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The 7 Income Streams of a Millionaire
My website: https://www.thesydneyphillips.com
Millionaire’s have multiple streams of income, in fact the average millionaire has seven. Providing yourself with multiple streams of income has more than just monetary benefits. This type of diversification can push someone who may be financially conservative to take a plunge in starting a new business because of the security from 6 other streams of income. If you don’t want to be stuck at a 9 – 5 forever, this is for you
The first is dividends. Investing in stocks that pay back a percent of their profits to shareholder’s can be incredibly valuable to gain profits on your investment. I actually follow a strategy that they call ‘nesting’. Essentially, you invest in a dividend producing stock, and when you receive your dividend, you can reinvest it back into the exact same stock. When I see a fair return on investment, say 10% I take out my initial investment and let the profits from my dividends, money that. was not extra to me run. That way, you get back your initial investment and everything in the account is just a bonus.
The second is REIT’s. Investing in a REIT is incredible smart if you don’t have some of the large sums of cash and leverage that may be required to buy residential or commercial property. REIT stands for Real Estate Investment Trust and essentially, they enable you to own property without the management or liability. These large funds often specialize in a specific type of real estate & can be extremely profitable.
The third is rental. If you can save enough to buy a residential or even bugger scale, a commercial rental property. This is a great and healthy income to have. A few things to be careful of is leverage and property taxes. Be sure that you know what you will have to pay out every year on that income and don’t leverage more than you afford. However, rental property creates great cash flow and income.
The fourth is through offering a course. If you do something very well, you should consider building a course to teach others. These courses can range from social media tactics, how to buy real estate, or a guide to starting a successful YouTube channel. A course will take a lot of work to build but creates additional income every month for no additional time out of your schedule.
The fifth is social media. We all spend oodles of time on social media anyway, why not get paid for it? If you are a phenomenal cook, decorator, health guru or motivational businesswoman, chances are you can build a community around your niche and use this platform to not only influence but also to build your personal brand as well.
The sixth is royalties. This is for the creatives. If you sing, write, design, draw, paint, create melodies, or produce anything that’s on the creative side of business, you can collect royalties. Essentially, every time your song is played, your art design is purchased, etc. you can receive a royalty on that piece of art and work that you produced. Royalties are much like the course in the sense that it will take some time to build, but once you do, all you have to do is market and watch the checks come in.
The seventh is affiliates. Being an affiliate is when you get paid for promoting or partnering with brands. There are different levels to affiliate marketing but you can start today through amazon affiliates. All it takes is an email, a code and a website. You will get paid a percentage of the profit from what the visitors on your site purchase from the direct link on your site.
I hope you found some good ideas to start generating multiple streams of income. Be sure to subscribe to the pink suit and we will see you here next week, same time, same place!
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By Sydney PhillipsMy website: https://www.thesydneyphillips.com
Millionaire’s have multiple streams of income, in fact the average millionaire has seven. Providing yourself with multiple streams of income has more than just monetary benefits. This type of diversification can push someone who may be financially conservative to take a plunge in starting a new business because of the security from 6 other streams of income. If you don’t want to be stuck at a 9 – 5 forever, this is for you
The first is dividends. Investing in stocks that pay back a percent of their profits to shareholder’s can be incredibly valuable to gain profits on your investment. I actually follow a strategy that they call ‘nesting’. Essentially, you invest in a dividend producing stock, and when you receive your dividend, you can reinvest it back into the exact same stock. When I see a fair return on investment, say 10% I take out my initial investment and let the profits from my dividends, money that. was not extra to me run. That way, you get back your initial investment and everything in the account is just a bonus.
The second is REIT’s. Investing in a REIT is incredible smart if you don’t have some of the large sums of cash and leverage that may be required to buy residential or commercial property. REIT stands for Real Estate Investment Trust and essentially, they enable you to own property without the management or liability. These large funds often specialize in a specific type of real estate & can be extremely profitable.
The third is rental. If you can save enough to buy a residential or even bugger scale, a commercial rental property. This is a great and healthy income to have. A few things to be careful of is leverage and property taxes. Be sure that you know what you will have to pay out every year on that income and don’t leverage more than you afford. However, rental property creates great cash flow and income.
The fourth is through offering a course. If you do something very well, you should consider building a course to teach others. These courses can range from social media tactics, how to buy real estate, or a guide to starting a successful YouTube channel. A course will take a lot of work to build but creates additional income every month for no additional time out of your schedule.
The fifth is social media. We all spend oodles of time on social media anyway, why not get paid for it? If you are a phenomenal cook, decorator, health guru or motivational businesswoman, chances are you can build a community around your niche and use this platform to not only influence but also to build your personal brand as well.
The sixth is royalties. This is for the creatives. If you sing, write, design, draw, paint, create melodies, or produce anything that’s on the creative side of business, you can collect royalties. Essentially, every time your song is played, your art design is purchased, etc. you can receive a royalty on that piece of art and work that you produced. Royalties are much like the course in the sense that it will take some time to build, but once you do, all you have to do is market and watch the checks come in.
The seventh is affiliates. Being an affiliate is when you get paid for promoting or partnering with brands. There are different levels to affiliate marketing but you can start today through amazon affiliates. All it takes is an email, a code and a website. You will get paid a percentage of the profit from what the visitors on your site purchase from the direct link on your site.
I hope you found some good ideas to start generating multiple streams of income. Be sure to subscribe to the pink suit and we will see you here next week, same time, same place!