Multiple Income Streams – 25 Gigs to Wealth – Young or Retired

Multiple Income Streams – 25 Gigs to Wealth – Young or Retired

Multiple Income Streams
25 Gigs to Wealth
Young or Retired


Sales ARE OPEN for My New Book!

“Angel Investors to Venture Capital – 10 Slides to Startup Funding Success – Entrepreneurs Guide to Startup Fundraising”


❏ Today I will talk about  Multiple Income Streams – 25 Gigs to Wealth – Young or Retired (Link)

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.

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 common 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 really 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 goes and gets a 2nd job at Walmart for 16 hours a week at the same 12 USD per hour. Sam’s 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.

  1. Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
  2. 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 with 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 pay 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:

  1. John’s Social Security (12,000 USD per year)
  2. Mary’s Social Security (20,000 USD per year)
  3. Mary’s Pension (8,000 USD per year) 

Total Annual Income: 40,000 USD

New Income Stream #1 – 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?

  1. Sam decides to open an online store on eBay.

Sam knows that people donate and throw out nice stuff every day. On his time off, Sam drives to garage sells and buys stuff he thinks he can sell. Sam usually buys stuff for 25 cents to one dollar. After he cleans each item up, he takes a series of photos with his cell phone. He researches similar items on eBay and decides on a price that makes him a nice profit and posts each item. Sam 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, Sam begins to generate an extra 500 USD per month in profit.

Finding the items to sell, cleaning them up, setting each item up on 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!

  1. Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
  2. Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
  3. eBay store paying 500 USD per month for 10 hours per month work  (6000 USD per year)

Total Annual Income: 30,000 USD

Sam wants more! What does he do next? Sam 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 is able to focus his garage sales, driveway drop-offs, and Thrift store searches for those items. His profits increase to 1500 USD per month quickly. 

  1. Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
  2. Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
  3. 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?

New Income Stream #2 – 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. He has decided to create a short video training course and sell in 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 happen almost weekly. Sales start out slow but as Sam learns how to best market his course, sales rise. Within three months Sam is averaging 500 USD in profit each month. He’s done a couple of updates to the course in the first three months based on buyers feedback but really 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.

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 hours work each month.

  1. Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
  2. Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
  3. eBay store paying 500 USD per month for 10 hours per month work  (6000 USD per year)
  4. 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. 

New Income Stream #3 – 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. He didn’t want to embarrass himself, plus he learned he needed a portfolio to showcase his skills to clients. He started by building a simple website from which he could market his Udemy course and eBay store. This 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 they had one that was old and out of date. Most of them were not designed to be viewable on phones!

He 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 built, he would only charge them 50 USD for the website and hosting for 1 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 basic 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 is able to create 4 small business basic 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. This 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 Multiple Income Streams

At the end of the first 12 months, Sam has sold 200 basic business websites. 

  1. Target job at 24 hours per week at 12 USD per hour (14,400 USD per year)
  2. Walmart job at 16 hours per week at 12 USD per hour (9,600 USD per year)
  3. eBay store paying 500 USD per month for 10 hours per month work  (6000 USD per year)
  4. 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)
  5. 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. 

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 annual 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. 

New Income Stream #1 – The Retired Person / Couple

Mary has always liked doing things on her computer. A friend told her she can 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 are some sites he found:

  1. Multiple Income Streams
  2. Multiple Income Streams
  3. Multiple Income Streams
  4. American Consumer Opinion

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.

  1. John’s Social Security (12,000 USD per year)
  2. Mary’s Social Security (20,000 USD per year)
  3. Mary’s Pension (8,000 USD per year) 
  4. Online Polls (3,000 USD per year)

Total Annual Income: 43,000 USD

New Income Stream #2 – 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.  John wants a new vehicle but if he sits at home all day, he can’t afford to buy a new vehicle on their retirement income. He decides to become an on-demand driver and delivery person. He likes that he can decide how many hours he wants to work and on what days he wants to work. That allows him and Mary the freedom to do all of the travelings they want to do. John signs up for all three. Between the three services, he is driving about 4-hours each day Monday through Friday. He and Mary plan to vacation about 15 weeks each year, leaving John 35 weeks to drive and deliver. After all expenses, John 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. 

