In my series of blogs dedicated to your financial independence, I’d like to close (for now) with answering one question I get all the freaking time: “Chalene, how did you build multiple streams of income?”
How to Build Multiple Streams of Income
Common sense would tell you, yeah, you build your streams of income one at a time.
And, surprise! I’m guessing that YOU already have your first stream of income:
- job (like, retail)
- business (that you own)
- reselling (old clothes on the side)
- affiliate marketing
- government assistance
But — how do you build multiple streams of income?
The first thing that we need to do is stop thinking about money as an outcome, but, rather, as a tool for creating freedom in our lives.
Yes, I admit, that really falls under the category of mindset. However, if you’ve been reading my blogs for more than a minute, then you know how imperative mindset is to your overall success. Whether it be:
The next step.
Personal anecdote: My husband and I considered the question:
“What is the next stream of income that doesn’t require us to have income to make that stream?”
We realized that if we started other businesses and had any surplus of income, then we could invest in them. Once we’d invested enough, we could then start investing in:
- real estate
Bottom line: No one knows how to do anything until they figure out how to do it. You have to become a student of life and the next thing you want to figure out.
How do you figure it all out, though?
There’s all this information out there (and a lot of it is free)!
For example, there are coaches that help with:
- money/abundance mindset
- business growth
- financial strategy
You must choose something that feels easy and exciting for you to dig into and learn more about. And then, persevere.
That’s right, don’t stop! Continue:
- looking at missteps as lessons
Just don’t give up! And then once you’re like,
“Okay, Chalene had a point. We’re actually making income here!”
Then — you can move on to your next income stream.
See, it’s like a snowball effect. As the multiple streams pile on, it gives you confidence and cushion — which makes you feel pride and propels you into your next stream of income.
For much more related to money mindset and growing wealth, you must check out this episode of The Chalene Show:
And don’t forget to subscribe to TCS for weekly shows dedicated living your best life!