The Money Podcast 10 Ways to Build Multiple Streams of Income
Do you know what 10 factors are required to build multiple streams of income?
In this episode of Money, Rob takes us through how to plan, implement and build multiple streams of income fast!
The energy and information in this podcast provide the perfect kick start for anyone thinking about how to get started with multiple streams of income and make money, listen in now!
KEY TAKEAWAYS
- You have to start with one income stream first and get that set before you move onto the next one. If you are spread thinly over different strategies you will not be able to get deep enough at one for it to make you money.
- Start the second stream when you have got the initial income stream systemised so it is not necessary for you to spend all your time on it.
- The 70/20/10 model;
70% of your time should be on your main income stream
20% on the second income stream
10% on a third income stream or researching future income streams
- leverage existing income streams to transmute your experience into future income streams. If your next income stream is related to what you are doing in the initial income stream you can use all your prior experience and expertise.
- You need a capital and cash flow balance. Capital is what protects you from the peaks and troughs of the financial climate and recession its cash, its ownership, it’s assets. Cash flow is your flow of money. You need both capital and cash flow to make money.
- Add income streams that are related to your other streams. These are add on income streams that are a natural consequence of what you are doing.
Once you get to a certain scale you can bring something inhouse and create another income stream from it.
- It’s important to de-risk and diverseify by having one unrelated income stream. If your other business models drop, you have another unrelated business model that is unaffected.
Using a counter-cyclical model enables you to have a business that is successful in a falling market and one that is successful in a rising market.
- Using leverage and enablers. Internet and social media are the enablers of the world it’s important to make sure you are leveraging these effectively. They speed up your income building and the flow of money
- Reinvesting back into your assets to nurture, develop and grow and mature them. Investing back into innovation, extra resources, growing and improving quality will help money flow.
- Converting your time into assets. If you are going to exchange your time try and make sure it is invested into an asset that can give you a long term residual benefit.
You need to maximise the time into assets and minimise the time into money exchange because the money exchange isn’t repeatable.
BEST MOMENTS
- ‘At least 50% of our experience was transmutable to the new income stream ‘
- ‘The average millionaire has 3 income streams’
- ‘Make sure you are adding the second stream at the right point, if you add it too soon it's going to take time and focus and results away from the first income stream’
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor and property educator. Author of global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
https://www.facebook.com/robmooreprogressive/?ref=br_rs
https://uk.linkedin.com/in/robmoore1979