If you’re a DreamNation subscriber, you’ve probably heard Casanova talk about multiple streams of income being a necessity.
During this difficult and trying moment, having multiple streams is even more important than ever.
Many Americans rely on one source of income (their paycheck) to cover all of their expenses. With unemployment levels at their highest since the Great Depression, many people are starting to face the consequences of living without their single source of income.
This can be a scary time for many people who have only used a paycheck to cover their bills. At the same time, the lockdown presents an opportunity for you to take control of your finances.
Building more than one stream of income is the key to getting that control.With multiple streams of income, you can build a financial cushion to help you through tough times (like now). You can also develop additional skills that you can use on your job or later in your career.
With multiple streams of income, your financial future is not based on how hard you work for yourself, but how hard your money is working for you.
What are the multiple streams of income?
Multiple streams of income are simple: They’re just different ways of making money.
A job is one source but not the only source.
- Investing in the stock market
- Investing in real estate
- Selling your gently worn clothes
- Getting interest payments
- Getting book sales
In episode 60 of the DreamNation podcast, Casanova breaks down the 8 main sources of income that you can use. He shares why you need them and gives examples to guide you through
Check out that episode if you’re looking to get those tips
How do I get started?
Unlike a job where everything is provided for you, building a new stream of income requires a different mindset.
You will need:
- Money (sometimes)
The cool thing is that you invest time in getting a stream of income started, you don’t have to keep investing your time or money.
So, what do I do to start making money?
To start, you need to consider your skills and interests.
Are you someone who has a skill that can add value to others? You can consider a job, creating courses, writing an ebook.
Are you someone who has money to invest? You might be an investor in the stock market or in real estate. You might consider peer-to-peer lending.
Once you have an idea of what you want to try, your next step is to learn. Look for the top players who are doing what you want to do.
Do you want to learn stocks? Go on Youtube and find a stock investor
Do the same thing for any stream of income
Once you have watched a few videos or read a few books, your next step is to try it. Start with a small amount of money and learn
To Get Cash Flow, Use the Power Income Streams
For many people, the idea of creating your own stream of income can be scary and overwhelming. It doesn’t have to be. With a new mindset and a willingness to try things outside of the ordinary, you can build something that offers you a learning experience, an incredible story, and a few more dollars in your bank account.
But, I Still Can’t Decide Here’s a 3-Minute Quiz to Help
If you still need a little more help with ideas for your new streams of income, take this free 4-question quiz to give you some ideas.