Creating multiple streams of income is the most crucial part of getting ahead financially in life. The average millionaire has seven streams of income. Most of us have one stream of revenue, our job.
We need to get away from the reliance on our jobs as our only source of income. Our jobs make our brains slow and lazy. Even though our brains are thinking all day at work, we are not creating and being as efficient as we can be. We rely on someone else to make decisions for us, which isn’t good for our brains. I recently read a book that is all about brain management, among other things. It is called “Limitless,” and it will change your life.
Now that you have read that book let’s start exercising our brains and building income streams. Most people do not know where to start when it comes to making money outside of W-2 employment. That is what this article is going to do for you, give you a start.
Pick A Content Niche: Wealth, Health, or Relationships
Today, we will review income from the highest level so that you can decide what types of income best suit your current lifestyle. Too often, we hear about a passive income opportunity, and it doesn’t fit into our lifestyle.
So let’s take a look at the income streams from a 30,000-foot perspective and see which ones best apply to you. I learned about these types of income from the book “Creating Income Streams.” I had never thought that income fit so neatly into categories until I read this book. I highly recommend this book, and it is a shorter book as well. The six types of income streams are; teach, serve, fill a need, gigs, sell, and create.
Teach. If you have served on your current job for a while, then chances are you can teach. Too often, people feel like they have to become teachers to train someone else—this is a limiting belief. All you need to do when teaching is have more information or experience than someone else.
Today, it is even easier to teach by starting a blog, YouTube channel, or building an online course. Starting these can lead to great passive income opportunities. I believe, for the most part, if you are over the age of 30, you have something to teach someone else. You will have to overcome your limiting beliefs, but you can do that with willpower.
Serve. Serving is unique because it is almost an invisible income stream. You can seamlessly integrate into someone else’s life without selling a product or service. Think about a personal trainer. You quietly advertise and help people achieve their goals.
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In my case, as a 22+ year military person, I could help young people prepare mentally and physically for the military. Serving also includes things like daycare, yard work, and taking care of other people’s pets. It is not glamorous by any means, but it is indispensable.
Fill a need. The book says to find a needed gig; you will need to focus on the people around you. What are they struggling with or consistently need help to complete?
To bring my wife to America in 2006, I had to do the immigration paperwork. For me, it was simple but time-consuming and expensive. But I never had any issues understanding the context of what was needed. In 2009, my friend was completing the paperwork, and his paperwork was all jacked up. I helped him with the paperwork.
Success is a Habit: What is your Daily Routine?
This is the essence of filling a need. People buy IKEA furniture all the time and don’t know how to set it up. How about helping people clean up their computers? I think most people should move to Chromebooks, so maybe you start a Chrome transition assistance business. There are lots of needs that people want to complete but don’t have someone there to assist. This could be you.
Gigs. I guess gigs are the new economy. I think running gigs are great, but many people sell themselves short. Many gigs are great for the short term, but many of them can be your own business. Websites like FIVERR are good for making a name for yourself, but we need to find a way to do our own business, not sell our services for the bottom dollar.
We consider gigs as contract work or free-lancers. If you have experience in Excel, you would complete a worksheet for someone and get paid. Again, an excellent way to make some cash, but I would like to fill these out into small businesses.
Sell. Ah, selling stuff is the heart of everything we do. Our whole American economy is based on the consumption of goods and services. In today’s world, to sell, people will need to “know, like, and trust you.”—which means that you can no longer go door to door and sell air conditioners. People will listen to someone they know, like, and trust to see if the air conditioner is any good.
To sell in today’s world, we need to have an audience. We can build an audience on social media, blogs, YouTube, Facebook Groups, etc. To create an audience, you will need to add value to people’s lives and the product or service you are selling.
Start a Luxury Vehicle Business
All this is to say that you will need to take the long approach to sell products. Do your research, create and give away free content that adds value, and remain consistent. Once you have your audience, the hard part is over; you just need to keep feeding them products that add value.
Everything in the world requires an audience, so start looking around and seeing how the world works. Dwayne, “The Rock” Johnson, gets paid so much money because he will bring his audience to any movie in which he stars. The NFL commands so much advertising dollars because they have a massive audience of obsessed fans. Everything comes down to having an audience, then selling.
Create. My favorite of the six gigs is Create. I even wrote an article titled “Create.” I became fascinated with creating after I finished the book “The Practice,” which talks about shipping creative work. The book focuses on the practice of you doing your work.
Do What You Love or Love What You Do?
For example, my practice is waking up at 0230 to complete an article before I exercise. I don’t worry about the results or outcome of my writing or how successful it will be. I worry about things that I can control, which is waking my butt up in the mornings.
Being creative is not as natural as you think; it is about being consistent with yourself. Work you feel is good may not do well, but work that you believe is subpar may do exceptionally well. Whatever the case, we need to create music, art, jewelry, books, blogs, videos, movies, etc. I feel that this is the best form of self-employment.
You may need to work another job or business while your creative pursuits take form, but it is worth it to challenge your brain. Being creative is a new challenge every day, to overcome the creative juice you spent yesterday. I truly love creating and will advocate for everyone to begin. You will never look at your day job the same once you start creating.
Summing it up. I like the idea of fleshing out the six types of income. There is more meat on the bone. I think I will go one by one and give more inside information on each. It will be worth having a series that can hone in on one’s particular skills or attributes. I look forward to that in the future. I have so much to write; it may take me a year to finish. I am not joking. Good Luck!
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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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