building a passive, leveraged, residual monthly income almost immediately and you can make it grow consistently by following a few simple principles.
Avoid the #1 Mistake Most People Make
You are not your job title. We’re all programed wrong about what we think we do for a living.
If I ask you what you do, how do you answer? Most of us say things like, I’m a teacher, broker, realtor, engineer, nurse, lawyer, insurance agent or we respond with the company we’re with like, I’m a rep for XYZ Company. We’re advertising our job title or our company, but we’re not highlighting our strengths, contributions or the value we are adding to others.
Reprogram your mind to respond differently. “I’m a coach helping others create financial freedom and security by generating multiple streams of income”. That describes the value I’m adding, not the companies I’m affiliated with. How would you describe how you are improving others lives, your community or the world without putting a title on it?
Change How You Think About Money
We’re all programed by our preconceptions. How we think, react and respond to others is established while we’re still young. Chances are you learned most of your beliefs about money from your folks. Mom always said “money doesn’t grow on trees”. She definitely knew how to make the eagle scream. Do you know where that saying comes from? It was merchants selling provisions to miners. They bit the coins. It their teeth didn’t sink into the eagle stamped on the coin they knew it was a counterfeit. Gold’s soft.
Dad use to say “If wishes were horses, beggars would ride”. He meant you had to work hard for everything. I grew up thinking money was tough to come by and life’s a struggle where you have to work hard for everything you get. It wasn’t until I read Think and Grow Rich by Napoleon Hill, The Science of Getting Rich by Bob Proctor, and The Millionaire Mind by T. Harv Eckert that I realized I could reprogram my mind about money, wealth and how to get it.
The Big Three
No, I’m not recommending larceny as a career choice however Willie Sutton, the infamous criminal of the early 20th century gave a clear explanation of his chosen vocation. When captured and queried why he robbed banks he responded memorably, “because, that’s where the money is”.
In a popular movie of my youth, The Graduate, with Dustin Hoffman an elderly plutocrat advised our protagonist to create his future with one word…”Plastics”. At the time a booming industry.
Bill Gates was definitely in the right place at the right time when he introduced the world to Windows, his ubiquitous personal computer operating system. The result made him one of the richest people alive.
There’s no question that timing is everything Most billionaires have become so through good fortune, recognizing an opportunity, networking and being in the right place at the right time.
Currently the lions share of all money spent on the internet is in – Health – Wealth & Relationships.
If you plan on launching an online entrepreneurial venture today it makes good sense to follow Willie Sutton’s advice.
What you can expect from me is specific coaching regarding succeeding online in one, two or all of The Big Three.
The Power of Networking
Did you notice that in the preceeding section an exercise most billionaires attribute their success to is networking. One way of understanding it is by thinking about leverage. The simple definition: influence or power used to achieve a desired result : the increase in force gained by using a lever.
There are only two ways to make money. People at work and money at work. Both can employ the magnifying effect of leverage. Money can be leveraged through what Albert Einstein called the eighth wonder of the world, compound interest. People’s efforts can be compounded through the use of multi-tiered or leveraged commission structures that are used by affiliate marketing companies. By giving others the same or greater profit potential that you have, you are able to leverage their efforts by receiving a small return on their work. By establishing and cultivating an ever expanding circle of people doing the same things you are doing you are able to produce multiple streams of income from a number of sources in several different industries. Diversification is the key to security.
One last note: Please do me a large favor and let me know if you found this relevant, helpful, or just not. Thanks