According to Robert Allen in his book “Multiple Streams of Income” (and later “Multiple Streams of Internet Income”), setting up multiple streams of income is one of the best ways to accumulate wealth. Afterall, you have multiple streams of money flowing out of your hands, so why not create multiple streams for it to flow in as well?
I’m a firm believer in creating multiple streams of income, but I also like to add “Residual” or “Recurring” in there as well. Residual income is income that keeps flowing in long after you’ve finished the initial work. Book royalties, software licenses, photography licenses, and ongoing memberships are a few examples.
Since 1997, I’ve had a variety of income streams. The bulk of these came from affiliate sales commissions, …
Multiple Streams of Income, Wealth & Money, habits, self improvement, success
Or Earn More Than You Spend!
Pick up any book about self improvement, sucess or wealth building and you’ll find this advice in every one of them. The Richest Man in Babylon, The Success Principles, Multiple Streams of Income, The Total Money Makeover… All of these are just several examples of books I’ve been reading recently that give the same advice: Earn More Money Than You Spend. Regularly.
If you have a regular job with a paycheck, this should be easier than most might think. You know exactly what your spendable income is each payday. Don’t try to factor in bonuses, overtime or anything else–just write down what your basic take home pay is for each paycheck. This is your income.
Next write down all your bills. The …
Wealth & Money, Wealth Wisdom, personal finance
“Nothing Changes Until You Do”
Sometimes making changes in life seems next to impossible. We all get comfortable in our everyday routines and it’s easy to just stick with the status quo.
It’s also much less scary. No matter how bad life may seem, it’s still the devil you know. So it’s much easier to just stick with what you have instead of making major changes that may or may not work out.
If you have a difficult time making changes in your life, consider doing something drastic that will force you to change.
– Move to another state
– Change jobs or careers
For me, the best way to force a change is to move. Even moving to another house or apartment has in the past been a catalyst …
Wealth Wisdom, self improvement
… Is yours to keep
In “The Richest Man In Babylon,” lessons about wealth building are taught in stories. The first story begins in Chapter two, where the chariot maker is sitting and pondering his life. He can’t understand why his purse is empty, despite having made plenty of money creating chariots for rich people and being paid well for it over the years.
His friend, a musician, is in the same predicament. Despite having made plenty of money for many years, he too has an empty purse and nothing to show for it.
They decide together to visit a childhood friend who is now considered to be the richest man in Babylon. They realize that asking for advice and knowledge costs nothing, so they figured they could …
The Richest Man in Babylon, Wealth & Money, Wealth Wisdom, money management, personal finance
A week ago I achieved one of my big life goals: buying land. It literally took me about 20 years to actually realize that one goal.
Most people would have given up on a dream if it took that long to accomplish. And in retrospect, I honestly took much longer getting it done than I really had to.
I went through ups and downs over the years. I was lazy about achieving the goal. There were times I felt like I’d never get there and there were times I wondered if I should just give up and deal with “reality.”
Looking back on the journey now, I can clearly see how I didn’t focus fully enough on achieving that goal as quickly as I could. I didn’t …
Wealth Wisdom, Goals, self improvement, succes
