Creating Multiple Sources of Income For 2023
Intro
Do you know why 3 percent of the population makes 97 percent of all the money that is earned? What are they doing differently? They have multiple sources of income (MSI). What do you need to know about MSI? Join us today as we discuss this important topic.
Point 1: Diversifying Your Portfolio
The first thing to discuss when talking about MSI is why it is a viable option. The biggest advantage MSI has is having a diverse portfolio. When you focus on one area of work, then you are tied down to that work being relative. What happens when that work begins to dry up. You don’t want to put all of your eggs in one basket. Have other sources of income in order to not be trapped in one area of work.
It is also vital to not be dependent on one person for your income. If your boss needs to make cuts or gets into financial trouble, then your only source of income is in jeopardy. The way to avoid this is to have income that you control. This could be a business or a product, but having a side job is a great way to have additional income.
Point 2: What Changes Can You Make?
You should not quit your job in order to become financially independent. Why cut off your income before you have another job? Bob Proctor advises that you should, “Find multiple sources of income…in the field you currently work in, if you are not a business owner.” If you work as in the health field, you could start a health consultancy business. If you work for a bank, another source of income could be offering financial advice to clients. Use what you currently do to expand your income.
Creating a Mindmap
The first step towards MSI is to create a mindmap. Take a piece of paper and write out what you have available right now. Then you can draw arrows to connect the various resources you have and ways you can combine them to create income for yourself. Visualizing the resources that you have will help you see things that relate to each other that you would never think about just in your mind.
Let Your Imagination Run Wild
Write down everything you want to do. Do not limit yourself to what you think is possible. If you want to have your own business but have no idea where to begin, write it down. If you want to become an author but know nothing about how to tell a story write that down. Write, write, write!
Identify Passive Income Sources
Look at your list. Are there things on that list that could generate money with little to no effort? An example is writing. Once you write a book, then the work is done. However, money will continue to flow in from that work for a long period of time. Another source of passive income is stocks. There are many sources for learning how to use the stock market that you can learn from.
Identify Where You Can Get the Biggest Bang for Your Time
We all only have 24 hours in a day. You cannot be everywhere at once or do everything at the same time. So, what can you do with the time that you have. Which of your skills will provide the best use of your time?
Choose Just ONE
You need to focus on only one MSI at a time. You cannot overwhelm yourself with multiple projects at once. As soon as one MSI is stable and providing income, look at your list again and move onto a new project. If you find you only need one MSI, then stick with those two. Don’t let money become the goal just for money’s sake.
Point 3: Money Goes to Those Who Are Serving
We have to serve to get money. Find places where you are needed and where your skills will be appreciated. Look for gaps in services. If you can’t find a product or a business that you desire, maybe you have the resources to provide that service to others. Serving others will bless you as much as it blesses those around you.
Summary
When it comes to financial health, you can do it! The Lord has given us the ability and the resources. We can do so much more than anything that we can imagine. What can you do today to create MSIs for yourself? Whatever you come up with, I know that you can make it work in your life!
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