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 

  1. John’s Social Security (12,000 USD per year)
  2. Mary’s Social Security (20,000 USD per year)
  3. Mary’s Pension (8,000 USD per year) 
  4. Mary’s Online Polls (3,000 USD per year)
  5. John’s Uber, Lyft & Amazon Driving and Delivery (21,000 USD per year)

Total Annual Income: 64,000 USD

New Income Stream #3 – The Retired Person/Couple

Mary knows she can’t just 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 runs Mary about 10 USD and each animal takes Mary 30 minutes to make. 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. Mary only wants to work on making animals 4-hours per day, Monday through Friday and only 35-weeks per year so she and John can travel about 15-weeks per year. Mary puts the word out to her friends that she will be selling more of her stuffed animals and to spread the word. Mary finds a website developer named Sam who builder her a simple business website where people can see her stuffed animals and purchase online. 

Mary has added 90 USD per stuffed animal profit, 2 stuffed animals per hour, 4-hours per day, 5-days per week, 35-weeks per year to her income. This new income stream totals to 63,000 USD the first year, and growing. 

The Rest of the Story – The Retired Person/Couple Multiple Income Streams

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 

  1. John’s Social Security (12,000 USD per year)
  2. Mary’s Social Security (20,000 USD per year)
  3. Mary’s Pension (8,000 USD per year) 
  4. Mary’s Online Polls (3,000 USD per year)
  5. John’s Uber, Lyft & Amazon Driving and Delivery (21,000 USD per year)
  6.  Mary’s Stuffed Animal Zoo (63,000 USD per year)

Total Annual Income: 127,000 USD

Mary and John now have more than 3x 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 is able to travel the 15-weeks per year she and John always wanted to – and in style. John is enjoying himself 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 with each other every day. Mary still does the online surveys at night more as a distraction than for the income. She may stop soon as she’s discovered that her stuffed animal buyers are asking for a line of accessories for the animals to wear. Some are asking for a physical story book about each animal and their life. More potential Income Streams!

Life is good!

Other Income Streams

There are many, many sources of income that one can choose from. They all require a person to make 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 the money. Here are a more complete list of ideas for creating your Multiple Income Streams:

  1. Sell on eBay
  2. Sell on Amazon (Set up your own store and sell other companies items)
  3. Drive for Uber or Lyft
  4. Do Deliveries for Amazon
  5. Create and Sell an Online Course on Udemy
  6. Got Computer Skills? Market them on Fiverr
  7. Take Paid Surveys
  8. Become a Virtual Assistant
  9. Build Websites
  10. Make Apps for Apple or Google Play Stores
  11. Become a Freelance Writer
  12. Become a Blogger
  13. Deliver Food For UberEats
  14. Be A Task Rabbit
  15. Sell Your Crafts On Etsy
  16. Become a Coach Or Consultant
  17. Handyman Work
  18. House Sitter
  19. Pet Sitter/Walker
  20. Baby Sitting
  21. Computer Repair
  22. Design Logos
  23. Design Tshirts
  24. Rent Your Home on Airbnb
  25. Become a Tutor

Related:  New Years Resolutions or Tasks – Which Should You Set?  (Link)

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 the ways in which you can use 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 own Multiple Streams of Income! 


Sales ARE OPEN for My New Book!

“Angel Investors to Venture Capital – 10 Slides to Startup Funding Success – Entrepreneurs Guide to Startup Fundraising”


FREE Newsletters!

If you’ve liked this blog post, you’ll love my FREE Business Coaching Newsletter (Link) or my FREE Startup Coaching Newsletter (Link)!

My FREE Business Coaching Newsletter (Link) covers business problems that I’ve helped clients solve that you are likely to experience. Topics include hiring, firing, managing employees, review processes, finding the right accountant and lawyer, creating your business website and so much more. I predict you will use these newsletters as your go-to-guide when issues arise.

My FREE Startup Coaching Newsletter (Link) covers startup problems that I’ve helped my clients solve that you are likely to experience. Topics include choosing the best entity for your startup, finding co-founders, raising venture capital, creating venture capital pitch deck, finding the right accountant and lawyer, creating your startup website, and so much more. I predict you’ll use these newsletters as your go-to-guide when issues arise.

Learn More About Me: https://linkedin.com/in/kennethervinyoung (Link)

Related Posts

Read Another Post: 1 Networking Rule to Always Get Right! (Link)

Read Another Post: 10 Steps to Avoid Going Out of Business (Link)

Read Another Post: 1: Pitch Deck Cover Slide – 10 Slides to VC Funding Success (Link)


Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Close Menu
×

Cart