FORBES LIVING FALL
2020
Level-up Cash Flow
Develop 3 revenue sources to start building your wealth
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1) Primary: Most people have a primary source of earned income. Usually that's a job or the business they own or the gigs they are most known for, and the majority of their income is generated here.
o often financial gurus, life coaches and any number of other experts, when they start talking about finances, they focus on budgeting, cutting back expenses, and savings. Look, all of that is great and very important, but how does it help you when you've cut back everything except eating three times per day and paying your mortgage every month? At some point, financial planning has very little to do with cutting expenses, and it has everything to do with generating increased revenue.
2) Side hustle: Think about what else you could do to earn extra income - instead of streaming movies or playing on social media - what if you reallocated that time to a side hustle? Maybe you love to write and you earn some freelance blogging gigs, or you love animals so you establish a dog walking business, maybe it's a network marketing program - just make sure it's something you enjoy to help motivate you to keep it going.
Most peole have a primary source of income, whether that's a job with a company or they're an entrepreneur hustling to earn their monthly minimum, or maybe they're taking part in the emerging gig economy, driving for ride shares, selling skills - trying to make it work on some skills, ingenuity, lots of grit and a little luck.
3) Passive income: What if you wrote a book, created video classes on something you do well, invested in real estate or stocks - what are some ways that you could earn passive income to help improve cash flow in your life?
But, did you know that most millionaires have seven sources of income? That's correct - 7. Not one job, not two jobs or three - they have seven sources of income that create cash flow for them, keeping their wealth continuing and growing. What if you adopted a similar philosophy, and let's just start at three sources of income:
These are just a few ideas to get you thinking about your finances a little differently. Instead of always thinking about how to cut back so that you have very little life to enjoy anymore - how can you improve cash flow? PAGE
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