“The average millionaire has seven income streams.” Have you ever heard this statistic?
I am still to find the research that confirms it, but a quick Google search demonstrates how commonly accepted this information is.
Most of us are dependent on one source of income: our job or our business. However, when a crisis hits and the source dries up, then problems can start.
On their end, millionaires are said to cultivate multiple sources of income. With this diversification, they can grow their wealth faster than “regular” people, but most importantly – especially in our current times- they are protected from a complete financial crash.
Not to put your eggs in one basket is conventional wisdom. However, we tend not to apply it to our financial planning.
It is true, having seven sources of income might be easier when you have wealth and can invest in projects and real estate.
But do we all want to be multimillionaires?
Of course, we would not mind seeing all these zeros on our bank accounts, but mostly what people seek, I believe, is the financial security and peace of mind that rich people have.
Knowing to be free to live the lifestyle we want for ourselves and to be able to weather all crises is a comfort that many of us would enjoy.
The good news is that in our digital age, it has never been easier and cheaper to test a new way to make money (and impact?).
There is no longer the need to be wealthy and to have created significant capital to start new income streams.
The initial investment we need, in most cases, is mainly to volunteer our own time to build something for ourselves.
Time to get started on this new business idea, isn’t it?
Please excuse typos, repeats, or any non-sense. My riffs are unedited outpouring of words written in one sitting to explore thoughts that were volunteering to be developed.