If you are like most of us, you have a single source of Income. You spend most of you time at your place of work, and in return you receive an Income every month. One Source of Income (OSI).
When this Single Source of Income turns out to be insufficient for your needs or wants, you have a couple of choices:
- Ask for a Raise. In other words, increase your price.
- Work longer hours. In other words, sell more of your time (time otherwise used to relax and spend with your family).
Taking on a second job is the same as ‘working longer hours’. You sell more of your precious time for money. But eventually you run out of time: there is only 24 hours in a day (your day, my day, and everybody else’s day). So option 2 is not a good idea.
Even option 1 is not a good solution, simply because the Income Level is still capped. You can increase your worth by increasing your knowledge and experience before you demand a raise, but there is a limit to how much you can charge before you are replaced with someone else who can (and is willing) to do the same job for less than you demand.
So what is the alternative?
It might sound obvious, but it is nothing other than…
Multiple Sources of Income (MSI)
But how easy is it to create MSI, and how do we go about creating it?
There are many sources of Income Creation that we can find, but, for you and I, they have to adhere to FOUR criteria. The following story will help you to remember these four criteria, which is very important. There are a number of MSI’s that comply to these criteria, and one of them is especially easy to create. I will share them later, but first the story:
I have a good friend who is a Doctor. A General Practitioner (GP). I call him Mister GP, for short (MR GP).
MR GP is now 66 years old. He earns a very high Income. But MR GP will not be able to retire for many years to come. The reason: He only has ONE source of Income, and it is 100% tied to the amount of time he spends working.
MR GP has never created any other Income Streams while he had the opportunity to do so over the years. Yes, he did save some money, but his Investments are nothing near what is required to provide an Income to maintain his current lifestyle for the rest of his life.
So, when MR GP discussed his dilemma with me, I ‘diagnosed’ him as follows: MR GP IS (MR GP is sick), and in this acronym lies the solution to his problem:
What MR GP drastically needs is:
- M – Multiple
- R – Recurring
- G – Growing
- P – Passive
IS – Income Streams
And that, my friend, is exactly what you and I need too. MR GP IS.
Let me explain.
Every one of us have certain skills. If you didn’t, you would not be earning any Income. You are being paid for your knowledge/experience/skills.
The problem is that you have to ‘create’ your ‘product’ over and over every month for your employer to pay you over and over every month. The minute you stop creating, your income stops also.
Not only is this very risky, it is mostly an uninsurable risk! But more about this in another blog.
So the challenge is this: how do you create a product with your current knowledge/experience ONCE only, and then sell it over and over again, while you sit on the beach with your kids?
Don’t you think this is worth pursuing?
Here you will have to do some hard thinking though. Just know this: you absolutely HAVE the ability to monetize your knowledge, skills, experience and hobbies, and sell it to a larger audience. I am yet to find a vocation where this is not possible.
People often think they have to be the best in their field before they can even consider becoming an ‘expert’ and start selling their knowledge to a larger audience. But this is very far from the truth: you only need to know more that ‘some’ people, in order to be able to help them improve, and get paid for it. Nobody knows everything, so even so-called experts still learn every day.
There are also other ways of earning MSI, for instance:
- Affiliate Income
- RRIP – Residential Rental Income Properties
- Create and sell Online Course(s)
But BEFORE you can start earning MSI, you need to understand These Three Elements.
This short report contains the three ‘Secrets’ used by all successfull companies AND rich individuals to create Wealth.
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