Learn from Master-1: Robert G. Allen speaks on multiple streams income.
When you lose one stream of income, what are you gonna do? Most people only have one job and if you lose one job you're in deep trouble, so you need not only two but you need sides of income and you want streams of income that flow in while you sleep, but you don't wanna be there making that money, you don't want a third job, forth job. You want a stream of income that works by itself. I'm not saying that they are easy, those are hard to establish, but you have to set that as your mindset. On the side create a side stream that can be permanent and flow in while you sleep.
How to evaluate a business?
How many options do you have?
How to establish multiple streams of income?
Watch more the video of Robert Allen speaks on multiple streams of income.
- M – Multiple Streams of Income: This source of income must be able to expand into more streams of income.
- O – Outstanding: The product/service/information you are selling must be excellent and unique to avoid competition.
- N – Nothing Down: With upfront capital with as little as possible. Nothing down if possible.
- E – Employee Resistant: Employees are burdens so the business should be employee free.
- Y – Yield: High yielding (high profit).
- T – Trend and Timing: swim with the tide not against it, it is easier to make money.
- R – Residual: Get paid continuously for a one time effort.
- E – Essential to Everybody Every Day: More people and more frequently they need it, the more successful.
- E – Enthusiasm: You must love what you do or sell.
Options of income
- Stock market
- Real Estate
- A Fortune in Foreclosures and Flippers
- Network Marketing
- Infopreneuring
- Licensing: Intellectual property at warp speed
- The Internet: Your next fortune is only a click away