Have you noticed that so many people work 40 hours to 60 hours each week and still live paycheck to paycheck? Have you ever considered why? Working makes you a living, Multiple Sources (or Streams) of Income makes you a fortune.
What is MSI
Multiple Sources of Income or Multiple Streams of Income (MSI) is to have more than 1 place or business supplying you with income. If your MSI is diverse you can rely on thriving sources if you happen to have a source go bad. Most successful entrepreneurs believe 7 MSI is the best way to 7 figures. Nearly ALL millionaire entrepreneurs will say MSI in a MUST!
I compare it to owning FAANG stocks. Facebook, Amazon, Apple, Netflix, Google, are the FAANG stocks. If you own shares of each, chances are you will continuously grow over time. If 1 or 2 stocks were to fall, it’s likely the others are going up.
Common MSI Ideas
There is an abundance of methods that successful entrepreneurs use for MSI. Here are just a few of the most common and arguably most beneficial ways to lock in MSI.
Big company’s such as Amazon, Walmart, eBay, and many start-up companies, use affiliate marketing. This is basically you getting paid a commission for sending customers to buy their products. Typically you get an affiliate link or a discount code to share with your friends, family, and followers. When they use your link or discount code to make a purchase, you will get a commission of their purchase. Affiliate marketing is also nice because it is free to sign up!
Some affiliate marketers are making over $100,000 a YEAR!
It’s easy to go to a few garage sales each week and find great items to flip on sites like FaceBook Marketplace, Craigslist, eBay, Amazon, or your own eCommerce site. With as little as $10 or $20 you can begin flipping items. Look for trending items, great deals, and FREE products you can resell. Even searching for only free items is a great way to get started with no start-up fee!
Thousands of entrepreneurs took part in a 2017 flip challenge with the goal to profit $20,170 within a year by only flipping products they have found. There was an impressively high percentage of success stories coming from many of the entrepreneurs who were involved. By finding great deals and sometimes incredibly lucky deals, there were some entrepreneurs that profited over $100,000 in 2017 by simply reselling used items.
One of the most trendy and highly recommended ways to earn income, drop shipping generally has little to no start-up fee. With drop shipping you will be using eBay, Amazon, FaceBook Marketplace, Craigslist, your own Shopify or eCommerce site, to list and sell items you do NOT actually possess. You start by finding cheap products online at sites like AliExpress. Once you find a product, or some products, you list them for sale on your sites with a price increase that will be your profit. This is a highly saturated form of income. Thankfully there is typically no out of pocket cost. When a customer purchases an item, you simply take their money and shipping address to purchase the item cheaper and send it to them. You actually have nothing come to you except a profit! If you can spare $100-$200 to run ads and market your own Shopify and/or FaceBook Page, you greatly improve the likelihood of being phenomenally successful at drop shipping.
There are literally over 100,000 success stories of entrepreneurs making well over $100,000 each year by drop shipping. The top drop shipping professionals are making over one million dollars each year!
There is an incredible amount of sources of income in the world today. If you can slowly pick up and professionalize one source of income at a time, over time you will have successfully gathered the knowledge and skill set to get the full potential out of each source. You absolutely MUST be sure to give each stream of income the time and attention to be strong before overwhelming yourself. That leads to poorly maintained streams of income that run dry.
Practice makes perfect! The more you actually get hands-on experience the simpler it will become. Just like everything else you can already do now! With time comes skill. Stick to whatever you decide to pursue. Give it the time and attention it needs to actually prosper. Practice makes prosperity!