These days any Breadwinner can create Multiple Income Streams (MIS) as a supplement to their Main Source of Income (MSI). In fact, it is not impossible to exceed your MSI with MIS in a very short time!
Before we look at how to create your first MIS, let’s just first ask ourselves a few questions:
Why are we working?
OK, dumb question: For Income, of course.
Next dumb question: why do we really need Income?
To pay for ‘making a living’, firstly, and thereafter to pay to enjoy life to the fullest (travel, fancy car, holiday home, whatever…).
As soon as you have enough Passive Income to cover ‘making a living’, then you have, what we call, Financial Freedom (FF). So your first objective should be to get to FF, thereafter to create excess regular monthly Income to fund your ‘enjoyment’. It is also pointless to have lots of Income, but not enough Time in which to enjoy it.
So why more than one Income Stream?
Currently you probably have one Income Stream. A job. You are selling Time for Money. Nothing wrong with that: it’s where we all start.
BUT, if you want to increase your Income, you have three limited choices:
- Work longer hours (or get a second or third job),
- increase the ‘rate’ you charge (by increasing your ability, and the difficulty in replacing you), or
- spend less.
The problem with no 1 and 2 is this: they swallow up your time. And like all of us, you only have 24 hours in a day. So ultimately you will run out of time. Even long before you have the amount of Income you deserve.
The problem with no 3, off course, is that you want more Income because you want to spend more! You don’t want to spend less!?
TIME is all you have.
Think very carefully about this statement. It is critical if you want to change your life for the better. Time is all you have. Evaluate how you spend your time. As far as we know, you have one life. Think about this: if you suddenly have unlimited Income and unlimited Time, how would you spend your time?
Whatever your answer: your need MIS. Start creating MIS today until ultimately ALL your Time is free.
When you only have one Income Stream, the only way to get to get to FF, is to save, and then Invest those savings wisely. Ultimately, hopefully before you pass on, you can stop selling your precious Time for Income, and hopefully your Investments will be enough to provide you with an Income sufficient to ‘make a decent living’.
Sadly, less that 5% of the population ever reach this point.
There is a very simple solution. It is not difficult to create, and is used by every self made Millionaire out there. And, anyone can create it Part-Time.
It is called: MIS: Multiple Income Streams.
To be more precise: MR GP IS: Multiple Recurring Growing Passive Income Streams.
So how does a Breadwinner, age 50, with only one Income Stream, start creating MIS?
There are many ways, covered in my upcoming course, but two that have worked the best for myself are RRIP: Residential Rental Income Properties, and…
(By the way: RRIP is the biggest threat to Financial Planners, simply because they don’t make money recommending it. So they will always shout it down. But having been on both sides of the fence, I can honestly tell you that there is NO better way to create Wealth for a Breadwinner than RRIP. Except, off course, Affiliate Marketing. The simple reason: you use mainly ‘banks money’. Financial Planners are only interested in your Savings).
So how can you create your first Income Stream before Breakfast?
Since RRIP takes a bit longer to create and requires gearing, let’s look at Affiliate Marketing.
Most online products these days are sold through affiliates. You have probably bought something without even realising an affiliate was involved.
This is how it works:
You buy and online product like ‘Your Financial Freedom Map Intro Course‘, for instance. You love the course so much, you want to share it with your friends and family. You get an affiliate link from the site and send it to your friends to check out. They look at it, and some time down the line (can be as long as a year later), they decide to also buy the course.
Whala! Up to 50% of the fee lands up in your PayPal account.
Isn’t that like… REAL Passive Income!?
For every one of your friends that subscribe, you get $$$. If it’s a monthly subscription fee you get $$$ every single month!
If you find a course or membership site that you love, it’s easy to recommend it to anyone. You can literally create thousands of MR GP IS over time. All while you still earn a Salary.
Would you like to learn more? I am creating a FREE course to explain this step by step in detail. Enter your email here and I’ll let you know when I’m done.
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