Creating Lasting Multiple Streams Of Income

I have created a new and improved version of K Money Mastery which is called, Mastering Book Publishing!

Creating lasting multiple streams of income is the best way of generating a lifetime of wealth.

This is the strategy that I employed in my business in order to build long-term wealth. Think of having multiple streams of income as a way of diversifying your investment portfolio. The more you have, the more success that you can achieve.

In the words of Robert Kiyosaki, “A wealthy person is simply someone who has learned how to make money when they're not working.” 

Are you ready to learn how you can create passive income on autopilot and live the life that you've always dreamed of?

Watch the video below:

(Click here to watch on YouTube)

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Are you ready to learn more about the 7 online business models that have made me an Internet millionaire? CLICK HERE to get access to my free course!

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Creating multiple streams income is the path to freedom.

In his book, Rich Habits – The Daily Success Habits of Wealthy Individuals, Tom Corley found that 65% of self-made millionaires had three streams of income, 45% of self-made millionaires had four streams of income, and 29% of self-made millionaires had five or more streams of income.

Income rolling in from multiple places sounds awesome, right? Passive income is one of the most effective ways to create more time in life. Time is our greatest asset. When you have freedom of time, you've got a lot of choices.

Unfortunately, many people find it difficult to figure out how to create one income stream, let alone more than one. They assume that sticking with their 9-5 will give them the security that they need. Think again. You can't rely on one job for your future. Anything could happen – the market could crash, you could get laid off, or experience a health crisis that prevents you from working.

In the words of Ray Higdon, “If you don't have any residual or passive income or at least plan for residual income, you're living a very risky life.” More income streams give you more security. It is a way of ensuring that you have a brighter financial future.

When I was first building my online business I built it around one platform, one source of traffic, and one stream of income. Unfortunately, it did not provide me with a consistent, reliable, and secure source of income. If you only have one income stream and it suffers, then your business is going to suffer, if not fail altogether.

The failure to create multiple streams of income is one of the biggest mistakes that I see people make. 

Recently, I visited Athens, Greece and had the chance to visit the famous Parthenon. The structure of it made me make think of Jay Abraham's business concept called, “The Business Parthenon.”

Jay believed that every successful business needs to include several different pillars. He stresses that you want to identify, optimize and automatize these columns. The result? A solid Parthenon which will generate you predictable income every single month.

A one-legged stool is not a solid foundation upon which to build a business. Its very structure can only sustain itself for so long. What if a disaster strikes and knocks it over? In one moment, your entire source of income could collapse, just like a stack of cards.

For example, if you are building a business entirely based on Amazon, you have a single point of failure. If Amazon all of a sudden decides to change something in their algorithm, that is 100% outside of your control.

Instead of a one-legged stool, you want to build a Parthenon. This has multiple pillars. If you remove one, the structure still remains. This is how you have to think when you are building any source of income in your life.

More importantly, I encourage you to invest the money that you make from various income streams into different vehicles, like real estate, stocks, or cryptocurrency.

Researchers have found that millionaires, on average, have not just one, but seven streams of income. It isn't so much that seven is the magic number. Rather, it's that millionaires understand the importance of multiple income streams. I can attest to this fact. I have created seven online streams. Without them, I may never have created a 7-figure business.

This is how you create long-term business profitability and financial freedom.

Once I figured out this concept, my business grew exponentially. I was no longer riding a rollercoaster, where I made a little bit of money and then had recover, based on changes in the market.

When you are first starting out, I encourage you to dive into 1-2 streams but simultaneously start building the other pillars as well.

How would it feel to make money while you sleep? Let's explore 7 multiple streams of income ideas.

1. Blogging

Making money blogging is possible, but it takes a lot of time to build an audience, establish yourself as an authority figure, and bring traffic to your website.

Smart bloggers use their blog as a foundation for building up other income streams. Some of the ways that bloggers make money are by promoting services, physical and/or digital products, or sponsored ads.

2. Publishing Books

To this day, I still believe that publishing Kindle books on Amazon is one of the easiest and most effective ways to make money online.

Amazon made it easy for anyone to become a self-published author. In less than one year of starting, I was been able to build a six-figure passive income business through Kindle publishing.

3. Coaching/Consulting 

This was one of the first ways by which I monetized my blog. I first started coaching back in my early 20's when I had a dating business called, Lifestyle Transformations.

This can be a profitable business model, but it takes a lot of time to build. The best way to do this is by creating and publishing high-quality content on your blog.

4. Selling Physical Products on Amazon 

I've been a seller on Amazon for 6 years now and I've been able to make a lot of money from it. The opportunities on the Amazon platform are endless. Keep in mind that this is not a get-rich-quick model.

If you decide to sell physical products on Amazon, I recommend that you go through a step-by-step training course because there are a lot of moving parts to this business. The more you understand, the more success that you will achieve.

5. Becoming An Affiliate Marketer

Affiliate marketing involves selling another person's product or services, in exchange for a commission. This is a great way to generate income from your blog.

The beauty of this online business model is that you don't have to create the product. Instead, your job is simply to recommend products to your readers. If they decide to buy, you get a percentage of the profit.

6. Selling Informational Products

Informational products can be in the form of eBooks, courses, membership sites, or audio programs. Creating online courses is one of my favorite ways to make passive income.

Knowing that your content has helped change people's lives is a beautiful feeling. However, keep in mind that it takes a lot of time and effort to develop products, so you've got to be in it for the long haul.

7. Creating Software

If you have a passion for all things technical and understand the ins and outs of the business world, this is something that you may want to pursue.

The only downside to creating software is that you need to hire developers, which can be very expensive. That being said, if you make the right app, there is the potential to make a lot of money.

This is how to create multiple streams of income.

If you are tired of working a traditional 9-5 job and are ready to create life, on your terms, this is the way to do it. You achieve freedom through passive income. It won't happen overnight, but if you work hard and are committed to the process, your money will multiply.

When you create lasting multiple streams of income your money works for you. In my eyes, this is the true definition of financial freedom.

Are you ready to learn more about the 7 online business models that have made me an Internet millionaire? CLICK HERE to get access to my free course!

Do you want to learn how you can escape the rat race? CLICK HERE to read the article that I wrote on Medium!