You may have heard this strategy, a few times. Most wealthy people, understand you cannot rely on one income stream. Often the JOB. Just Over Broke.
In fact, my wealthy families, create trusts, for kids, where the trust (black box), pays them. In my workshops, I often talk about the “Black Box”. A device, a system, a process, where the ASSET (black box), pays us, and we do not have to work to make money. Our money, the business, or asset makes the money.
I heard this first from Robert Allen, at one of his free 2 hour previews. Later on, got to know Robert (by paying him for products). In fact he even gave me a nice testimonial about my Sales book. 🙂
Think of a second income or third income. In fact shoot for 7 sources of income. Something like:
- Real estate. An apartment complex, multiple houses, rentals or lease options. The asset throwing off monthly cash flow, and hopefully some appreciation.
- Stocks. Letting your money make money. Options, covered calls, or credit spreads. Even directional trading if you are good.
- Internet. An on line presence. Amazon, Ebay or Affiliate programs.
- MLM. A multi level business.
- Tax Liens and Deeds. Cash making cash.
- Business. Any kind of brick and mortar business (hundreds of ideas).
- Trust, Annuities, Insurance, or any kind of ASSET that can make money for you.
- Air B and B. Let your back bed room make you money.
- Rent out your car.
- Sell stuff on Offerup.com or other auction sites.
Work on a consistent, new cash flow, once established, don’t stop, look for the next one.