Multiple streams of income? You must think I’m a bit nuts!
I know how compressed your time is already. You barely have enough time to breathe- let alone manage another financial asset.
You may have heard the concept of multiple streams of income through Robert Allen or Robert Kiyosaki. You may even like the idea.
However, you may be feeling confused and unsure. You may wonder where to start.
Here are some of the best ways that I’ve personally observed and experienced multiple streams of income.
In this podcast you will:
- Acquire the 7 streams of income that Dave thinks are the most secure (HINT: Dave may be doing some of these side hustles himself!).
- Learn the pros, cons and financial requirement of each of the side hustles.
- Receive an honest break down of these 7 income streams to find if one or many of them may be a fit for you.
- Gain over a dozen reliable resources to assist you in starting your different income streams.
Resources mentioned in this podcast:
Multiple Streams of Income Book
![Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth by [Allen, Robert G.]](https://images-na.ssl-images-amazon.com/images/I/51zwkFMXsaL.jpg)
Financial Prosperity Through Mentorship with Peter Kim Podcast
The Revolution of the White Coat Investor Podcast
Smart Passive Income Website- Pat Flynn
Cliff Ravenscraft Website – podcastanswerman.com
John Lee Dumas – E on Fire Website
Build Skills and Become a Doctorpreneur – Empire Flippers Podcast
Cory Fawcett MD – Stop Digging! Podcast
Prescription for Financial Succe$$ Website
Larry Harbolt Podcast – The Real Deal
Real Estate Educator – Larry Harbolt Website
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TRANSCRIPTION:
Multiple streams of income? You must think I’m a bit nuts!
I know how compressed your time is already. You barely have enough time to breathe- let alone manage another financial asset.
You may have heard the concept of multiple streams of income through Robert Allen or Robert Kiyosaki. You may even like the idea.
However, you may be feeling confused and unsure. You may wonder where to start.
Here are some of the best ways that I’ve personally observed and experienced multiple streams of income.
I have listed these in order of financial commitment- least to most.
1) MLM- Multi-Level Marketing. In this podcast through Docs Outside the Box, you’ll discover Dr. Peter Kim and his wife have had some great successes in skin-care through Rodan & Fields.
- Pros: Very, very little start-up capital needed. You don’t have to create a product or selling system. One is already in place. Income can add up very quickly.
- Cons: Can be fairly time intensive to start out. Plus, you have to have some thick skin to take some rejection! Also, it’s not your product.
2) Amazon FBA- Shirt Creation. My friend Nick Loper from Side Hustle Nation has a great business on the side where he and his wife create snazzy designs that they upload to Amazon.
- Pros: NO start-up capital needed. No physical inventory that you keep. No minimum orders needed.
- Cons: You have to keep an eye on what is selling and what is not selling and constantly create new designs. Income can take some time to build. Amazon controls your customer base.
3) Airbnb Rental Arbitrage. You rent out an apartment or home in a desirable location and sub-lease it out through Airbnb short-term rentals.
- Pros: Very minimal capital needed. May need to furnish the place. Can make a profit without a long-term commitment.
- Cons: Have to deal with renters/cleaning or hire a property manager to take care of it for you. Rents can rise. Airbnb may face pressure from cities/hotels (I got my AirBNB reservation canceled recently in Anaheim due to regulatory changes.
4) Blogging/Podcasting. Start your own blog or podcast on some very niche that you are passionate about. Heroes to look up to here- The White Coat Investor, Pat Flynn, Cliff Ravenscraft, E on Fire, etc.
- Pros: A few hundred bucks a year should cover your minimal costs. You control the product and what is said. It’s your baby! You can a megaphone to announce your thoughts, beliefs, and feelings to the whole world to make an impact in an area that is important to you.
- Cons: Can be VERY VERY slow to ramp up. May take months or even years to monetize your creation. However, when you do and create products and services around that niche- it can be very, very profitable. Another major con is the bright shiny squirrel syndrome. There are TONS of products around this space that people will try to sell you. Some are very helpful, others not so much.
5) Land Investing. Flip land like the Land Geek, Mark Podolsky. This is an area where I am personally investing a huge amount of both time & money. The idea here is that you buy an asset for 25 cents on the dollar and then turn around and sell it for a dollar or more. You could potentially reap a 300% to 1,000% rate of return on the flips (but that doesn’t take into account mailing costs or other costs of running the business). Taking into account the costs of capital- realistically, I think we’re shooting for 50% to 200% rates of return- which is still absolutely amazing!
- Pros: Takes a moderate amount of capital to start- think $3,000 to $10,000. Very significant rates of return can be realized. You can scale the business significantly by hiring virtual assistants to do basic tasks and minimize your time spent. (Hint: Only after you master each step!)
- Cons: Especially economic sensitive. Your income could be cut in half in a bad economy. This business requires more and more capital to allow the business to scale & grow. Lots of nuances and differences from county to county. Certain counties are not good to target.
6) Buying an Online Business. Through a business broker like Empire Flippers, you can acquire (& sell) online businesses.
- Pros: You can acquire an online business that has currently had cash flows today. You don’t have to wait to get a significant income like you might with the T-shirt biz or starting a blog or podcast from scratch. Like the land business, you can leverage your time by hiring virtual assistants.
- Cons: Could require a very significant amount of capital- $10k to $500k depending on the size of the deal. The numbers are based on past history- which may or may not repeat in the future. Requires more time & dedication to first understand the business and then to try and maintain/grow it (Although, perhaps not a significant amount of time with the right staff).
7) Buying Rental Homes/ Multi-Family Units. Ah, the classic real estate play. Buy, fix, and flip. Letter campaigns. Foreclosures. Long-term rentals. Multi-family units. Wholesaling real estate deals. There’s no shortage of ways to make money from real estate. You can buy & hold or flip ‘em. You can buy them locally or across the country. The possibilities are endless!
- Pros: One of the most common methods hundreds of thousands of Americans have created wealth. Everybody needs someplace to live. Many different ways of making money.
- Cons: Typically involves a very significant amount of leverage through debt financing. Can be very significant capital costs to buy and then maintain. Very difficult for the average person to get a hold of, but once they do- can be extremely profitable- IF they bought right.
Final Thoughts
My friends- you can create these streams of income and now you have 7 different ways that you can accomplish that monumental task. Get enough self-education so that you could do it yourself. The basics are pretty easy. The devil is in the details when you actually implement.
Consider that a risk is a risk. It takes a leap of faith at some point. Don’t take too long to take action. Sometimes we have to jump off the plane and figure out how to open the chute as we fall. Just make sure you have the chute. By that- I mean the cash flow and savings to make up for the possible mistakes that could occur as you implement.
I encourage most people to start out taking SMALLER risks. Don’t go for the home run- go for the single. It’s easier to recover. As far as I’m concerned, you have the intelligence and interest. You’ll be just fine. Keep those basic principles in mind.
Whenever you want some coaching, I’d be happy to share with you whatever I know. You can apply for a free 30-minute coaching session with me at dave@doctorfreedompodcast.com.
Let me leave you with this quote, my friends…
“Don’t let the opinions of the average man sway you. Dream, and he thinks you’re crazy. Succeed, and he thinks you’re lucky. Acquire wealth, and he thinks you’re greedy. Pay no attention. He simply doesn’t understand.”
― Robert G. Allen
