"The more streams of income you have, the more secure your future will be." - Grant Cardone
Pregame Prep (today's overview)
I'm not exaggerating when I say that I make money while I sleep. I want to make sure you understand you can do this too! Through passive income using multiple income streams I actually make money all hours of the day. In the game of financial freedom, having multiple income streams is the ultimate game-changer. Just like a football team has multiple ways to score points, having different sources of income can provide financial stability and ultimately lead to the 'end' zone of financial independence.
I won't discuss mindset as much as practical steps because you can google side hustles, even better you can get super creative with your talents or knowledge. But many people have self limiting beliefs (I don't have enough money, I don't know how, I will start next week) just get past the excuses and fear being a victor, not a victim and taking action you will have income coming in from multiple sources. Over time small and consistent income streams will help you build the perfect playbook to your freedom.
Let me describe how I visualize income streams. Think of a tiny streams running through a forest all of these streams combine into a river, and this river eventually flows into a lake. If you build yourself enough income streams, you can have multiple rivers running into this lake of savings. Eventually your lake will overflow and you will be able to share abundance however you want! Do you see the visual I'm describing above? Tiny income streams matter more than you realize and with a little time and consistency these tiny streams of income add up. You will have enough money to live the life of freedom.
Film Review (my experience)
Growing up in the 80s, I didn't have the internet to turn to for information about personal finance. Instead, I had to rely on books and advice from my parents and successful people I knew. Despite the lack of resources, I quickly became fascinated with the concept of saving money. I remember counting every coin and dollar I received as a weekly allowance from my parents, and finding ways to earn extra money by cutting neighbors' grass or putting together furniture for them.
As I saved more and more money, I started to realize the power of small income streams. Even though each individual stream might have been small, when combined they quickly added up to a significant amount. This realization was the beginning of a snowball effect for me, as I began to seek out more ways to earn small amounts of money.
Over time, I learned the power of compounding and how even tiny streams of income, when saved and invested over a long period, can grow into sizable savings that can change your life. I also learned how satisfying it is to see your savings grow and how it can become addictive. Even today, I still find myself seeking out ways to earn and save small amounts of money and seeing the long-term benefits it brings. My early experience with personal finance taught me the importance of starting early and being consistent with savings, which has served me well throughout my life.
It's important to start small, be consistent, and seek out new opportunities to build and diversify your income streams over time. In the beginning it may seem like a small stream - just a trickle of income. As you continue to build and add new sources of income, the stream becomes like a river - a steady flow of income from multiple sources. As you continue to grow and diversify, your income streams form a lake - a large, stable body of income. And eventually, with even more growth and diversification, your income streams can become like an ocean - a vast, deep source of income from a variety of sources.
Offensive Game Plan (actions to obtain freedom)
Most everything I can tell you about creating or finding income streams (active or passive) can easily be found online by googling side hustle, passive income ideas, how to make extra money, etc.
Let me cover a couple important things that I've learned and what's worked well for me.
Assessing your current financial situation honestly, without judgement. Don't say you don't have enough money to create income streams! If you have extra savings it's obviously easier to make investments work for you. You can invest in the stock market, you can invest in real estate syndications or even barrels full of bourbon. If you are limited on extra capital you can start more active streams of income where you use some of your time to bring in extra income. You can do all of the above, so don't let a lack of capital be an excuse.
Network and learn from others! I've talked about the power of networking previously. It really is important, I have found opportunities I never knew existed by going to events, functions or parties. Keep an open mind, I'm not just saying words here I'm telling you my success story.
If you are looking at more active streams of income where you have to do something or need to be more involved I have found it's best for me to stick with hobbies or activities that interest me. I have a better understanding of what people need and want and I'm able to provide a niche service that I actually enjoy.
Defensive Game Plan (actions to defend your freedom)
Watch out for salesmen and sales pitches. I've said this repeatedly and it's because they are everywhere. I firmly believe in paying people for their value, I don't believe in predatory tactics, if something seems to good to be true please be careful! These sales pitches are so good you might not realize what's happening until you've lost a sizable amount of money.
Pick more than one sector or category: diversify! I am a huge fan of diversification I can't count the number of times where having what some people term "boring" investments has kept me from having financial problems. If I put all my money in stocks, or all my money in real estate I wouldn't have the success I have today. Small diverse streams build the lake!
Don't go all in tomorrow: Start small. don't try to do too much too soon. Focus on one small stream at a time and build on it gradually.
Be consistent: Consistency is key when it comes to building a stream of income. Keep showing up and putting in the work, even when it's hard or you don't see immediate results.
Audible (unplanned changes)
You may need to adjust your strategy as circumstances change. For example, if the stock market takes a downturn, you can shift your focus to your income streams that are working well. The key is to be flexible and always be on the lookout for new opportunities. Like a quarterback who is always ready to make an adjustment on the field, you too should be ready to adapt and make changes to your income streams in order to achieve your financial goals.
Special Teams (tips and suggestions)
Unconventional or unique ways to create income: creating a YouTube channel or podcast can be a great way to monetize a hobby or passion. Another special teams play is renting out a spare room on Airbnb or renting out your car on Turo. These may not be traditional income streams, but they are effective in providing extra income. Like a special teams touchdown or a blocked punt, these special income streams can provide a big boost to your financial goals.
Penalty Flag: (do not break these rules)
Not having a clear picture of your financial situation is like a team not keeping track of the score, it can lead to poor decision making.
Post-Game Review (key takeaway)
The truly wealthy person knows that multiple streams of income is key to finding freedom. Life requires some level of money to get by so start now take small actions. Figure out your first small income stream, get it flowing and move to the next. You will find freedom to do whatever you want whenever you want. Don't focus on the short term wins, just work to create small streams, that flow into rivers and fill up your lake of savings!
Hey Coach! (Connect with me)
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