MULTIPLE INCOME STREAMS – 25 GIGS TO WEALTH
Today I will talk about Multiple Income Streams – 25 Gigs to Wealth – Young or Retired.
If you stopped going to the office today, could you live out the rest of your life in the lifestyle that you want – and do no or very little “work”?
For most of you reading this, the honest and short answer is “No.”
I have a solution that I promise you will change your life if you finish reading this article and implement most of what I recommend.
Table of Contents
Multiple Income Streams
Have you ever heard the phrase “Multiple Income Streams” or “Multiple Streams of Income”?
Both phrases refer to the same method of building wealth.
Having more than one Income Streams is familiar to virtually every millionaire and 100% of all billionaires.
But to everyone who is not a millionaire – or a billionaire – what does Multiple Income Streams mean?
Allow me to share some real-life examples of people and their current income streams.
Current Situation – The Young Person
I will start with a typical person who only graduated high school but is working hard to better themselves. I’ll refer to this person as “Sam.”
Sam works 24 hours per week at Target for 12 USD per hour. His studio apartment rent is $750 per month. That one job won’t allow Sam to pay his rent, utilities and take his girlfriend out on the occasional date. Sam gets a 2nd job at Walmart for 16 hours a week at the same 12 USD per hour.
His boss is very understanding and works his Walmart schedule around his schedule at Target. Sam now has 40 hours per week at 12 USD per hour. These two jobs give Sam an annual gross salary of 24,000 USD.
- Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
- Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
Current Situation – The Retired Person / Couple
Next, I will describe a typical retired person/couple. The husband, we’ll call him “John,” only graduated high school. John worked in construction and changed jobs every few days to few months.
His spouse, whom we’ll call “Mary,” graduated college, but in a field of study which didn’t play well but had a pension (think grammar school teacher).
Both John and Mary are nearing retirement. They’ve worked hard their entire lives and want to travel – something they never had the time or money to do much of during their working years.
As soon as they both retire, they will have three sources of income:
- John’s Social Security (12,000 USD per year)
- Mary’s Social Security (20,000 USD per year)
- Mary’s Pension (8,000 USD per year)
Total Annual Income: 40,000 USD
#1 New Multiple Income Streams – The Young Person
Sam wants more from life than the 24,000 USD per year will provide. What can Sam do to add Multiple Streams of Income?
- Sam decides to open an online store on eBay.
Sam knows that people donate and throw out nice stuff every day. He drives to the garage, sells, and buys things he thinks he can sell on his time off. He usually buys things for 25 cents to one dollar. After he cleans each item up, he takes a series of photos with his cell phone.
Sam researches similar items on eBay and decides on a price that makes him a nice profit, and posts each item. He learns about how to market his stuff from both eBay and YouTube videos. Within a few days, Sam has his first sale! Over the first few months, He begins to generate an extra 500 USD per month in profit.
Finding the items to sell, cleaning them up, setting each item up in the store, and shipping each item takes Sam about 10 hours per month. That means this third source of income is making Sam 50 USD per hour. That’s more than 4x per hour what is other two sources of income pays!
1st Step:
- Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
- Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
- eBay store paying 500 USD per month for 10 hours per month work (6000 USD per year)
Total Annual Income: 30,000 USD
2nd Step:
Sam wants more! What does he do next? He increases his eBay time from 10 hours per month (about 2.5 hours per week) to 20 hours per month (about 5 hours per week). He now has a better idea of what the people who buy from him want to buy more of, so Sam can focus his garage sales, driveway drop-offs, and Thrift store searches for those items. His profits increase to 1500 USD per month quickly.
- Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
- Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
- eBay store paying 500 USD per month for 10 hours per month work (6000 USD per year)
Total Annual Income: 42,000 USD
What more can Sam do to add Multiple Streams of Income?
#2 New Multiple Income Streams – The Young Person
Sam has learned a lot about creating an eBay store. He discovered that there are websites that sell courses that teach everything.
Sam has decided to make a short video training course and sell it on Udemy. He watches some how-to videos on YouTube and a video course teaching site called Udemy. Sam uses his old laptop computer and a $30 USB microphone he bought off eBay to record his video. It takes Sam about a month to create, edit and upload his course to Udemy.
Sam sets the list price at 79 USD but knows most sales happen at the 10 USD priced sales that occur almost weekly. Sales start slow, but as he learns how to market his course best, sales rise. Within three months,
Sam is averaging 500 USD in profit each month. He’s done a couple of updates to the system in the first three months based on buyers’ feedback but doesn’t have to update it except when eBay changes some screen layouts or process steps, which is infrequent.
