Everyone talks about having multiple income streams, but how does that happen?
How can you do it without having to work longer hours?
How can you create a retirement NOW?
Our Cash Flow Expert, Chris Miles, will address these questions in this episode today. Tune in now to learn this and MORE!
Chris Miles Bio
Chris Miles, the “Cash Flow Expert,” is a leading authority on how to quickly free up and create cash flow for thousands of his clients, entrepreneurs, and others internationally! He’s an author, speaker, and radio host featured in US News, CNN Money, Bankrate, and Entrepreneur on Fire, and has spoken to thousands getting them fast financial results.
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Listen to the podcast here
How To Get Multiple Streams Of Income Now
I’m walking you back out again to a wonderful episode, especially if you’re looking to make more money. As a reminder, remember to check our website, MoneyRipples.com. Be sure to check out the blogs we have on there and also our eBook, Beyond Rice & Beans: 7 Secrets to Free Up Cash Today. Get your copy. It’s free. It’s short and easy. If you’re ADD just like the reason why you read this show for 15 to 20 minutes rather than 5 hours, that’s why.
This is not talk radio. This is getting your biggest bang for your buck in that amount of time possible and so is that book. I love to keep creating value for you. Thank you so much for all of you reaching out to me. If you ever have questions like, “What about this?” or an episode topic, let me know. I love getting good questions from you. Email me at Chris@MoneyRipples.com.
In this episode, I want to talk about these multiple streams of income. First, I want to dispel the myth and the fallacy behind it and also with the truth behind it and how you can start getting it now. I’ll tell you, the one thing I see a lot of people come to me lately or asking about is they make decent money but they want other streams of income. They don’t want to have to feel like they have to rely on their efforts and labor to be able to make it.
I get that because most people are probably too busy. As you’ve read from my last episode or the last few episodes, it’s about doing less and creating more with less, leverage. I’m a 100% advocate of creating leverage. I do it for myself in my business and with my money. I love that. I want to talk about these multiple streams of income because it’s a hot topic that people talk about but very few people tell you how to get it. I’m going to get into a few specifics or examples of how to do that.
Let me talk about the fallacy behind it. Most people and maybe even some of you feel that you need to get multiple streams of income because it’s nice to think you can get “passive income.” You can get something for pretty much nothing. You have to do much and make money with it. I get that. You want freedom as I do. You want the freedom of time, especially freedom of money. You want freedom of everything.
You want to be able to do what you want when you want. You don’t want money to be the number one reason or excuse that you do or do not do anything. I’m in favor of that. The one thing I do not agree with is when most people talk about creating multiple streams of income, it’s usually about getting something for nothing. It’s usually a gamble. If you believe that getting something for nothing is true, it’s not. There’s always effort and thinking.
The more money you want to make and the more freedom you want, the more thinking it might require. It doesn’t mean that you’ll break your brain or be intelligent. It means that you do have to get creative. That’s key. We’ll talk about that in a little bit but the key here is that you can’t expect to sit on your death and get something. You can’t expect to sit around, do nothing and hope that everybody else provides for you as a welfare type of system.
There is a system out there for that. Some people believe that’s the way to get the money they want. That is not the way that I teach, which is according to that principle. Create effort and value and in exchange, you get money for that value. The dollars do follow value. That has got to be at the heart of what you’re trying to create.
Dollars follow value. Click To TweetWhen you are looking to create multiple streams of income, there needs to always be value created. Otherwise, you’re going to get duped into so much crap into so many different opportunities and investments, getting at the ground floor and into this opportunity while it’s hot before everybody else figures it out that you’re going to get enticed by that, you’re going to lose money and get your bum handed to you.
I’m not here about that. I’m not here to talk a bit about whether you do online currencies and that kind of stuff. Honestly, I’m not a fan of it. I don’t think it works. It’s no different from US dollars. It’s another hype-y way to go about doing the same thing and the same problem the US dollar has. There you go. There are my two cents on currencies and online stuff.
People would try to do forex trading. Some very successful people do that. Most people however will not. They think, “I’ll do nothing, sit around on my computer and make money.” That’s not the truth for most people. I used to train people how to trade stocks, options and things like that. Here’s the thing. If you want to truly create something amazing for you and your family and your life, it’s going to require much more than the status quo and gambling. I’m not here to talk about that but I am here to talk about stuff that does work, the things that anybody can do and create. The thing is it’s not about gambling.
I love my clients to know this. A big thing that I teach is that you should have a passion for whatever it is you’re doing to create that multiple streams of income. There should be something beyond that. I’ll give you an example. One of my clients last week closed on at least 3 of the 4 houses and even the 4th one got done. It is going to be awesome for this is going to create probably at least a net of about pretty close to almost $2,000 a month net for her. It’s going to be something like $1,700 to $1,800 or something like that.
That’s on top of the 400 and some odd dollars a month that she’s already making from another investment dealer she’s doing. She hasn’t even invested all of her assets so she’s already well over $2,000 a month in the last few months. As I was talking to her, she said, “Chris, I know you tell people to have a passion for it but honestly, I’m not super passionate about real estate. It’s not like I have a life mission about it.” She also has her business on the side too. Even with that, she was losing some interest.
