Increase And Multiply Your Streams Of Income
Topics: personal success, personal excellence, personal development, financial freedom, motivation, adam khoo
How does one increase your streams of income and increase multiple streams of income along the way?
One way is through setting up of businesses. Now, when you set up a business, what happens? You can set up 2, 3, or businesses. The reason why I have got 4 different companies is because each of them provides me with profits, multiplying my value and making me a lot of money.
Some people will tell me, if I start a business, that’s not passive income, that’s active income because I’ve got to work in the business. That’s true. When you first start the business you have got to work in the business.
But after you work in your business for a while, you build a business system. You work on the business by building a business system and you then hire people to run that business for you. And only when that happens, 4, 5 years down the road, you can then step out of the business and it becomes a money-making generator for you. And that is what I’m doing now with my life.
There are certain careers you can go into. Like in life insurance, or for example, network marketing where multiplication and magnification is inherently built in the business model.
And remember, on the internet, things are changing so rapidly that it’s literally changing, according to Bill Gates as he so aptly puts it, changing at the speed of thought.
The moment a new idea comes up, straight away, people latch on to it, they squeeze the blood dry from it and then after that they move on. It can be that rapid. Straight away, we need to constantly keep ourselves in touch with technology, new technological advances and ways in which we can leverage on these technological advances, to become, shall I say, more effective in the way we sell.
Do you know that there are chefs who can write an e-book, put it online allowing huge amounts of people to come and visit, visit their website and download their e-book. This builds a community thus is similar to that of running your business.
Could you write cookbooks? Could you come out with fantastic recipes so that you can license that recipe to food manufacturers? This way every time your product is sold in the supermarket, you get a licensing, you get a royalty.
So, to summarise, there are many ways you can increase and multiply your streams of income; through your career, intellectual property, licensing your idea, building businesses, and patents. All these are various streams of income that one can tap into.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE bonus CD ‘6 Ways To Achieve Anything In Life’ at www.PavingTheWayToTheTop.com
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