08/09/2020
The average millionaire has 7-8 streams of income. Which ones do you have?
* Earned Income: The one you get from spending your time...
* Profit Income: Sell for more than you spent creating the product aka digital and physical products
* Residual income: Think writing a book - getting paid till you die
* Interest Income. Something you keep gaining interest over time, mostly associated with banks and saving money
* Dividend Income: From the stock market mostly
* Rental Income: Two words - real estate
* Capital Gains: Owning assets that become valuable over time e.g vintage car or collectible items
* Royalty Income: Selling rights to something you've created (I've seen people even do this with funnels) and getting paid for it.
You can definitely add at least 4 of these types of income to your online business
For example: You're a coach 👩🏼💻 or a service provider and you provide your services to your clients. That is Earned Income 💰
You create a course of a digital product from your expertise - That is Profit Income 📈
You write a book and sell it on Amazon or even an ebook - That is Residual Income 💸
You coach someone and help them build a funnel and as part payment, you receive 1% of the lifetime of the funnel - Royalty Income 💲
Or you take your profits from other income sources, build a software platform, you sell it and keep a percentage of the shares + profit [ could be anything depending on the terms ]
Which revenue stream will you add to your business this year?
