This is a frequently asked question. It is also one of the most important topics of your entrepreneurial career. Wealth building involves more that putting in a crazy amount of work. It requires a strategic plan that involves multiple sources of income. Before we discuss these streams, let me ask you a question.
How do you make your money? Write it down. Now lets talk about the bottomline…income?
We all know that income is what pays the bills. If that is true, then why is there always more bills than income? Shouldn’t it be the other way around?
YES! You should ALWAYS have more money coming in than you have going out. This is how you build WEALTH and this should be your ultimate goal especially if you want to be completely self-made.
The Secret To Building Wealth
Now, I know that you have heard that most millionaires have, on average, 7 streams of income. I can’t really tell you who came up with this number but I can tell you that the number is not important. It is more important that you realize that having multiple streams of income is the key to making the big bucks.
I asked you earlier to write down you main source of income. So let’s break this down.
Right now, your income may consist of your salary? Is it working for you? It may be but we want you to have more. We don’t want you to just have a comfortable life because we know that you deserve better. So, we are going to provide you with 3 of the most common streams of income (outside of your job).
Invest in a piece of property as soon as you have the funds available. Anyone who has amassed great wealth has rental property. I know some of you may be thinking that you can’t afford to buy a house right now. Think again. The Federal Housing Administration approves housing loans for people with credit scores as low as 500.
Stocks and dividends can be intimidating especially if you have 0 experience with them. Do a some light research to get familiar with the terminology and go to Ellevest to get started with opening up an account. They handle your portfolio and even have investment agents that you can speak with to help you understand how you are making money.
Business income is the second largest income stream(or the largest depending on how well you build it). You should take time NOW to start mapping out a business plan. And get this you don’t even have to start big. If you want to learn how to properly run a business, I suggest starting with a MLM company.
If you are still lost, schedule a SUCCESS consultation with me here. Remember to never stop expanding your hustle. You will gain more if you do more.
Be sure to follow Success Souvenirs on Instagram for more motivation. Have a great week!