MULTIPLE STREAMS OF INCOME: Why You Need Them + How to Get Them

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summary

Side hustle, side gig, side boo…whatever you want to call it, if you don’t already have more than one stream of income for yourself, you need to hop on this multiple income stream train…yesterday!  Think you don’t have enough time? Think you don’t need one? Think again! 

We live in an uncertain world.  Being employed with just one company, or owning your own business, is a risky position to be in. 

What happens if something happens to your solo income stream? Allocate some of your risk by obtaining or creating several income streams for yourself.  In the age of online and on demand everything, there are so many incredible secondary income sources out there. Get yourself a couple and secure your financial wellbeing!

Not convinced? 65% of all self made millionaires have three or more income streams; 45% of self made millionaires have four or more income streams, and 29% of self made millionaires have five or more income streams. (Check out Tom Corley’s Rich Habits for these stats and more).  These folks aren’t relying on just one, but FIVE or more income streams.  Why aren’t you doing the same thing?

BONUS! I have included over 10 income opportunities for you to explore, ranging from online opportunities to in person hustles. 

You get out what you put in, so now is the time to get something started for yourself. And if not now, when?

full transcript + more information

the below is transcribed from video, with the addition of a few edits/links.

I have been having a lot of conversations about recently: Multiple Streams of Revenue/Income!

Chris and I get asked frequently how it is that we are able to do the life that we do.  We are digital nomads, we don’t have a home base, we are not linked to any one company, we have many different partnerships, we are aligned with many companies.   A lot of you are curious about how we did that, how we got started doing that and why we do it.

Here is quick synopsis of why we feel it is so important for you to have multiple revenue streams, some ideas as to how you can implement some secondary sources of income for yourself if you don’t already have that going on, and some quick stats for you about some objections you have as to why you can’t have a side hustle or secondary income stream.

I was traditionally one of those people who only had one or two different income streams.  I won’t say that I was someone who only had one income stream, because I have always had a few side things happening.

When I was lawyering that was my primary income source, I was also teaching spin, I would babysit every so often, and few other things here and there that would help me supplement my primary income stream. I did this not only to keep myself busy, and doing things I was interested in, but also to generate some additional revenue for myself.

Since I have left lawyering, Chris and I, at any given time, have between 10 and 12 revenue streams. 

A lot of you ask how we can live the life we do, and while it is certainly a lot of work, and something we have to work for, our lifestyle is something that has been incredibly freeing and something I wasn’t aware was available to me when I had this 9 to 5 and was stuck in the mindset that I needed just one income stream to survive. 

What I have discovered is actually quite the opposite. If you are tying your boat to just one ship, if you are tying yourself to just one entity, job, or company, you’re not risk allocating if something were to happen to that single company or to that economy. Certainly if you’re trying to pay off debt or save for something or live a non traditional lifestyle, having multiple sources of revenue, or a side hustle, is something that I personally think is super important and something that I really hope you explore in order to establish the nest egg you’re looking for. 

I encourage all of you to get a copy of Rich Habits by Tom Corely.  In this book, Corley has some statistics you should know about wealthy individuals and how they sustain their wealth:

65% of all self made millionaires have three or more income streams; 45% of self made millionaires have four or more income streams, and 29% of self made millionaires have five or more income streams. 

These folks are not relying on just one, but up to FIVE income streams. If thats not a good indication to you that this is how wealthy folks get rich and stay rich, then maybe you should consider reading this book. It has some incredible tactical tools anyways, so I really recommend checking it out.

A lot of times people have a few objections as to why their primary source of income is all they need to rely on and all they are going to rely on.  A little food for thought, tackling your objections one by one, I really encourage you to take on some additional sources of income for yourself, for your family, for stability, and for financial health and wellness.

The first biggest objection most people have to taking on a side hustle or secondary stream of revenue is “I don’t have enough time.”

Knowledge bomb: the average American watches 4 hours of active Television every single day.  Let that sink in for a second. 4 hours of active televisions watching: not TV while you’re getting ready for work in the morning, or on in the background when you’re cooking dinner…actual “I’m sitting in front of the TV actively watching TV.  For 4 hours a day.”

