One of the secrets of the mega wealthy is that they have Multiple Streams of Income (M.S.I.s). So what are multiple streams of income? Majority of the population, who have normal jobs, exchange their time for money. For instance the last job I had where I worked in a joiners workshop ( I am a qualified site and workshop carpenter) I was being paid £10 per hour. I did 9 hours a day so I was getting £90 for the day. The problem with that is, once you exchange your time for money, you can only get so much per day, per week, and per month. You can only work so many hours before you get tired or depressed. You will need breaks, sleep and food etc as well as having time for family and general enjoyment of your life.
The wealthy folk normally exchange goods or service for money, and not just the one. For instance, let’s compare my previous life as a workshop carpenter with that of an author like J.K. Rowling streaming film. At the beginning times were hard for her, writing her first Harry Potter book when she had any spare time, while her baby slept in the pram in the local coffee shops of Edinburgh or in the evenings. Once her first Harry Potter book was published and fast become popular, she was earning money 24hrs a day, while she slept, ate, visited family, whatever she did throughout her day, she was earning money.
As she was earning 24/7 she was given the freedom to write her follow up Harry Potter books. When the next book was published she was now earning more as there were two books for sale. There are now seven Harry Potter books which are all selling worldwide, as well as the films and merchandising licenses. Each one is a separate income stream. If we focus only on the books, and not the films and merchandising, and think about it for a minute. If she sells 20 copies of each book and gets £5 per book ( just an example). That is 7 x 20 x £5 = £700 a day! Worldwide sales mean she can be earning without even working now. A month’s holiday on a desert island will result in her earning money.
The good thing about multiple income streams is that you are not relying on the one source of income. As a workshop joiner who exchanged my time for money I only got paid for the time I did. So if I took the day off sick I wouldn’t earn anything. It is worrying if your illness is prolonged. If I took a month of work for a desert island holiday I would come back home to no wages. However with M.S.I.s, like the Harry Potter books, if books no 2 & 5 sell only 2 each in a week worldwide, the other books may sell more than normal or at least keep your daily earnings to an acceptable level. Books 2 & 5 may outsell the rest the following week and keep the income coming in even if books no 1 & 3 do very poor. Either way, you are earning, and not relying on you having to physically do the work to earn the money. And at times like that which we are now facing, M.I.S.s are really needed.
Yes in the beginning there is work to do, there always has been and always will be, but the main thing is to aim for multiple sources of income. It can be rent from property, it can be books or DVDs, selling affiliate products on the internet, online membership sites or offline members clubs, maybe from food and drink from a chain of restaurants. The most important thing to remember is that the mega rich got that way from having multiple income streams. If are currently working in a job then maybe you might want to consider building a couple of other income streams to help ease or enrich your life with extra money or at least give you some extra security just in case ‘the rug is pulled from under your feet’ and you lose your job! Unfortunately in this current climate that is highly possible.