Updated: Oct 19, 2020
There are seven sources of income that most millionaires should have, but some honestly don't.
When you dip your hand into several legit ways to make money, your vision to financial freedom becomes closer to a reality faster than you imagined.
7 income streams income including stock shares is another example of income, and you do little to no work at all! Honestly!
Some people are afraid to spend money they dont have into investments, but most people dont know that you get a dividend percentage back, and the more shares you own of a stock, the better chances you have at actually making a return back. And that's your money to use at anytime. We love to use the Robinhood app and have made back 100s of dollars in the past 7 months. There are umpteen examples of millionaires being created from 'Profit Income' but they had to be really good at what they were doing. So you would also need to do your research and get a understanding of how stocks and shares really work.
Another stream of income could be a Postmates, Instacart or Personal assistant for the elderly in your community.
Make the time to make money, that's #wattsfamilybusiness motto!
A third way to have multiple streams of income would be to become Certified in a trade and implement that into a small business!
Yoga, Training, Talent, Legal Secretary or even a Signing Agent, if you are already a Notary Public.
You could even go as far as going arou d to local shops and offer sanitation services as a cleaning service. With COVID-19 is full swing, sanitation is on extreme high demand, you can make anything happen!
To create multiple streams flowing in, with the cash flow to reflect is to invest in vending machines.
If they say a contactless society is approaching, creating unique and unimaginable vending machine ideas. It possible to become profitable. If you market the demand and locations good enough.
Remember that you have to do the actual work. No one is going to give you anything, be mindful of that....
So focus on what you can do right now from one of these income streams. Then become the best you can in a small niche in that income stream. But here is the crux for millionaires : You would hardly find any wealthy billionaires with an income stream only from the 'Earned Income' category. And the reason for the same is very simple: This stream is where our time utilization is least efficient, and since there is a limit to the number of hours we can put in a day, there is also a limit to the amount of money we can earn from this stream of income. All other streams of income are not directly dependent on time, and hence can leverage time well to generate huge wealth. So go on, choose your streams. The biggest risk to your financial life is being dependent on only one income stream where you are actively involved. Each of these streams are one step above the other. You just need to get into the details and understand them more. Try it out. It could well be life changing for you and your upcoming generations