What Multi-Millionaires Have In Common: Multiple Income Streams
Have you ever wondered what it takes to build a multi-million dollar net-worth?
James Altucher recently mentioned that “the average multi-millionaire, according to tax data, has at least 7 different sources of income.”
I’m currently earning income from 4 sources, give or take. For the first part of 2014 I had 5 sources – a full time IT job in addition to the list below. My goal for 2015 and beyond is to build new income streams from on software & information products. Here’s my list:
- Salary from my software consultancy which makes money on
- Software development
- Web design projects
- Retainer services
- Software licensing fees
- Rental property
- Savings, Investments, and Dividends
Here’s what my net worth trends looks like in Mint over the past few years. Can you tell when I started working on additional income streams?
I don’t like how flat the curve is for the first half. That’s the sad reality of having only one income stream. You’ll have to do more to truly grow your wealth.
Even after negotiating raises that doubled my salary, I made little progress towards financial freedom. It’s better to invest in creating new value and income streams for yourself instead of someone who is already rich! James agrees with an insightful comment “With industry being outsourced and knowledge being outsourced, the best investment is in yourself.”
What income streams do you want to build for yourself in 2015?
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