I recently spoke at a seminar on “How to Develop Multiple Streams of Income” and during the question and answer session, a member of the audience asked, “Dayo, how can I attract multiple streams of income when I can barely take care of my bills and family expenses”? I replied, “You can use your skill, hobby, interest or talent.” I know most of you will be wondering what I am talking about, but please do indulge me for a few minutes. Multiple Streams of Income (aka MSI) is a concept, which has been adopted by almost all very wealthy people. It is exactly what it says; it is “income from multiple streams.”MSI is not another job neither is it a better job nor a job. Multiple Streams of Income is other source(s) of income aside your primary source of income. MSI is a way of adding a new dimension of excitement and fun to your everyday life, while you are becoming wealthy. For example my primary source of income is Corporate Training while my MSI is keynote speaking, events hosting, coaching, consultancy, publishing and presentation. When I write a book and it is resold time and time again in various countries, I have created the perfect MSI. I do the work once but I am paid for it over and over again. Also when I develop a presentation once I can present it over and over again. This allows me more time and space to create more income generating projects. Let me share with you what sort of things I’m personally interested in as far as MSI’s go, in case you may want to create your own interest list. The point here is that I start from my own life and my own interests. This is what I am suggesting you do. I am very interested in MSI’s in the following areas: Information Technology, TV Presentation, Branding, Public Relations, Selling Information Products and Services, Internet Marketing, Publishing, Speaking and Coaching, Organising Events, Artiste Management and Music Promotions.
What are the benefits of MSI? Money comes into your pocket in so many ways; you do not depend on one source of income and thereby you avoid risk. You are practising the art of diversification by not putting all you eggs in one basket, and you are leveraging your time. You can create some products, programs or services only once, and then market them over and over again. The major downsize is that if care is not taken, you will tend to lose focus. Here are the four top general streams of income of most millionaires today: real estate – rental income, home appreciation, proceeds from sales; financial Markets – stocks, bonds, IRAs, CDs, money market accounts, generally any interest income; business – brick and mortar or Internet based and finally general Employment – trading labour for a pay check.
According to one of my teachers, Bob Proctor, “There are three income earning strategies. The first is trading time for money which is by far the worst of the three income earning strategies. It is employed by approximately 96% of our population including doctors, lawyers, accountants, labourers, etc. There is an inherent problem with this strategy – saturation. You run out of time. If a person accumulates any degree of wealth employing this strategy, it will be at the expense of a life. They compromise on the car they drive, the house they live in, the clothes they choose and the vacations they take. They rarely, if ever, get what they want. The second is investing money to earn money: this strategy is used by approximately 3% of the population. The number is small for the obvious reason – very few people have any money to invest. Many people who effectively employ this strategy follow the advice of a trusted, knowledgeable advisor. And lastly, leveraging yourself to earn money: this is where you multiply your time through the efforts of others by setting up Multiple Streams of Income (MSI). This is, without question, the very best way to increase your income.”
Make a decision to have many streams of income; it is the strategy that wealthy people have used dating clearly back to the ancient Babylonians. Unfortunately, this strategy is only used by approximately 1% of our population, yet that 1% earns approximately 96% of all the money that is earned! According to Lao Tze “Find something you like and you will not work for the rest of your life”. Your MSI should be as follows: be low-risk, have low time involvement, require low management, demand only low personal energy, require low capitalisation, need high thinking, deliver high service, reward with high personal satisfaction, and must be unique. You can turn your interest, hobby, passion, talent or skill into income stream if you do not have the money to go into real estate, financial market or business.
Here are possible MSI’s to help you decide: give speeches, publish a book, provide marketing materials, proofreading, start an association of achievers, organise an award ceremony, start a networking event, create a website, exporting, tell people how to dress (fashion designing), organise a retreat and get the rights to a product. Make a list of your interests, skills, hobbies, and anything that interests you on a paper. My question to you is, can you turn anyone of them into another income stream? Which one of them can you take action on NOW? Take Action – There are endless possibilities for MSI. Do not procrastinate.
According to Robin Seiger in his book “42 Days to Wealth, Health & Happiness” he said “they procrastinate. Tomorrow, next week, next month, next year and it never comes. So many people wake up one day and discover they are old. And their youthful dreams are gone forever.” Here is my final question to you: would you like to have a stream of income or multiple streams of income? Start today on your journey to financial success and do it the M.S.I way. From our fingerprints to our thoughts pattern, each one of us is a unique creature. Human beings are incredible people, you can turn penny into fortune, you can turn nothing into something. You are endowed with the seeds of greatness.
Dayo Olomu is a UK-based Motivational Speaker, TV presenter, Peak Performance Coach, Event Presenter, Human Capital Development and Business Transformational Strategist. His core belief is that we are all endowed with seeds of greatness, and his mission is to inspire and empower individuals and organisations to higher levels of achievement and peak performance. He is the best selling author of “4 Indispensable Strategies for Success” and the President of African Business Success Forum. Visit his website at www.dayoolomu.com or send an e-mail to [email protected]