We all would love to be retired and spending time with our loved ones. However, we have to build this life; life doesn’t create it for us. “Creating Income Streams” by Shaunta Grimes gives us many different income stream ideas that we can pursue.
I love that this book because it is short. It gets to the point and keeps the action moving. We all want to know how to make money performing different activities. Diversity is key to creating multiple income streams.
The best part of creating multiple income streams is you can control your time, income, and workload. You can work full-time while working some of these income streams. With that, let’s get into my five takeaways.
1) The first step to maximizing income streams is analyzing your current situation. What income streams do you have now, and what income streams do you know you have the capability to utilize? We should all know a few ways to make money that we are not currently using. Can we employ those?
2) Where do you see yourself in five years? This question is essential because your streams of income will be vital to reaching your dream future. If you want to be retired in five years, you may take on more significant income streams.
3) The six core types of income streams are Teach, Serve, Fill a Need, Gigs, Sell, and Create. Understanding which one you are best at can be precious. Also, you can diversify into other types of income streams as well.
4) After you decide what avenue you want to approach, you must validate your idea. You can do this by doing small test runs of selling, advertising, talking, coaching, offering free services, testing, etc. Starting a business is about solving the needs of others, not doing what you want to do.
5) The most important thing is actually doing the work. You have to try new things, adjust, accept feedback, learn, teach, etc. The more you make your products or services align with the needs of your audience, the more profit you will make. Don’t be stuck to your idea.
Building income streams is a process. It takes time, but in my own experience, it is entirely worth the work. I am creating an income stream by blogging and self-publishing books on Amazon. Creating these income streams has been a spectacular affair.
I have learned so much about design, writing, advertising, customer satisfaction, etc. I have become a better human by putting myself out there and creating an income stream from nothing. I think everyone should do this.
The book has many worksheets that can help you map out your ideas and hone in on what makes you great. Everyone is excellent in their way; you just need to learn how to extract greatness. Once you do that, you can leverage this greatness to make additional income. I highly recommend this book for anyone trying to start new streams of income.
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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.
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