Money rolls in with may an hour/month of marketing work.
Result:
So, after the upfront creation and launch, Sam’s hour per month or Marketing and update is generating Sam 500 USD in profit. Not bad for an hour’s work each month.
- Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
- Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
- eBay store paying 500 USD per month for 10 hours per month work (6000 USD per year)
- Udemy 1st course paying 700 USD per month for 1 hour per month maintenance (after learning and content creation of 40 hours) (8400 USD per year)
Total Annual Income: 50,400 USD. Sam has now more than doubled his total income from his first two jobs.
#3 New Multiple Income Streams – The Young Person
Sam has always liked doing things on his computer. He found a Udemy course that taught him how to build websites. It took him 3-months to take the online course and learn this new skill.
Sam didn’t want to embarrass himself, plus he realized he needed a portfolio to showcase his talents to clients. He started by building a simple website from which he could market his Udemy course and eBay store.
The course gave him confidence, and he learned more things about developing websites. He checked out the websites of the small Mom and Pop businesses around him.
Sam discovered that many of them either didn’t have a website at all or had one that was old and out of date. Most of the web pages were not viewable on phones!
Action:
Sam went by and spoke to several of these small business owners. He asked them if he could build them a new, modern website. If they liked the website he created, he would only charge them 50 USD for the website and hosting for one year. If they didn’t like what Sam built, they didn’t owe him a dime.
Over 75% of them agreed. Using techniques he’d learned in the Udemy course, he could build these primary business sites in about an hour. He used images he got from their existing site (if they had one). In four hours every week, Sam can create four basic small business websites. Each business owner is so impressed with Sam’s work that they all pay Sam $50 for the website and first year of hosting.
Each website has “Powered by SamsWebsites” at the bottom of each page that links to Sam’s business website he built first.
The Powered by link drives more website business opportunities to Sam.
Within six months, Sam has over 25 websites he sold at 50 USD each, another 50 at 200 USD, and is now building an average of 10 basic business websites each week at $250 per website per year. Yearly renewals cost each client 250 per year.
The Rest of the Story – The Young Person
At the end of the first 12 months, Sam has sold 200 basic business websites.
- Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
- Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
- eBay store paying 500 USD per month for 10 hours per month work (6000 USD per year)
- Udemy 1st course paying 700 USD per month for 1 hour per month maintenance (after learning and content creation of 40 hours) (8400 USD per year)
- Website Development and Hosting – $250 per year per website for 200 basic business websites (50,000 USD per year and growing)
Total Annual Income: 100,400 USD. Sam has now is making more than 4x his total income from his first two jobs.
Action:
Sam quits his jobs at Target and Walmart. Within three months, he has made up his income lost from those two jobs with additional revenue from the extra 40 hours per week he has freed up from quitting Target and Walmart. By the end of year two, Sam annual recurring revenue is over 200,000 USD.
Because most of this income comes from yearly website renewals, there is almost no regular hourly work Sam has to do to earn it. Sam is thinking about hiring a couple of bright kids to take over the construction of new websites for new clients so he can focus on marketing and finding new clients.
Sam will soon become a millionaire. Most of his income now is close to passive – he has to do little work to keep earning it.
#1 New Multiple Income Streams – The Retired Person / Couple
Mary has always liked doing things on her computer. A friend told her she could make money taking online surveys. She does some research and finds that signing up is easy, and you can complete these surveys at any time of the day or night.
Here is one example of some sites he found:
Action:
Mary signs up for all four. She spends about 2 hours per week in the evening answering polls from her laptop while John is watching TV shows. She averages 30 USD per hour.
- John’s Social Security (12,000 USD per year)
- Mary’s Social Security (20,000 USD per year)
- Mary’s Pension (8,000 USD per year)
- Online Polls (3,000 USD per year)
Total Annual Income: 43,000 USD
#2 New Multiple Income Streams – The Retired Person / Couple
John knows he can’t just sit around the house and watch TV all day. He will miss the constant interaction he got while he was working construction.
John has heard about Uber and Lyft. He’s also heard that Amazon needs “last mile” delivery drivers. He wants a new vehicle, but he can’t afford to buy a new car on their retirement income if he sits at home all day.
John decides to become an on-demand driver and delivery person. He likes to choose how many hours he wants to work and what days he wants to work. That allows him and Mary the freedom to do all of the travelings they want to do. He signs up for all three. Between the three services, he is driving about 4-hours each day, Monday through Friday.
