I logged into facebook this morning and saw an interesting post by a young entrepreneur I follow. Apparently, most millionaires have 7 sources of income. I am no stranger to the concept of multiple sources of income, but I certainly don’t have 7.
In fact, I’ve found it a little difficult to determine how to group my sources of income. I have two companies that specifically provide entertainment for parties and events, I thought about including them separately, but that just didn’t make sense. Instead, it makes more sense to categorize it like this;
- working as an entertainer
- making money from booking other entertainers & speakers
- working as a speaker
- working as a team builder, continuing education provider
- offering private consultations and energetic cleansing
This pretty much sums up my businesses that have been in operation for approximately 15 years. Is it fair to categorize my speaking and my entertaining as two separate forms of income? In fact, number’s 1,3, 4 & 5 all require my presence each time – even though they are different ways that I earn money.
I don’t think this is really 5 separate MSI’s. The new businesses that I am starting will still require my time in the beginning – but they won’t require my time all the way through. For example – I am starting this blog which will hopefully generate some cash, either from getting enough followers that I can run ads or from the products and programs I will review and promote. Once I have written a blog post, reviewed a product, or gained a following there should be some ‘mailbox money’ or ‘passive income’. Or put another way, money that can be earned without my direct involvement each time a $ is earned. So really – my list above should be like this;
- Working as an entertainer, speaking, team building or private consultations
- Making money from booking other entertainers, speakers, team builders and coaches
- NEW Blog promotions
- NEW Internet marketing campaigns
- NEW This book when it is finished
- NEW Creating my own development programs to sell
Now this looks like a list of 6 separate sources of income. I am tempted to put private consultations into a different category, but this is a great start! Now to just get numbers 3, 4, 5 & 6 going!
I want to keep going, to continue working on my MSI’s today, but technically it is a holiday weekend and I am going to be working all day tomorrow, literally 11:30am July 4th until to 2:30am July 5th. Plus – my office lease is up for renewal and I have been tasked with researching other locations.
Until Monday then – have a safe and happy Fourth of July Weekend!