97 – Get money coming from all directions: Tom talks Multiple Streams of Income

Episode 097 Multiple Streams of Income.

I’m going to give you a primer on why it’s so important to do this for you and your family.

Last Episode. 096 Rhoberta Shaler if you’ve got a broken relationship either business or personal, she’s your solution. Make sure you listen to that episode.

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Main Event
Multiple streams of income. This is a term that’s been thrown around a lot in moneymaking circles. It sounds good on the surface, but the question is how do you make this work in real life? That’s what I’m going to talk about today.
I look at the concept of Multiple Streams of Income as a kind of insurance policy for you and your family if you have one. If you have only one stream of income and for some reason it fails, you are in deep doo doo and have to scramble to make ends meet and you just might lose your credit rating over one bad incident.
A perfect example of this was the recent government shutdown. Tens of thousands of government workers who thought their paycheck would always be there got a rude awakening when it wasn’t. Many were getting covered by the media as almost bankrupt and appeals were made all over the place to cut them slack on their rent, utilities, food, etc. The ones out there that have been doing what I’m covering in this podcast kept right on trucking, paying their bills going on vacation and generally enjoying a little extra time off. Unfortunately, Government jobs can suck you in and the percentage of people that didn’t sweat the shutdown was massively low. I have no idea how many people came away unscathed, but I’ll bet several of my streams of income that the numbers were extremely low.
Most people just aren’t ready for a lapse of income and the results can be devastating especially if it kills your credit rating and you have late and unpaid bills and maybe collections all over your credit report. Not only will the lack of income kill you in the short run because you have no money plus, you’ll be racking up a bunch of late charges., but those bad marks on your report will mean you will pay exorbitant rates for credit in the future. Ignoring multiple streams of income, I’ll have to say is negligent. You should immediately take steps to do this. Don’t say you haven’t been warned.
My goal in this recording is to give you lots of ideas to start or increase your journey towards financial security and independence.
The first thing is if you are still in the dreaded JOB. Yes, you might hate what you’re doing, but if you have a job and it’s your main source of income you can use that income source to finance your quest for new income sources. And you might say, “I can’t make ends meet now.” What I hear when you say that is, “I’m not willing to give up luxuries and niceties in the short run to increase my financial security in the long run.”
Hey, and I know lots of people have espoused giving up your fancy cup of coffee each day, but I must tell you, there’s a lot of truth to that. However, most people talking about this don’t look at it the way I do. That 5 bucks a day is $150.00 a month. What could be done with that $150.00 a month. And I’m going to be very conservative here because I don’t preach any kind of get rich quick. I preach get very rich over time. So, what could you do with that money?
You could hire a young English student from high school to research and write (or at least rough out) and e-book for you on a work for hire basis. Work for hire means the writer does not get ghost writing credit or any rights to the book other than what you agreed to pay for the writing of the book. You’re $150.00 would get you 15 hours of work which would be more than enough for a 30-60-page e-book on a niche topic. Don’t ask me what topic. I’ve got lots of other podcasts Episode 70 in particular that cover e-books and topics was covered in episode 19 on how to create quality products out of nothing. In that episode I went in depth on how you can come up with topic ideas that are proven to sell.
Let’s say this modest e-book would sell for $17.00 which is a very common price for small pdf E-books on niche topics. Just selling ten a month would net you close to $160.00 per month. The reason you didn’t make the entire $170.00 is because whatever system you use to sell like a credit card merchant account or PayPal takes a percentage. Hey, you just made an extra $1960.00 per year if you only sold ten e-books per month. What if you sold 20 or even 50? That would be another $4080.00 to 9600.00 per year.
Sure, there are a lot more details involved in selling the book and getting traffic and people to buy the book, and I’ve got that covered in lots of episodes, but in this episode, I don’t want to get bogged down in the details. When people see too many details before they understand them, they tend to not start at all. I say start and as long as you keep your costs low, you can figure things out as you go.
You then can use this same method and do what is commonly called “Rinse and Repeat”. I.e. you just do it again and after the first e-book, each one finances the production of the next one. Each one adds up to an increased monthly income for you ….. and all just because you gave up a daily coffee shop visit for only one month.
What else could you do with that original $150.00?
You could advertise yourself as a coach or consultant. Even while still working at a regular job, you can coach people on many different things on evenings, weekends and lunch breaks. Let’s say you advertise your coaching services (again don’t ask me for what topic as I’ll be covering that in a future episode) and whatever ad mechanism you use (again I’ll cover advertising in a separate episode) So let’s say it cost you $150.00 per month to advertise yourself. Hey just one session could be between $50.00 and $200.00. I usually sell them in blocks of time so even at a rate of $50.00 dollars per session, booking three sessions pays your ad bill. If your rates are higher, booking three sessions could net you $300.00 in that month. I’m a $1000.00 per hour with a three hour minimum so coaching and mentoring can be very lucrative. You probably know things that other people would like to know if you just told them you know it and you’re willing to coach them. If you just get some regular clients and you are making several thousand dollars a month at the same time you’re still working your dreaded JOB and if you start getting referrals you could get out of advertising yourself and save that extra $150.00 per month.
