If I wanted to be wealthy, have less risk and have a higher likelihood of figuring out where I could make the most money, I need multiple income streams and, in this video, I want to share with you the nine income streams. I grew while having a job before I got known on the internet. I wish somebody would have told me this stuff when I was working. Nobody talked about where they put their money. Why and how much money they actually made? In fact, they hid it totally frowned upon to share any of this, depending on your situation in life, the best side, hustle or income stream.
For you to pick it’s going to be different. The most important thing to understand when looking for more income streams is that you want to find leverage a way of working, smarter, not harder to achieve the same goal with less effort. Consider it like using a lever to open a bottle cap. You can either attempt to manually brute force it, which is time for money, or you can use the right leverage for your situation and The Leverage doesn’t work for you. So how do you figure out which income streams you have the right lever, for there are four money levers at different points. You can use to build up your income streams like I did, let’s jump into what those are and I’ll give you all. The exact things that I did first lever is time.
Obviously, times, like you got in the beginning early on anytime, you can trade your time for somebody else’s money.
That’s going to be your superpower. Here is one of the first income streams that I had a service business. I started a service business that helped people do business in Latin America, it was called selling South and basically did it on the side. With a colleague who worked with me at the time all we did was we helped companies that wanted to do what we did in Latin America by giving them introductions. So, this company got paid by the hour to create Market entry to those who also wanted to sell investments into lad am. It wasn’t a huge income strain, but our first year we each took home about $ 40,000 a year. It also led to a big job years later for me helping this woman Nelly Gan do a part of her tour in the US for Latinos and finance, and I never would have gotten that opportunity without a couple of long hours and nights doing the service business.
That’s how I met Gloria Stefon, that’s how I got on people in Espanol’s red carpet. I think I made 15K for that side gig with Nelly Galan, but I would have paid to participate and all of that now today, I own another online service business. This one’s called viral cuts, and it’s made me realize this is something I wish I had done when I was in my 20s, I didn’t have selling South until I was well into my 30s. It’s so easy today to start offering a service online we’ve paid contractors at contrarian thinking 5K for 10 to 20 hours a month. Doing research, writing design short form. Editing like this. Finding an Outsource expert on sites like Upwork or Fiverr for look at this.
Like 5 10 20 bucks an hour and then you charge 10020 an hour.
You can also start a barebone sort of boring service business out in the real world. You could do it for 500 bucks, like we did with this pressure, washing company window, cleaning, Landscaping, Etc. I didn’t do that early on. I did it with my Consulting hours to make intros here’s. What no one will tell you about this, though service businesses are a great way to start, but I don’t think they’re a great way to end. If you have custom services and provide services before you get paid, that means you’re chasing invoices. Scope creep is a real thing, which means somebody asks you for this and you instead deliver all of this, but you don’t get paid for this in the middle. So, there’s a reason there are so many of them and very few of these service businesses get huge. You want to have somebody pay you before you offer a service you want to have somebody have very specific things.
You deliver every single time you want to get paid for every single hour of your time and with service businesses that’s hard to do in the beginning. The last thing that’s hard for me with the service business. I couldn’t estimate very well what my total time needed was and that’s something you’re going to want to do son.
Don’t start with a ton of these start small. If you’re going to do a service based business number, two 9 to5 hard truth. Your first 100K will most likely come from your earned wages. Your income for most people it’ll be your first million. It was for me, I made 37 Kish when I got out of college and at the end of my time, being employed by someone else in finance. I made Seven figures as a private Equity partner. It was broken down like this 20 % salary. So, I get this no matter. What, for my day to day, unless I get fired, 30 % carry, which is distributions for performance. I’D get paid out a percentage of the profits we made in our investments.
So, if we have a company pay out, I don’t know $ 100,000 dividend between us partners. I might get 8 % of that, because that was the percentage that I owned of the company. Then another 35 to 40 % was bonuses. These are Milestones hit, so I’d get paid when we hit our Milestones like a number of deals done or a return profile hit and then maybe another 10 to 15 % for Commissions in money raised. So you will ideally have a gradually declining line that starts at 9, to5 at the height and eventually whittel down to the least portion. Why? Because earned income working versus investment income or what is deemed by the IRS as non-active income is taxed at a startlingly lower rate.
So, you keep more of what you make look at this chart. If you have a taxable income – and you make over $ 622,000 by having a job – you pay 37 %. If you use long-term capital gains, AKA investment income, you pay 20 %. You are almost double paying for the right to trade. Your time for money, crazy. My income was also highly skewed by my salary, and I’d say, probably accounted for 80 to 90 % of what I made back then so I had other income streams, but it was mainly salary. Nothing wrong with having a job just know it’ll be your biggest driver to start, and it could be forever, but you still want to have something else in case your income dries up.
The second lever is expertise. So, after a couple years of trading, your time for money and job got something more valuable expertise. So, my third income stream that I had was Consulting.
I was doing a ton of work in Latin America investing and building up investment businesses. I noticed people wanted to mimic the work that we were doing and so it made me think, could I teach other people how to grow a large Latin American Investment business like I do someone first asked if they could pay for an hour of my time, and I really had no idea about that, so I said sure, and I think I threw out a number of like 250 bucks they paid. Then I increased it to 500 and would randomly take one off phone calls. I made 2 to 4K a month taking a few phone calls. Then I got on GLG, and it connects a million plus experts to clients. You could also do this, one which is intro.
Co, I like intro, better because GLG makes people interview for the opportunities while intro you don’t have to apply. You just get paid the second that somebody signs up. I’D rather get paid. Do the work and move on then have to do an application Pro tip. Do some calls for free in the beginning, but don’t do that work for free forever? Now I don’t even do one-off consultations, but in the beginning, I did so take the thing that someone pays you for in your salary or other high area of performance and do it one off by the hour.
That’s what Consulting is – and you can do this on the side – petting, your employer is okay with it. What people won’t tell you is that you have to set boundaries when you consult for an hour, and you do a good job they’re going to want more and more, you have to make sure you’re really clear on rates, and you only do work when you are Tracking it almost like, if you were in a job back in the day where you had to clock in and clock out, you have to be really good at that with consult Consulting most people are not so the other way you can get around it is.
I now have a consultants that I pay like Jordan, and I pay him a flat fee. I pay him 10K a month for him to help me scale a few of my businesses. If I use more than the couple hours a week that he has dedicated to me, it’s okay, because he has a flat amount that allows for overage in the beginning of you doing consulting if you’re like me, that probably won’t work out for you. Fourth sitting on boards, I use my expertise to add another income stream by sitting on the board of a company. In my industry, for instance, now I sit on the board of a hedge fund back then, I sat on the Board of venture capital fund called magma Partners.
This meant getting paid somewhere between $ 30 to $ 300,000, to go to four quarterly meetings and give my advice. Obviously, when you start out, you will be very cheap or maybe even free, but, as you continue to become a better board member, you can charge more now. How do you get this type of position? How did I get somebody to decide that they even wanted? My vice, I was really valuable to the founder of a fund group in an area that I already knew, and I asked him what his two biggest pain points were deal flow and fundraising.
So, I made some introductions and then he asked me to be on the board. One of the biggest hacks is not always you having to do the work you finding somebody’s who to solve their biggest. How or what and so the way that I got a board position. Is I introduced him to a few High net worth friends that I had accumulated relationships with? Who wanted to invest in Venture Capital that led to investment by them into his fund, because that he offered me a 30k payment a year for being at quarterly meetings and continuing to help and advise him? Now again? Not everybody can do this, but you need to understand what the really really rich do to add income streams. I hate when people gatekeep how they got here, so I thought I’d share this with you for real.
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