Thread by @AskTheGiver, We always hear:“Millionaires have 7 Streams of Income”.. but we’re never told [...]

We always hear:

“Millionaires have 7 Streams of Income”

.. but we’re never told how those streams are created..

Let’s talk

.

“CREATING 7 INCOME STREAMS”

(A MEGA THREAD)

1.

Before we get started..

You need to understand this:

• Millionaires are millionaires for a reason

• More income streams does not equal more wealth

• There are infinite ways of doing this

—> Keep these things in mind..

Let’s get started

2.

~ STREAM 1 ~

Got a job?

Cool..

You’re done

If not..

—> Here’s what I recommend:

• A sales position
• Waiting at a high-end restaurant

OR

• A position that teaches you “high-income” skills:
- Sales
- Marketing
- Copywriting
- Web Development

3.

This doesn’t have to be your “forever job” that you work for 30 years..

Find something that brings in some dough

..

.. or something that teaches you HOW to bring in some dough

..

(cont..)

4.

Once you’ve got a job..

You’re probably bringing in between $1500-3000/mth..

But to be generous, let’s say you’re making $1500/mth..

Understand this:

THIS IS YOUR SURVIVAL $$$

(Here’s what I mean)

5.

Your first stream of income is NOT meant to give you the life you’ve been dreaming of..

- Save 6 months of expenses
- Pay your bills
- Be patient

As you’re saving up 6 months worth of expenses..

You need to be building Stream 2..

6.

~ STREAM 2 ~

Think of Stream 2 as the fuel

to your income stream FIRE

Adding an income stream reduces your financial risk and opens up an infinite amount of opportunities..

This stream won’t make you “rich”..

But it’ll open the doors to what will

(cont..)

7.

Keep in mind..

You’re not going to build this stream “instantly” like the first..

You’ll be building something that makes you money consistently..

Here’s what I recommend

8.

1. Flipping (Products for Profit by @CoachJoeHart)

2. Creating Websites

3. Growing an Engaged Following

—> Let’s talk about these over the course of those 6 months..

(cont..)

9.

Flipping

Products for Profit has been WILDLY successful..

.. and there are people making thousands upon thousands each month..

It takes practically NO skill and Joe teaches you the rest..

I’m not an affiliate, but I don’t mind promoting something that WORKS

10.

If you don’t have a ton of free time to spend, you can still turn this into a nice bit of income..

Once you get it all down, you can expect a minimum of $500/mth profit, but many people are doing more than that..

(Next)

11.

Building Websites

Whether you know how to build websites or not..

It’s something you can learn within a few days if you follow @joserosado’s method..

He will LITERALLY take you from knowing NOTHING..

..to knowing everything it takes to make some serious

(cont..)

12.

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Once you get comfortable..

.. you can cash out $500-$2000 by building ONE single website each month.

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13.

Building an Engaged Following

Remember:

—> We’re giving ourselves 6 months to add Stream 2...

.. and this is my personal favorite

(Let me explain)

14.

When building an “engaged” following..

You’re getting people to follow who will:

- Support you
- Buy from you
- Buy from you again

** This doesn’t happen instantly, but it’s an income stream you can continue to grow forever..

(Example)

17. (others got deleted)

If you’re not sure you’ve got what it takes to hit 5000-10,000 followers ..

I teach EVERYTHING here: http://gum.co/GaqNP

I’ve taught these strategies to close friends of mine and their growth has been EXPLODING consistently..

$25 is worth it

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18.

In short,

Your second income stream should be based around something you’re good at..

Or something you’re willing to learn

As mentioned before:

—> This is NOT meant to make you rich

But..

(Here’s what it just did for you)

19.

Stream 2 just gave you an income source that you can invest SAFELY

Your job has covered your bills and your emergency fund..

.. so creating wealth is your next focus

(Keep THIS in mind)

20.

There ARE people making:
- $5000/mth Flipping
- $10000/mth with Websites
- $10000/mth with a Following..

But we’re being generous here..

Realistically, Stream 2 should be bringing you AT LEAST $1000-2000/mth after 6 months

(cont..)

21.

If this is true..

You’ll want to take that $1000-2000/mth and either:
- Put some aside for Rental Properties
- Put some into Dividend-Paying Stocks

—> Notice what happened..

We took the income from Stream 2..

and turned it into 3 AND 4..

(cont..)

22.

I’m not going to detail how to go about these things as there is plenty of information available..

I WILL recommend reading “Investing in Duplex, Triplexes, and Quads” by Larry B. Loftis

And follow @TheAlphaThought & @CalebGregory304 for Dividend Advice

23.

LETS TAKE A BREAK

At this point..

You have 4 Streams of Income..

But you’re not “rich” yet..

- Your job is bringing $1500/mth
- You’re hitting $2000/mth on Twitter
- You’ve got a property rented out
- You have some dividends coming in..

So now what?

24.

When you get to this point..

You probably don’t have much free time left..

It took a few months to find a Rental Property so maybe you’re 1-2 years in..

.. and your following is now bringing you $4000/mth (which is enough for your bills) so you quit your job..

(cont..)

25.

Now that you’ve finally quit your job.

You’ve got a TON of extra free-time..

So what do you do?

Options:
• Increase Stream 2
• Buy another property (stream 5)
• Teach what you know (stream 6)

(cont..)

26.

As mentioned earlier, there are endless options here..

- You don’t “need” to buy property..

- You don’t “need to invest in stocks..

—> But the concept is what’s important here..

: Use your income to BUY more income

27.

@CJ_Johnson17th is a PERFECT example of this..

He makes money with:
- Several courses
- Real estate
- His watch company
- Stocks/Options
- and more..

STICK TO WHAT YOU KNOW!

(but don’t be afraid to learn)..

27.5

—> You don’t need to have 7 streams of income coming from 7 different niches (it can get complicated that way)..

28.

You want multiple streams for:

1.) Extra income (duh..)
2.) Less financial risk (diversity)

You may become a millionaire off of 4 streams..

Maybe it’ll take 10..

Every situation is unique..

29.

The goal here is this:

Increase your income..

.. without increasing your “hours worked”

(Scalability)

.

Over time..

Your 1 hour of “work”

Will go from being worth $20..
to $2000

(cont..)

30.

If you can consistent increase 1 income stream..

.. that’s safer than going out looking for another one..

—> It’s not until that stream becomes “a hassle” or doesn’t scale any higher that you should move on..

31.

It’s important to focus on:

Increasing income

Not income streams

~ So how do you get started? ~

- Find a mentor
- Use online resources
- Just freaking TRY!!!

Experience is the best teacher

So don’t be afraid to try and fail, OFTEN

32.

Getting started is always the toughest..

But if this was easy..

You’d have 7 income streams

(cont..)

33.

This thread wasn’t “meant” to teach you how to get 7 streams TODAY..

But you should have a pretty damn good idea of “how” those streams are created..

.

In the beginning, you exchange time for money

->

But as you progress..

Money should FREE UP your time

34.

I’m curious to hear what you have to say after reading this..

- Is “7 streams” stupid?

- Is there an easier way?

- or did you learn something?

Please let me know, let’s have a conversation

35.

Also,

I wrote this thread THREE TIMES because Twitter couldn’t handle the content..

Please..

If you learned absolutely anything or found this interesting..

—> RT the first Tweet for me..

** If this one performs well, I’ll know to keep it up

Thank you for reading

First tweet:

https://twitter.com/askthegiver/status/1276527643823923205?s=21 https://twitter.com/askthegiver/status/1276527643823923205

https://twitter.com/askthegiver/status/1276527643823923205?s=21

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