The one thing I knew, at least with her situation, and this could apply to some of you too is that she’s going through a life transition as well. She’d gone through a lot of life changes, lifestyle changes and changes in general in her life last year so it’s going to affect things. I said, “You’ve gone through so much change. You’re burned out. You’re focusing on getting yourself back and trying to feel like you’re back in your skin again.” She said, “That’s very true.”
I said, “Your passion is going to wane even for the things you love like your business but secondly, you got to understand too that yes, you should love this but at the same time, you probably already do but you just don’t recognize it.” She said, “What do you mean Chris?” I said, “For example, these homes. You know you’re providing homes for people but there might be something else. There’s something that fascinates you about it. Isn’t there?” She’s like, “It does.”
She went to Alabama to see some of her properties and loved them. She loves Alabama. She’s like, “I might want to go back there again. Who knows? Maybe I’ll do a trip there or stay there for a little while.” She enjoyed that. She likes to travel anyways. I said, “There you go. There’s something already there. There’s that seed of that. It’s not because of the paycheck.”
I remember I had a family member telling me, “If it keeps paying me money, I’ll be passionate about it.” It’s the wrong answer if you want to have something to work on. That’s the easiest way to lose money in investments. She wasn’t that way. She’s like, “No, this is something that intrigues me.” You can start there. Secondly, if you’re doing anything with pretty mobile streams of income, you understand that money is meant to flow and grow. It’s not meant to sit there and stagnate.
I had said a quote a few years back. I can’t remember what I said but it’s something stagnating. It’s meant to flow and grow. It’s not meant to sit there and do nothing. Savor mentality or the hoarder mentality will say, “Let it grow. Let it sit with some company while they go do some investing and things like that,” but you do nothing with it. You turn off your brain and let it sit there. That is not the way to make money.
Yes, you could make money that way and that’s great but you’re not going to get wealthy and create any financial freedom in that scenario. You won’t have enough money to save to be able to create enough returns. That’s it. Nothing in mutual funds, stocks or bonds or things like that. You will not ever make a high enough return to compensate for taxes, inflation and everything else.
I told her, “Listen. As a steward,” which is what we teach, “It is not about a spender blowing money, a gambler to the extreme of blowing money, a saver sitting on money or a hoarder sitting on money and you never let it go. You’re a steward. You let money flow, grow, do things and create. That is the key. It creates something. What were you creating before the 401(k)?” She’s like, “Nothing.” “Exactly. You’re not creating anything with it. That’s why it’s not doing much but here, you’re creating something. Think about it.”
In one of her deals, she’s building a property out in Bel Air, California. She’s like, “I can’t wait to see it. It’s going to be awesome.” I was like, “Your money is doing and creating something. Not only is it creating something real and tangible but you’re creating value with it. You’re creating that for people that are going to be using it. They’re going to be passionate about it probably more than you will be. That’s sweet and awesome. You’re creating something that lasts and does something for somebody else.”
“Not just letting it sit there in a bank or some cruddy little retirement account hoping that your money will grow. You’re doing something about it. As a result, you’re getting a better return because there are people that value it. That is where the heart of returns comes from.” The thing I want you to understand is that as a steward, you’re meant to create with your resources and money. There are ways to create streams of income, whether you have money or not. Let’s talk about those quickly.
Number one, you can create it inside your business. If you have a business, the fastest and easiest way to create money is to do it inside your business. Are there things you can do to add services or products? You don’t have to add time but other services or products that you could add to your business that will create more value for your customers or clients and therefore more money.
I help people create more. I realized that the thing that makes me valuable is not only can I strategize and coordinate these things of cashflow but I’ve got a great team around me that is amazing. As a result, that creates more value in my program. Therefore, it creates more of a need so I can ask for more because I can create more and get more results for those people. When I asked for the tuition, I’m like, “I can make that back with you within a year.”
Multiple streams of income are essential, but you need to remember stewardship and creating value. You need to have passion and energy behind it. Click To TweetAdding services and products will help. You don’t have to do it all yourself. I’m not the one that does the accounting. I have accountants that do that, attorneys that do their stuff and insurance people that do all their specialties in insurance, not do it all. I have people that do their niche, people that do investments and people that do mortgages. I have all of that stuff. It deals with money. Whether it’d be a business or your personal life, I’ve got some of my team to address that. I love having that benefit. People that do different things are awesome. That’s a huge value add. People will pay me more because they know they get that value. Therefore, I can make more.
That’s one way to do it. Can you add services or products? I’ve had a lot of chiropractors and we’ve talked about adding things with weight management or weight loss or other health types of things that we can do and add streams of income into their practice. I’ve had people where whether we join with other people and help do that. Even doing things if they have a building or a space that they use like, “Why don’t you sublease some of that space,” whatever it might be.