How about an idea that won’t cost you anything per month? How about that?
You could put an ad in your local Craigslist and do tutoring. Hey you could still advertise your coaching their too for free I think in most areas. Maybe you’re good at math, languages, dog training. Did you realize those three I just named can be done over Skype or zoom? In person, you could tutor in soccer, softball, baseball, car repair, or any other skill you have. You could be personal trainer….no you don’t need all kinds of certifications, if you’re worried about it you could be a motivational workout partner. People will pay to learn things one-on-one. And you don’t have to be a world-renowned expert on the topic. I’ve been hoping to find an Adobe Audition editor to teach me some things about editing this podcast. I don’t care about certifications. If they can make audio sound great and they use adobe audition, that’s all I need.
Let’s look at some other angles on this.
I’ve been preaching for years on making your hobbies legitimately tax deductible. Get people to pay you to teach them or sell some kind of product or affiliate product based around your hobby and (affiliate products are products someone else creates and when you refer the products and somebody buys it you get a commission) if you structure things right, you have legitimate tax deductions which lets you keep more money from your JOB and plus you have extra income from people paying you to teach them.
What about using your home as a revenue source?
I’ve got a massive estate home ….far bigger than I really need to live, but there is no question it’s a revenue source and a pretty darn big one at that. It’s the Great Internet Marketing Retreat Center where people come in from all over the world to study Internet Marketing with me. So it’s clearly legitimately tax deductible because they pay a lot of money to come here. With a proper financial structure (ask an accountant) much of your household expenses can be attributed to your business. LEGITIMATELY. I always have to put that in there. We don’t pull any funny business here that would get you in trouble.
If you can swing it, you could purchase a rental property. This is not a real estate podcast, but a rental property can cash flow to give you extra income or not cash flow and possibly save you income tax from your job. In the case of your personal home and the rental property, if things go well, you might make money from the appreciation of the property.
If you have extra space and have the right personality and screening process, you could take on roommates to help with the rent or mortgage.
Do you see, there are ways you can bring in extra income without starting a full-blown full-time business? In a future episode I’ll be talking about “side hustles”. It seems to be the latest term used to describe tons of ways you can bring in extra money.
In this episode I just want to emphasize the importance of doing so. I don’t necessarily want you to totally concentrate on side hustles where the keyword is “hustle”. Where you are always selling time for money. I prefer you do it my way and “Work, get paid , paid, paid, paid, paid. (Many of you who have heard me speak hear me talking about this all the time.
These kind of side hustles like writing an e-book (that’s’ the work part) and then selling it for ever (that’s the get paid, paid, paid, paid, paid part.) This is more of an insurance policy for you and your family in that you can get sick or want to take some time off or in my case I had to take off three months to take care of my mother before she passed. My multiple streams just kept chugging along and I had way more money when I came back then when I left. I had friends of mine tell me if they had taken off three months, they would be bankrupt and would lose their home. You can’t let yourself get in that situation! If you’re in that situation, you listen to this podcast over and over and get your mindset to get the heck out of that situation as fast as possible.
Sponsor
Now talk about multiple streams of income. I really want you moving toward the online world because you can have so many things making you money.
I turned the Internet marketing training world on its head around the year 2000.
People like me were charging 50-100K upfront to teach what we knew to clueless businesspeople who refused to learn. I'm a small business advocate and I knew many small businesses could never afford that kind of upfront money. So, I made all those gurus mad by charging a relatively small entry fee to my program that also got a percentage of profits that was capped so you're not stuck with me forever. So, for me to get my big money you have to make way bigger money. Plus, you know I'm not going to disappear on you because I won't get any more money.
I went one step further that has never been done before. I have a big estate home and TV studio where my students as part of their yearlong training come and actually, stay in my house for an immersion weekend and that's just one of the unique
features of the program. Check out the full details at http://www.GreatInternetMarketingTraining.com and I'll have it in the show notes.
So, my bottom line advice for this episode is to keep your job cranking, cut out luxuries to finance your next stream and to put a cushion away for when you want to chuck the job altogether and then pick something to create a second stream of income. Get it profitable and go for a third, forth etc. Eventually you’ll get so good at it, that it will be too expensive for you to go to work because you’re more valuable creating multiple passive income streams. Good luck with this and watch for episode 106 in a few weeks where I’ll outline a ton of “side hustles” you can do to rapidly increase your income.

Next Episode 098 Corbin Ball He’s a top technology expert with some great, but simple tips.
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