Episode 32: How to Get Started with Multiple Income Streams

Jun 29

“Just like investors want to diversify their investments, diversifying your income helps you reduce risk with money.”

In today's episode, we'll discuss one of my favorite personal finance topics: multiple income streams. I have been a multiple income stream girl since I left my parent’s house at 18. Today my husband and I have over 10 income streams and in this episode I am going to teach you how to get started on your multiple income stream journey. The average millionaire has seven income streams, which is by no accident or mistake; it is because it is a good financial strategy to have multiple income streams. And if you are not doing this in your financial life, now's the time, my friend.

Here’s what we'll cover:

Three reasons why you need multiple income streams
Where to look in order to create multiple income streams
Mindset you must have in order to be successful on your multiple income stream journey

Key highlights

[00:00:00] Holistic Money Podcast intro

[00:01:38] Holistic Money Program officially opened for enrolment

[00:02:33] Introduction to today’s topic: Multiple income streams

[00:03:56] Why I love multiple streams and why you should implement the same

[00:04:05] #1: It diversifies your income

[00:06:02] #2: It helps me diversify my attention in my income-making process

[00:07:10] #3: It helps me accelerate my wealth-building journey

[00:08:37] #4: Allows you to infuse a lot of creativity into your money-making process

[00:09:45] Places to start creating multiple incomes:

[00:10:00] #1: At your professional skillset

[00:13:13] #2: Through real estate

[00:16:11] #3: Invest in a rental property with multiple investors

[00:17:01] #4: Exploring different websites

[00:18:25] Holistic Money podcast outro

Notable Quotes

The average millionaire has seven income streams, which is by no accident or mistake; it is because it is a good financial strategy to have multiple income streams. And if you are not doing this in your financial life, now's the time, my friend.
You may also be listening as an entrepreneur with a business, and you're putting all your time and energy into building this business. But multiple income streams can be so helpful in your business-building process simply because it allows you to take a lot of the pressure you may have off this income stream and diversify across various ways to make money.
What happens for my husband and I is whenever we're creating any kind of goal for the future, it's not like we're discouraged by our timeline because we realize there are so many different ways that we can get to the goal that we want to achieve, and that feels like a much more creative and free process versus just having one income stream with a fixed amount of money coming in and waiting to hit a financial goal based off of how much you can just save from one income stream.
Having multiple income streams coming in at different times at different paces helps you start to accelerate your goals and remain more positive through the wealth-building process and see more possibilities on how you can hit your wealth-building goals faster.
Making money does not have to be a hard, laborious, stressful process; you can have fun. You can do things you like and start making money for them.
I always love to have alternative plans with my income as an entrepreneur, and I think it's healthy and helps me be better at my work.
Sure, I love home ownership in the aspect of having an investment that will appreciate over time. Still, I think what is more interesting about real estate and home ownership is how you can leverage income from your property.
The truth is, there are unlimited ways for you to add income streams to your life. Your mindset about it is The biggest thing you have to work through. The beliefs that you have around taking on multiple income streams and how you think your time and energy should be diverted in your money-making process because if you're disbelieving, you should have one income stream to support your whole life, then it's going to be difficult to start to understand how you can take on multiple income streams at once.