The Average Millionaire has 7 Streams of Income

The average millionaire has seven streams of income—how many do you have? My wife and I will reach $1 million in our dividend portfolio in roughly five more years. However, we are not obsessed with becoming millionaires.

You see, we are just following the steps that I laid out in my book “4 Steps to Become Rich.” The four steps are simple.

1. Pay down debt
2. Lower expenses
3. Create multiple streams of income
4. Invest in assets

As you can see, item C is to create multiple streams of income. I used letters instead of numbers because you don’t need to follow any particular order. By creating multiple income streams, the new revenue can assist you in accomplishing the other three steps.

You’ll Need $20,000/month in Passive Income

So, I need you to do a  quick self-assessment. How many streams of income does your household have today? I want you to write it down in your brand new New Year’s Resolution notebook. 

Two Incomes. If you are a couple, chances are you have two incomes—one for each adult. You then would be like most of the other Americans, working to survive. If you do what the average person does, expect to get what the average person gets. 

Do you want to be average? Working a job is necessary for most of us; that is a given. However, that doesn’t mean that we can’t strive to become financially independent. To become financially independent, we will need to achieve multiple streams of a passive income.

Why passive income? Passive income is revenue that we generate without exchanging our time. In the simplest terms, we put the work in once and receive multiple payments over time. I wrote an article about a year ago called “Five Creative Ways to Make Money While You Sleep” that gives ideas about the viability of passive income. 

Let’s take the idea of publishing a book. I want to expand on the concept of passive income and create multiple revenue streams. Let’s take the idea of publishing a book. It may seem like one income stream, but you can multiply your streams if you learn how to think outside the box.

The Passive Income Grind

I read the books “How to Make a Living from Your Writing,” “Creating Income Streams,” and “How to Blog for Profit,” among others. Each book gave me more ideas on how to expand the income from my writing. Let’s see if I can create seven income streams from this article.

1. Blog revenue. I will first publish this article via a blog post. Once I have good SEO working, people will click into the article and receive advertising revenue. 
2. eBook royalties. I can collect a few books together and publish a book on Amazon.
3. Blog affiliate marketing. When people click the affiliate links on my book reviews, I may receive a commission. 
4. eBook affiliate marketing. Those same affiliate links are in my eBooks, so an entirely new audience will see them. 
5. Hardcover & paperbacks. The market for hardcover books and paperbacks is entirely different from eBooks. So I can tap that market by making my books available in these formats. 
6. Audiobooks. The same goes for audiobooks. 
7. Foreign languages. I can have someone translate my books to sell in other countries—this becomes a new income stream. 

As you can see, there are many ways to monetize my writings. Hell, this is just the start. You can add in YouTube, podcasts, speaking engagements, consulting, coaching, mentoring, etc.; the most crucial part is that I am producing content and creating an income stream. 

The Woman’s Guide to Investing

Your seven streams. Of course, you can get started without becoming a content creator. Building a dividend growth portfolio is an excellent way to create an income stream. How about interest from cryptocurrencies or renting a room? 

Make money while you sleep. You can never be truly financially independent if you aren’t making money while you sleep. If you aren’t making money in your sleep, inflation is eating your idle cash. 

Every day you should be making some form of cash outside of your earned income job. A misconception is that you need to make tons of money on the side. Nope. You can make $50/day from an income stream—the amount isn’t important. It takes 10,000 hours to build a future income stream. So get started today. 

Find something you love. Another essential part of your journey is to find something that you love to invest time into daily. If you don’t enjoy dividend investing, buy some index funds and dividend ETFs and invest passively. 

How Would You Spend $5,000?

If you love to create oil paintings, then that is your income stream. There are many ways to monetize your oil painting business—let’s review some of them.

1. Start an automated E-Commerce business with your paintings.
2. Create a blog around your paintings.
3. Start a YouTube channel around your paintings.
4. Host courses on paintings in person.
5. Create an online course on how to paint.
6. Create an online course on how to create a painting business.
7. Become a consultant to others starving to create a painting business.

Becoming successful at your business opens the door to making even more income via consulting and courses. But first, you will have to figure out your business on your own. Everyone’s income stream is slightly different from one another. 

Putting it all together. I wrote this article to get you thinking about income streams. Millionaires aren’t doing anything special or something you couldn’t do yourself. They are spending their free time creating multiple streams of income. 

When you start, you will probably suck at your income stream. You may buy the wrong dividend stocks or rent a room to an idiot. However, learning is part of the process. The book “Mindset” tells us the difference between a fixed mindset and a growth mindset. 

What Gets Rewarded Gets Repeated

The growth mindset understands the value of failing and learning from one’s mistakes. That’s how we become rich and build multiple streams of income. Nothing is perfect, so we need to look at what we want to accomplish humbly. In the end, the results will be worth the discomfort we had to endure.

Conclusion. What income streams do you want to create? What is your rich life? How can having freedom of time and money help you achieve the life of your dreams? 

In the end, money is a way to express one thing—options. Having an excess amount of money ensures that speed bumps along the route don’t slow my family or me down. I have opportunities to jump over these bumps and continue on my happy journey. 

If having more options is important to you and your family, I suggest building income streams today. Oh, and by the way, creating money is very fun and fulfilling. You’ll love the process!

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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. All Right Reserved Military Family Investing