Business
Let me ask you a question….. If you lost your job today, how would you pay the bills? How would you take care of your family? How would you generate income to take care of living the life that you need to live. Having multiple streams of income is having income insurance or income protection. It allows you some flexibility if you lose your job, you still have some income coming in to relieve some of the stress. When we talk about hacking your wealth and wealth building, what is the importance of having multiple streams of income? On average millionaires will have 7 streams of income. If most millionaires and wealthy people have multiple sources of income. Why don’t you? ? Today I want to share 5 different sources of income that you can start working on today! ? ➡️ 1. Diversify Your Investments [2:53] - Having a 401K is great, but do you also have a Roth IRA? $1,000 in an emergency fund? Other investments? You can earn dividends and interest with some of these accounts. ➡️ 2. Offering A Service [4:47] - This is something that you are doing after work or on the weekends to earn additional income. This could be a side hustle that may eventually grow into a business. ➡️ 3. Create A Product [6:16] - I am thinking of digital products, products that can be sold online. This could include a book, a course, or other types of digital downloads. ➡️ 4. Start A Passion Project [9:06] - Some of the things you can do include fundraisers for a special cause or mission. Think of Bomba socks - for every pair of socks purchased, they donate a pair to homeless shelters. ➡️ 5. Invest Into Real Estate [12:20] - You can start this with a rental property or by investing into real estate investments like REITs, FundRise, Rich Uncles, etc. Some of the items on this list you can start today! Some of the platforms I’ve talked about before like Betterment you can start with $25 a month. You have no excuse for not being able to diversify your income. You just need to do it. ? Wealth Hackers don’t make excuses. We just DO. We don’t learn by talking about it we learn by doing it!