If you calculate 4 hours per day over, say, 30 years: 4 hours a day, 365 days a year, for 30 years equates to 15 years of 8 hour days…the average American’s life span is 78 years of age (corrected from video, in which I understated this number), so I’m giving you some credit and maybe only for 30 of those years, you are watching 4 hours of TV every single day, but over the course of 15 years, you could get a doctorate, you can certainly pick up one if not two, if not three, if not four, if not five additional side hustles, you can pick another full time job, the opportunities are endless for what you could be doing that time.  

If your excuse for not undertaking a side hustle(s) is that you don’t have enough time, maybe it is time to reconsider what your priorities are and what you’re actually spending your time doing every day.  

Another objection I hear a lot is: “I have a good primary income stream, why we would I need a secondary income stream?”

We went through an incredible economic downturn in 2007, 08, and 09.  I was in law school during this, but even in 2012, when I was graduating, I was still feeling the effects of that particular economic downturn in the job market. It was hard to get a primary income stream.  

Thank goodness I got one and it was a great job that paid my bills, and student loans, and put a roof over my head.   But, if for some reason another economic down turn happens, there is a likelihood you could loose your primary income stream depending on what industry you’re in.  If you’re self employed you could take an even bigger hit.

This is one of the biggest reasons you should consider allocating your risk across several different income streams, so that if one goes south, you have the ability to rely on others.  At minimum, you will be comfortable with earning multiple streams so that you don’t have to rely on just that one.  

Now, I’m sure you’ve all been waiting for this: What can you do as a secondary income source?

consulting

Do you have the ability to do some side or supplemental consulting in your field?  When I was lawyering, I had an employment agreement that made this type of secondary income not possible, but you may have some flexibility with your employer.  Check your contract!

(**PS. The lawyer in me should tell you that if you have questions about your employment contract, chat with a lawyer before you do anything!**)

monetize your hobbies

Do you love fitness? Do you love teaching or coaching kids?  Find something you love doing and figure out a way you can monetize this.  Teaching fitness classes, or coaching are great ways to earn some extra $$ in your free time!

online income opportunities

  • Marie Kondo and Sell:  Clean out your closet and sell your already loved items on Poshmark, Tradesy or Ebay.  Have a garage full of furniture? Sell it on Craigslist or FaceBook Marketplace. Someone’s trash = someone else’s treasure! Like to craft? ETSY
  • Start a Blog:  If you love to read blogs, you would probably be GREAT at having your own.  And nowadays, you can have a blog about just about anything. Recipes, instructions on how to do stuff, or how things work, lifestyle blogs, restaurant reviews…once you have a topic, start with WordPress or SquareSpace and start growing your audience!! You can paid via ads, partnerships, or affiliate marketing.
  • Paid Writing: Like to write but don’t want to do a blog?  You can get paid to write articles for online publications! 
  • Online Paid Surveys: there are tons of online resources you can check out to sign up to get paid for survey’s online! Check out Swag Bucks, Survey Junkie, or Survey Cool.

paid surveys

Much like online surveys, there are many companies who coordinate in person local surveys and focus groups. While most have shifted online, GTS (Google that Shit!) local opportunities near you!

on demand delivery

The rise of on demand means there is AMPLE opportunity for YOU to earn a side income delivering food, products and people!! Check out companies like Uber, Uber Eats, DoorDash, and Instacart for just a few!

pet/child care

Maybe adult human interaction isn’t your thing? More into pets and kids instead?

Check out Rover and Care.

If neither of those sound appealing to you, pick a group you are passionate about and GTS (GOOGLE THAT SHIT) – there is probably an app to get paid for it!

invest

If you are not already investing your savings, you are loosing your money! Talk to a financial planner/advisor and educate yourself on the best ways to invest your money!

Need somewhere to start.  Check out my Favorite Reads : Tony Robbins, Master the Money Game

direct marketing companies

There is a reason you are seeing more and more from companies like Rodan and Fields, Monat and Beachbody – they have GREAT products and you can get PAID to sell them for these companies. 

Chris and I are aligned with Beachbody and have had an amazing experience with the company, the community, the products + the business! I know a lot of people are turned off by the sales tactics a lot of Direct Marketing companies use, but if you find a line of products or services you love, you truly can make it your own.  Sharing is caring!  

If you’re interested in learning more about earning an income with Beachbody, please fill this out so we can connect!

**NOTE:  These may take some time to generate some REAL income, or perhaps you need to strap together a few to generate enough money to make it worth it, but it adds up, and DEFINITELY adds up over time!  GET OUTSIDE YOUR BOX AND COMFORT ZONE!

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