Why You NEED Multiple Sources of Income
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- เผยแพร่เมื่อ 1 ต.ค. 2024
- Why You NEED Multiple Sources of Income
Would you believe that millionaires have an average of seven sources of income? Most people rely on one source of income while wondering how some people are able to build incredible wealth. They unwisely spend most of their career working for a paycheck when in reality, that will never get them out of the rat race. Creating multiple streams of income will allow you to make more money, work less and reach financial independence at a younger age. People who want to reach financial freedom should make it a priority to earn money in multiple ways for many reasons.
![How To Turn Your Yearly Income Into Your Monthly Income - Bob Proctor [ The Law of Compensation ]](/img/n.gif)
How many sources of income do you have?
5~
3
6. I need to write a book for royalty income next! Would TH-cam count as royalty income?
4 so far - need more. Good video 😀
7
When your side hustles make more money than your job you’ll be on your path to financial freedom🙌🏿
i lost my job with Qatar Airways in 2018 went into debt started investing 2019 and paid off all of it via profits off investing before pandemic. Investing is a great choice I made.
I got laughed at when I started trading. I was burnt out, needed a change, but wasn't expecting to be laughed out of the office when I mentioned my interest in investing in the financial market. Well, a few years later and $5.3 million in savings, I'm the one laughing now. Friends want to know exactly what my strategy is 😂😭
@@katrinecollen708
I recognize hard work when I see it, I am new and in need of guidance, I have a more than a handsome amount to invest into the stock market but with the right guidance.
I lost my job too and got into investing I am hopeful, watching a lotta investment videos and keeping my head up waiting for all this to be over and the markets back to normal
@@stevenmcmavis992 I took a more practical step to learn to invest, I began through the guidance of a financial consultant and within 2 years, I have owned 2homes in the United states and car dealership all with the an investment capital of $150,000 so it is best to invest with the help of a professional.
52, wife 50. Have 5, working on a 6th actively (nights and weekends). Zero idea why people think one W2 paycheck makes them secure. One W2 paycheck is better than nothing, but should be considered a "start", not a goal.
I'm not sure either. Glad to hear you're working extra to get ahead. Many people don't want to bother.
@@ChrisInvests 34 year old me asked myself "who will support me when I'm older" and I had the stark realization that 34 year old me was that employee. At that point I got very serious about showing up to work for "old me".
We have 4 good ones, 2 more that are seasonal, and we're trying to do 2 more! We have two young kids and doing everything on the side is hard! I know it takes money to make money, but it also takes time!
That's great! Keep working on them 👍💵
I just want to say I've watched about 7-8 if your videos and I love the content you make. Your channel deserves WAY MORE subscribers and I know that it'll take off one day just keep up with the good content and the rest will fall in line.🙏🏽
Thank you for the feedback, I appreciate it 🙏🙂
Definitely agree with this! I’ve got 6-7 income streams now and I’m thrilled about it but still want to grow.
Congrats on passing me! You are killing it with your videos!
Thank you Mary! Last month was great 😁
3 sources so far
Earned
Rental
Dividend
You missed one: capital gains. Your rental(s) will give you that if it hasn't yet
0:47 Small income streams can help you avoid 9-5 entirely!!!
6:21 Failure just isn’t a big deal
7:37 Variety of Paychecks
What is a good starting point? For knowledge and or basics
Books, podcast etc?
What are you looking to learn?
So the key to become a millionaire is to have lots of jobs. Passive is not passive you still have to work.
Easier said than done if your day job asks for too many hours
Invest in passive income streams like dividend stocks or ETFs. Make them pay for your days off.
I have 3 sources of income. Made 2 of them off my main source of income (work)
I'm new to all of this and trying my best to learn off old beginners text books. A bit old school but I need to learn the basics first. Appreciate your videos and efforts. This is an awesome crash course for me. Thank you!!!
Glad it was helpful...thanks for watching 👍
The one thing I will disagree with on is your comment without evidence is that average millionaire has 7 sources of income. Not true. The majority of millionaires are retirees that worked a regular 9-5 and saved most of their income in the stock market. Your video is skewed towards people with a hustler mindset and not to people that are perfectly fine with working till retirement. Not everyone can and needs to build a business. They just happy to be customers 👍
I agree.
I for one have a high mental and physically demanding job that building a business (of flipping what?) on the side would be time better spent with family and sleeping.
I’d prefer to invest and not hustle.
@@dustysgarden2254 Yep and that's ok. Good luck to you and your family
Very informative
Great video. Knowledge is powerful 💥
Thanks for watching Jeff!
@1:59
1:25 Types of Income
No sound
Hello Chris
I wonder if I can rent out my xbox one S and a guitar
What are you all in to have all these income streamed?
I disagree with you on one thing. Working 9-5 won't become undesirable for me. I'd rather be working 9-5 until the day I die.
That's great that you enjoy it 😁
Why do you feel that way,
@Chirs Invests: This was a pretty decent video. Thank you for making and sharing it.
If you haven't done so already, please make a video about passive income ideas. Also, a video about how to create and sell courses and what companies do most people have success with.
Here's one about passive income th-cam.com/video/jxoVDBBTOt4/w-d-xo.html
Thanks for watching 😁
@@ChrisInvests Thank you.
You're welcome.🙂
Been working on this since I was 21!
well how old are you now
@@untitledC64 24 lol
😂 Still way younger than most! Hope all is well 👍
Great videos. I love your channel. I am almost 50 and must say that almost all of my financial success has come from following the principles that you teach. Keep up the great work
I am hoping that you can help me out:
I am trying to create some educational videos (on nutrition) and am wondering what animation software you use. I think you make fantastic use of it. Thanks!!
Thanks for watching, Charlie! I use VideoScribe.
@@ChrisInvests Thanks for sharing Chris. Much appreciated!!
Rich people start to diversify their wealth. That's they have 7 income streams. They didn't get rich by having multiple income streams. It dilutes your efforts if you try to do too much at once. Focus on what makes you the most wealth. Once you build up wealth you start to protect it by diversifying. A side hustle is always nice but your main income should always have priority over your side hustles.
Well said
I agree with you but I also think trying different things and diversifying is important. For example, a side hustle takes off and replaces your main income many times over.
@@ChrisInvests agreed. A side hustle that makes more than your salary becomes your main income though.
I'm currently down to one income stream, but between TH-cam and also thinking about starting a mortgage company I'm working on trying to create more. I always have my portfolio to fall back on just in case, but it never hurts to have as many income streams as possible. Excellent video as always Chris 👏👍
Looking forward to hearing more about the possible mortgage company!
Would streams of income come from pensions also
Yes!
Only 2
I skipped the ads on this!
Okay
1st~🥇👍