The Money Podcast Choosing the Right (Multiple) Income Stream for You
In this episode of The Money Podcast, Rob lays out the Dos and Don’ts of choosing an income stream that’s right for you and will be sustainable in the long-term. Rob argues against chasing after fads and what seems like it’s working for other people and instead advises knowing what works best with your specific expertise level and resources, as well as leveraging and building off of something you’re already doing.
Key Takeaways:
Things that are NOT a solid foundation for choosing a sustainable revenue stream:
- What you think will make you money the fastest. It’s not sustainable and there is no actual “get rich quick” strategy that works for everyone.
- Something that you hate but will try to do for a little while to make enough money to do something you like. If you don’t really like it, you’re not going to commit and put in your full effort, and so you might not end up making income at all.
- What you perceive others are making a lot of money doing. Just because you see other people successfully making money a certain way doesn’t mean it will necessarily work as well for you, especially if the correct criteria hasn’t been met.
- Things based on passing fads, which might possibly make you money in the short-term, but are not viable for any long-term sustainability.
- Something new. If you’re running through different income streams and starting new things again and again because you think a new one will be different, the issue might not be with the income stream, but with yourself and your strategy.
Things that ARE a solid foundation for choosing a sustainable revenue stream:
- Something you love to do. You’ll monetize it, you’ll figure out how to make it work, and your love for this thing will help you to overcome whatever challenges or obstacles you might encounter while pursuing it.
- Something you would love to do for a long time. Remember to try not to think short-term, but instead if this thing is something you could see yourself happily doing for years or even decades to come.
- Something you would love to learn to do. When choosing an income stream, you don’t necessarily have to be an expert in every aspect of it, but you do need to be ready to learn all about it, and actually want to.
- Something you are already good at. Take something you know you’re already are good at and figure out how you could transmute these skills to be useful in your new income stream.
- What you already do, but more of it. Instead of burning yourself out trying to do too many different income streams, just focus on the ones you already have and making them better, more efficient, and more profitable.
- Something that leverages and builds on what you’re already doing. Rather than starting from square one, choose an income stream that builds off of time, resources, or skills that you have already invested into a current income stream.
- What works best for YOU. Instead of comparing yourself or what you’re doing to others and what’s worked for them, pick an income stream that works with your experience level, as well as finances, time, manpower, and more, that you have available.
- Something that merges passion and profession. Choose something that you already love to do and see if it is something you could potentially make money doing. A good way to know that it’s something you really love is recognizing how many challenges you’re willing to overcome to make it successful.
- Something that has longevity and sustainability for you and the market. While you can’t predict the future, you can use common sense and what you know about yourself to choose an income stream with staying power.
Best Moments:
“Don’t just choose something because you perceive it’s the quickest because that could end up being the slowest or not happen for you at all.”
“Don’t get into something just because the herd is and you see it”
“Think ‘what could I love to do for a decade? Or a lifetime?’”
“You’re assuming you’ve got to do something new, but often you’ve just got to look at what you’re already doing it and do it 20% better.”
“You can really sabotage your own progress by being impatient.”
Valuable Resources:
The Disruptive Entrepreneur Podcast - https://itunes.apple.com/gb/podcast/the-disruptive-entrepreneur/id1076679649?mt=2
Money: Know More, Make More, Give More -
About the Host:
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything”
Contact Rob:
Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn - https://uk.linkedin.com/in/robmoore1979