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Multiple Streams of Income: Learn from the Millionaire's Playbook

"Never depend on a single income. Make investments to create a second source." - Warren Buffet

 

Do you know the common factor among most millionaires in the U.S.? They're not playing from a single hand. On average millionaires in the US have 8 income streams! This means 8 different sources are making them cash. Please don't confuse being a millionaire with fame or high-profile careers. Millionaires are everywhere and most of the time you don't even know you're surrounded by people with millions of dollars.

So many of us think that our job/career should be our only source of income. "I work hard enough" is a dangerous idea when your company decides to reduce it's work force, or you are no longer valuable to them. With one source of income you're one mishap away from disaster. Freedom isn't about how much you earn from your day job. It's about creating a safety net of wealth that doesn't rely on you showing up to the office every day.

Offensive game plan: Here are some ideas because offense is the best defense.

  1. Dream it, then do it: Imagine earning while sleeping. Sounds sweet, right? But it won't happen if you don't make a move. How would you like to make money in your sleep? Do you ever just dream about how to make money in your sleep? Start now!

  2. Start small, grow big: What I have done, and what I think you should do is look for small steams of income initially. Take your hobbies and interests and find a way to start making a little money while doing it. You don't have to have it all figured out, and it doesn't have to be a home run at first. Look for small income streams, they really add up.

  3. Learn and earn: You don’t need to reinvent the wheel. Plenty of people are out there already doing most things we all want to do. Find them, learn from them, and apply their strategies and customize it to your own after you get the hang of it!

  4. Diversify Once you've have a winning formula, don't stop. Diversify within your area. Stocks, real estate, digital products - the sky's the limit. For example in the stock market I have multiple strategies for income streams, dividends, premium selling, swing trades, even master limited partnerships that just pay consistent dividends! I have a free education site on learning to trade the stock market, check it out www.goodkidstrading.com.

Defend your freedom: Don't give up.

  1. Avoid burnout: Complacency and burnout are real concerns with extra income streams. Your day job will take most of your time. You need to keep your objectives clear so you understand why you are trying to build these income streams. Make your why bigger than effort needed to put into building and maintaining these streams.

  2. Passive is massive: Aim to make every stream of income as hands-off as possible. The less time you need to maintain them, the more time you have to create more. As you build a new stream of income come up with creative ways to make it more passive. even if it's small steps.

  3. Open your mind: You won’t find success in your comfort zone. Explore. Take calculated risks. Make decisions for yourself. Do NOT always listen to others! I'm not suggesting you go out and take huge risks or sacrifice your time. But, I am saying that you shouldn't listen to what other people say as the truth. I've been told investing in the stock market is very risky I've been told all the horror stories about how you can't make money in real estate, don't listen to them without learning! You have to get past other peoples reasons why you shouldn't do something.

Let's wrap this up with some motivation! If you want to live that millionaire lifestyle, you have to think like one. Don’t be satisfied with one or two income streams. You don't need 8 streams tomorrow. You just need to take small steps and remember the more passive they are, the closer you are to freedom. So, let's get on it!! Go make that cash, start saving instead of spending, and live the dream. Your dream. Because let’s face it, you deserve it.

Hey Coach! (Connect with me)

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I have a free education site on learning to trade the stock market, check it out www.goodkidstrading.com.

What are your passive income streams, do you need help? Lets talk

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