John and Mary plan to vacation about 15 weeks each year, leaving John 35 weeks to go and deliver. After all expenses, He is making 30 USD per hour between the three jobs. That’s more than he was making as a carpenter on job sites. John drives between 8 am and 1 pm each day while Mary does her activities.
Action:
John has added 30 USD per hour profit, times 4 hours per day, five days per week, 35 weeks per year to his income. This new income stream totals to
- John’s Social Security (12,000 USD per year)
- Mary’s Social Security (20,000 USD per year)
- Mary’s Pension (8,000 USD per year)
- John’s Uber, Lyft & Amazon Driving and Delivery (21,000 USD per year)
- Mary’s Online Polls (3,000 USD per year)
- Total Annual Income: 64,000 USD
#3 New Multiple Income Streams – The Retired Person/Couple
Mary knows she cannot only putter about the house all day. For years now, Mary has had a hobby of making stuffed animals for kids. She has made over 1,000 stuffed animals for family, friends, neighbors, and their friends. She sells each stuffed animal for 100 USD each. Materials to make each animal run Mary about 10 USD, and each animal takes Mary 30 minutes to complete.
So, Mary has a net profit of 90 USD per animal. Mary has always enjoyed this hobby, and now she decides to turn it into a business. She only wants to make animals 4-hours per day, Monday through Friday, and only 35-weeks per year, so Mary and John can travel about 15-weeks per year. She says that she will be selling more of her stuffed animals and spreading the word out to her friends.
Mary finds a website developer named Sam who builds a simple business website where people can see her stuffed animals and purchase them online.
Mary has added 90 USD per stuffed animal profit, two stuffed animals per hour, 4-hours per day, 5-days per week, 35-weeks per year to her income. This new income stream totals 63,000 USD the first year and growing.
The Rest of the Story – The Retired Person/Couple
Mary and John have added three additional sources of income and now have a total of 6 Income Streams.
Their new income stream totals to
- John’s Social Security (12,000 USD per year)
- Mary’s Social Security (20,000 USD per year)
- Mary’s Pension (8,000 USD per year)
- John’s Uber, Lyft & Amazon Driving and Delivery (21,000 USD per year)
- Mary’s Online Polls (3,000 USD per year)
- Mary’s Stuffed Animal Zoo (63,000 USD per year)
Total Annual Income: 127,000 USD
Result:
Mary and John now have more than 3x of their original income by adding three new income streams. Mary has decided to hire some of her retired friends at 30 USD per hour to take over her making of the stuffed animals. She now can travel the 15-weeks per year she and John always wanted to – and in style.
John enjoys interacting with his riders and meeting new folks when he rings the doorbell to leave a package. Plus, he’s out of the house for part of every day, so he and Mary both have new stories to share every day. Mary still does the online surveys at night more as a distraction than for the income. Mary may stop soon as her stuffed animal buyers ask for a line of accessories for the animals to wear. Some are asking for a physical storybook about each animal and its life. More potential Income Streams!
Life is good!
Other Multiple Income Streams
There are many, many sources of income that one can choose. They all require a person to take the time to do some extra work or learn a new skill. If you choose wisely, you can build yourself into a person with multiple streams of income that, over time, you can remove yourself from the daily, weekly, or monthly activity required to earn money. Here is a complete list of ideas for creating your Multiple Income Streams:
- Sell on eBay
- Sell on Amazon (Set up your store and sell other companies items)
- Drive for Uber or Lyft
- Do Deliveries for Amazon
- Create and Sell an Online Course on Udemy
- Got Computer Skills? Market them on Fiverr
- Take Paid Surveys
- Become a Virtual Assistant
- Build Websites
- Make Apps for Apple or Google Play Stores
- Become a Freelance Writer
- Become a Blogger
- Deliver Food For UberEats
- Be A Task Rabbit
- Sell Your Crafts On Etsy
- Become a Coach Or Consultant
- Handyman Work
- House Sitter
- Pet Sitter/Walker
- Baby Sitting
- Computer Repair
- Design Logos
- Design Tshirts
- Rent Your Home on Airbnb
- Become a Tutor
Conclusion – Your Path to Multiple Income Streams
OK, that’s it for this post. If you have questions, reach out. I’m here to help.
I hope I have educated you on using Multiple Income Streams – 25 Gigs to Wealth – Young or Retired to create wealth like most millionaires and 100% of Billionaires (Link).
Now that you understand 25 of the hundreds of ways you can better use your time to improve your wealth, please join me today and create your Multiple Streams of Income!
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