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How do so few people manage to earn such a high percentage of the money? The answer: They have multiple sources of income (MSI).
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Bob Proctor discusses 3 percent of the population receiving 97 percent of all the money that is earned.
You may think you’ll eventually accumulate great wealth from the income you earn from your job. However, for most people, the odds of becoming financially free from a job that is their only source of income are quite low.
I know starting a business while working a job may seem overwhelming. But, you CAN do it. And the easiest, fastest and most effective way is by doing something that is closely related to what you’re already doing or something you’re really good at.
Here are five steps to help you create an effective strategy for developing MSI:
Create a mindmap. Take out a piece of paper and write what you do, your main product or your primary service in the middle and draw a circle around it. For example, if you’re a farmer, write farmer in the middle of the page and circle it.
Let your imagination run wild. Relax and think of all the products (e.g., planters, new crops) and services (e.g., teach others how to farm/garden, put in gardens at people’s homes) you can create that relate to your existing business.
Also, think of other people’s products, such as farm or garden tools, or services (e.g., farm consulting) you can promote.
Draw several lines from the center circle on your paper so it looks like a spider. Each time you think of a new product or service, write it down at the end of one of the lines and circle it.
If you think of an offshoot that is related to one of your previous ideas, be sure to connect it (via a line) to the appropriate product or service.
Identify passive income sources. Make a list of passive income sources that are on your mindmap. A source of passive income is something that you create once and then it continues to generate income with little or no input from you.
For example, writing a book is a passive income source. You write it (and market it) once and sell it over and over. Other forms of passive income include courses, audio or video programs, affiliate marketing, licensing your ideas, franchising, and continuity programs (i.e., memberships).
Identify where you can get the biggest bang for your time. Also look for ideas that allow you to reach many people at once, such as teaching classes, leading workshops, speaking in public, or creating videos.
Choose just one. Although you may identify several potential additional income sources during this process, pick just one to start with.
Planning and launching a new source of income is the most time-consuming part. Avoid the temptation of jumping into several ideas at one time because putting your focus into many areas will dilute your efforts and slow you down.
Creating additional income sources won’t happen overnight. So make sure you give each of your potential income sources the time and effort needed to get them running. However, be aware that everything is not going to pan out.
Of course, we all get the same amount of time, so it’s what you do with that time that makes the difference.
The problem is most of us learned from an early age to get a good job, pay the bills and save some money for a rainy day.
So we hoard our money and, as a result, we never drive the car we want or live in the house we really want. And when we go into a store, the first thing we do when we see something we want is to look at the price tag to see if we can afford it.
That’s not the kind of life God intended us to live. The Divine created us to live full and abundant lives.
So, no matter how much you make, start thinking about ways to multiply your time (and your money) by adding passive sources of income.
Then, you’ll be on your way to reaching the point where, instead of always looking at price tags, you can focus on and get what you really want in life and be able to give more to others.
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