There are oftentimes things within the business that you can do. Some people do other value adds where you can sell things through business. Maybe you sell your inventory. Some people might have a vehicle but they don’t use the vehicle all the time. Can you go and use something like Turo, which is a nice app that you can rent out your car? You become like a rental car company but you rent it out whenever you feel like it. You rent to that person and make decent money.
For example, I rented a car from there to be able to pick up all my kids. It was $50. I rented it for a couple of hours. That’s it. They liked it so much. They even asked me to gas it up because it wasn’t that big of a trip. They’re like, “Nope, we’ll gas it up. Thanks for the $50.” There are all kinds of stuff you can do. I’ve got a client who deals with a little bit with one of the other crossovers of investments but they’re looking at getting a duplex, live in half of it but then rent the other half out. Whatever it is you can do can add something to whatever that business may be. Can you add some more value? People are asking you questions and maybe you don’t offer them. Find a way to offer what they’re asking for.
There’s a book called Acres of Diamonds. I love that talk. That’s such a teeny little book. It’s a speech more. In that, he said that as a general store manager, people would say, “Do you have a shovel?” “I don’t have a shovel.” Another person comes in and says, “Do you have a shovel?” “I don’t have a shovel. Why do people keep asking me that?” The third person comes in and says, “Do you have a shovel?” “No. For the last time, I don’t have a shovel. Why do people keep asking me for a shovel?” He said as a teenager running a general store, and this was back in the 1860s, he should have got a clue after the first person to say, “Let me find one and see how I can get you that shovel.”
That was a big thing he learned that any store owner should figure out and be able to make good money. If you’re looking to find out what people need or want, find a way to help them get it, whether it’s through your efforts or somebody else’s. See how you use that platform. That’s where your business can be great. Another way to do that inside your business is to streamline. Make things simpler and easier. Sometimes you can create less time and energy. We’ve talked about this in other episodes of working less but doing more and creating more. Streamlining is also very important. That’s doing it inside your business.
Number two is joint ventures. This goes along with some things I’ve already mentioned but can you be an affiliate or a referral source for somebody? One of my friends posted on Facebook that they got a $300 check from someone they sent a referral. They’ve even forgotten that they would even get a referral check. It was a big thank you check for $300 and there they go. I was able to retire because of joint ventures or affiliate types of relationships. Can you create with some people? Can you do something with those people that creates more and can allow you to create a win-win?
This is a huge epiphany for me. I create a great win-win when people start asking me questions and I was like, “I know someone that does blank. Go talk to them.” At first, I never thought about getting a referral fee but one of my friends said, “Why not get a referral fee?” Ask them if they even have a referral program. In my company, I do have referral programs for my clients. Some of my clients even ask, “Do you have a referral program?” “Yes, I do.” I say that all the time but a lot of times, they forget. That’s not their focus. They’re focused on them first and then they’re like, “Things have started working for me. What about other people? If I can even make more money doing that, sweet.”
Here’s the key. If you ever do affiliates, my big thing is integrity. I refer to people whether or not they pay me. I don’t care if they pay me. If they have something that’s a value for people, then great. I’m going to connect with those people. If they want to pay me, it’s awesome. The thing I learned though is I’m willing to ask for it and that’s key. Affiliates and joint ventures are awesome. It’s a great way to create other streams of income that you may never think about and you don’t have to do the work. You let them do the work. You’re the connector.
You’re using your relationships to create it. Like with you and your business, you might use the intellectual property and things. Maybe you create products or services that would help people. It’s the same thing here. You’re having other people do that as well since they use your intellectual property using your relationship property. You’re using relationships to connect people and make things better.
The last one is investments. There are ways to create streams of income. For those first two, you don’t need any money. Whether it’s inside your business or a joint venture, you typically don’t need money to make other streams of income. In investments, that’s where you usually do require more money. Not always. There are ways you can use your ideas and mind to create more. That’s great too.
This is something I’ve had happened to me more lately than anything with my clients. They’ve got retirement accounts. They want it to create cashflow for them. They’re saying, “Chris, what do we do with it?” That’s where we start looking at those options. I’ve already mentioned the one lady making well over $2,000 a month doing that. Other people have started to do things too like, “We can make an extra $1,000 or $2,000 a month,” whatever it might be.
Another stream of income is where they know that the money is coming in and there’s a little bit of management. There needs to be management and stewardship over it but it doesn’t have to require all your time to do it. There are so many cool options. It’s the same way if you’re in a place and you think, “I need to create multiple streams of income.” I love that question. That is exactly what you should be asking but you need to be doing it right. Don’t do it the way that everybody promotes it or markets it to be. It’s got to be done right.
Multiple streams of income are essential but you got to remember that stewardship and creating value. You got to put some passion and energy behind it. You’ll then start to realize you’re not working for a paycheck but you’re working because you love it and it’s the right thing to do. That’s what I got for you in this episode. If you’ve got questions, reach out to me. Chris@MoneyRipples.com. Everybody, I want to wish you a wonderful and prosperous week. We’ll talk to you later.