I have multiple streams of income in my business.
In today's volatile economy, diversification is key. Simply put, more income streams equal more security.
If you have the desire to create financial freedom, building passive income streams is the best way to achieve that goal.
Whether you want to diversify your income or add a new income stream to your business, I want to give you some ideas for how you can do this.
Ready to discover how I built 7 income streams that make me $200,000+ per month? Keep reading!
Watch the video below:
(Click here to watch on YouTube)
Do you want to learn which online business is best for you? CLICK HERE to get instant access to my FREE online business quiz!
Having multiple income streams is a smart business move.
Unfortunately, a lot of people only have one stream of income, which comes in the form of their 9-to-5 job. The problem with living this way is that, if you end up losing your job, you will be out of work entirely. For this reason, I believe that being reliant on one stream of income is a risky decision.
Successful people generate their income from multiple sources. Over a five-year-long study of the daily habits of 233 wealthy individuals, Tom Corley found that 65 percent of self-made millionaires had three streams of income, 45 percent had four streams of income, and 29 percent had five or more streams of income. This study proves that the more assets that you have, the more success that you can achieve.
Let's dive into the 7 income streams that I've built that make me $200,000+ per month.
1. Investment Income (Dividends)
This type of income is passive, meaning that you don't have to manage it. Out of all of the different streams of income, you will be taxed the least on this source of income. Plus, there is a huge tax advantage to investment income.
I like to invest in blue-chip companies and bank stocks. They are secure, meaning that they have been around for several decades. In my stock portfolio, I own everything from bank stocks, to ETFs, REITs, and bonds. Not only do these stocks appreciate as the economy does better, but the dividends that they pay out are great.
This is one of the many reasons why this is my favorite source of passive income. Keep in mind that an investment stream takes time to build. Hence, you have to be committed to the process and have a long-term mentality.
2. YouTube Ad Revenue
I've been a YouTuber for 8 years now. This stream of income isn't passive. However, it continues to be one of the most fulfilling ways for me to connect with and build an audience. One way that I make money from YouTube is through YouTube ads. If Google ads turn on monetization for my YouTube videos, and someone watches the ad and clicks on it, I make money from it.
I have certain videos that consistently bring in a couple of thousand dollars every single month. If you are someone who wants to create impact and help others, and you have the patience to build a YouTube channel, this is a great stream of income.
3. Affiliate Marketing
This is one of my favorite streams of income. Affiliate marketing is the process where you share someone else's product or service and earn an affiliate commission from it. I am a consumer who is committed to life mastery. The one thing has allowed me to create progress in every area of my life has been self-development. When I come across things that benefit me, I am inspired to share them with people on my blog, Instagram and YouTube channel.
It just so happens that a lot of these resources have free affiliate programs. When I join them, I receive an affiliate link. I can use that link to share resources with others. If someone decides to purchase something using my affiliate link, I earn a commission from it.
The reason why affiliate marketing is so great is that you don't have to create a product yourself. Rather, you just have to focus on getting traffic and building an audience. If you're interested in learning more about affiliate marketing, I've got a course called Affiliate Marketing Mastery.
In this course, I teach you how to build a 7-figure affiliate marketing business. Before signing up, you can join my free masterclass where I show you how you can get started as an affiliate marketer.
4. Book Publishing
Compared to other business models, book publishing is an easy and inexpensive way to make passive income. Anyone can self-publish a book on Amazon. All you need to do is set up a free KDP account. Within 24 hours, your book can be published on Amazon.
I'm launching a new program called Mastering Book Publishing that will provide you with a proven step-by-step system for publishing books on Amazon. I've published a bunch of self-development books. Many of these books have been transcribed from content that I've already created on my YouTube channel and my podcast.
If you enjoy writing, Kindle publishing is a great business model. However, keep in mind that it is difficult to make a lot of money from publishing books. They are low-ticket products. The opportunity to make money from books comes from building out your back end.
I use my books to funnel people back into my business, Project Life Mastery. This is how I make more money from my online courses, affiliate marketing, and/or physical products. If you're a newbie to the online business world, book publishing is a great income stream to get started with.
5. E-commerce (Amazon FBA & Shopify)
I've been selling on Amazon for many years now. Being an Amazon seller is a hot trend because a lot of people trust Amazon. If you want to be behind the scenes, Amazon FBA is a great business model. There's also a greater potential to make money with an e-commerce business, on both Amazon FBA and Shopify.
My fiancée, Tatiana James has built a very successful brand called, Luxx Curves. She sells waist trainers on Amazon and Shopify. Today, she makes $150,000 per month with great profit margins. She started her e-commerce journey with zero business experience, proving that anything is possible if you are committed to the process.
If you want to learn more about selling on Amazon, I created a free Amazon FBA training course that teaches you, step-by-step, how to leverage the massive power of Amazon to generate financial wealth and freedom.
6. Online Courses
Although this is one of the most lucrative ways that I make money online, it is not a beginner-friendly income stream. Typically, I encourage people to launch online courses only once they have built up their audience, sold books, or had success with affiliate marketing. I started my journey as a YouTuber, giving away free information online.
Over time, people started asking for in-depth training in the form of courses. This is why I started developing online courses in the first place. There was a demand for it. One of the first courses I created is called Morning Ritual Mastery, which is a 7-day training that teaches people how to create an empowering morning ritual.
Another course I created is called Life Mastery Accelerator. This is a monthly membership where I coach people, live, every month, on how to master every area of their lives.
I also have an Online Business Mastery Accelerator course which provides people with monthly cutting-edge business and marketing strategies to grow their online businesses.
7. Coaching and Masterminds
I host an Online Business Mastery Mastermind twice per year where I coach people on how to build successful online businesses. These are opportunities for people to work closely with myself and Tatiana. We have both built multi-million dollar companies and offer a unique blend of skills, knowledge, and experience.
Coaching and masterminding requires that I trade my time for money. This is why I have to be very selective about who I work with and how much money I charge people to attend my events. I receive so much value from working 1 on 1 with people and I will continue to do so as long as time permits.
This is how I built 7 income streams that make me $200,000+ per month.
Watch the video above where I do a screen share and show you my finances and give you an in-depth look at the ways that I make money online.
If you want a more in-depth look at the 7 business models that made me an Internet millionaire in less than 3 years, I encourage you to check out the free business course that I developed. The best advice that I can give you is to start with one income stream, master it, and then add more income streams over time.
Simplify and focus on what will make you the most profit in your business. More importantly, choose something that you're passionate about. This will ensure that you stay committed to building the business model of your choosing.
Do you want to learn which online business is best for you? CLICK HERE to get instant access to my FREE online business quiz!