How Built 10 Income Streams Ideas For Multiple Income Streams

What’s going on? Welcome to the channel Wealth Hacker Labs. As you can see, we have a another special edition of the Wealth Board. So this is the board that is bringing you a wealth of information and today we’re talking about Multiple Income Streams and I just want to dive right into it. Multiple Income Streams is something that it didn’t really make sense to me until I started my own business and then started to see how I could generate other income streams.

And then I finally understood how other successful businessmen, business women, entrepreneurs could do that. So what I want to share today are what are 10 income streams that I am able to produce or have been able to produce in my career so I’m gonna highlight the top 10 so you can see what those are also give you a roundabout idea of how much I was able to make from each of those. But before we talk about the 10 Multiple Income Streams, I know many of you here on the channel you want to make more money, but you want to make additional income streams you want start your side hustlers you want to start your side business wherever that is.

But before you get to that point, you gotta remember what is rule number one when it comes to Multiple Income Streams. And the first rule that you have to remember is that before you start making or start trying to generate a second income stream is that you have to make sure that you maximize the impact of your first income stream.

So if you got one income stream and you’re trying to make money with the second one, if you haven’t maximize the impact of your first income stream, your main income stream, then you have no business moving on trying to generate a second income stream, making sure that you maximize that and that’s what I learned through my process. So what was the first income stream that I was able to generate? And that started off from my job, which ended up becoming my business but that was me as a financial advisor.

So for those that don’t know, I was a financial advisor for 16 years, started off with my series seven license worked for a brokerage firm before co-founding my own independent advisory firm, so on so forth, but this was how I was able to generate most of my income. So here’s where I started, I was making a whopping 18,500 my first year I am not making that up, I wish I was 18,500 that end up growing to be a very substantial income.

But the income streams even from here like there were Multiple Income Streams within being a financial advisor so, I was able to generate revenue from fees, commissions, and these will be advisory fees, and then also I did financial planning fees. So those were the three different ways that I was able to make income from being a financial advisor. And as I mentioned like, I’m no longer a practicing financial advisor so this is not a part of my income stream but what is part of it still is that I sold that book of business and I’m now getting a residual earn out check for that sale, so that actually is still producing the income even though I sold it just about a year ago.

Yeah, I think just being on top of your finances, I mean, to me, it just gives you freedom. – So that is the first income stream that I was generating.

And I want to talk about impact, maximize the impact on that first income stream because I just started dabbling all these different things and recognize like I needed to focus my attention on what was actually making me money. And so when I was able to recognize that I was able to boost that up, got to a point where I could delegate, outsource all of the activities and then really start honing in my skills to grow the additional income. So the second income stream for me was my blog. And for those that don’t know, I put GFC that is GoodFinancialCents.com, that is my financial planning personal finance blog that I started about 11 years ago.

So that end up becoming my second income stream.

Now, I tried and dabbled on a lot of different things until this one was able to produce some income but this one right here, like this is my main driver right now. So even inside the blog, there are different ways that I generate income. So one of the ways we have is through affiliates. We also do, I’ll say display ads, which is basically Google AdSense and We also do the call cost per click ads so basically someone comes to the website, they see an ad, they click on it and I can get paid anywhere from, let’s say, a dollar on up to sometimes even $10 or more per click, that’s correct.

So somebody comes a website, they click on the link, and then I get paid is how we generate some revenue.

So those are the three different income streams even inside the blog that I’m able to generate, but this is where these two are really feeding into each other, these are really got some good synergies going on I’m just using a lot of my expertise here to showcase you know, on the blog, because all this was initially was just a marketing tool to drive new clients to the financial planning practice, and then when I discovered that I could make money through the blog, then will then it just got a lot of fun. The third income stream that I have is through investing and probably could have put that one before the blog because I did start investing before the blog, but the reality was I didn’t have a lot of investment so it wasn’t like I was making a lot of money, but even on the investing side there are different ways that I generate income. So we have dividends from stocks and mutual funds that I own we also have interest payments.

And I don’t own a lot of bonds my portfolio below the interest comes from Lending Club.

I also have real estate notes and then we also have capital gains in there as well. So lot of capital gains were mostly lot of the stocks that I bought just through buying them a long time ago and just generate some of the profits. But as you can see, like there’s even income different Multiple Income Streams inside the investing channel. All right, I’m just making money here I’m reinvesting it back here, investing it here and then now, you talk about your money making money for you like this is what’s going on right here through all these different channels. The fourth income stream that I started generating was from life insurance leads.

So what happens here is that I’ve got this financial planning blog, it’s doing really well and then I started discovering that there are other website owners that are making five figures, six figures a month, just off selling life insurance and once again, I’m a financial advisor, I’ve got my insurance license, like I sell life insurance, I own life insurance, like this is something that I should definitely look into.

Initially, that started off where with the leads, I was actually working those leads, so they would use my website, fill out the contact form, so they want life insurance and then we were just selling to them. I had to get licensed in all different states that I was offering life insurance. That was a lot to manage, and it just really made sense where it just made sense just just to sell the leads. Because here yeah, you can Make anywhere from $500 on up to $10,000 for a commission on a life insurance sale, but you got to talk to a lot of people, you got to go through a lot of crappy leads to finally get to one of those good ones.

Where selling the leads, it could be anywhere from $25 to $150 for one lead and the cool thing with that is that you get paid up front. So this just made a lot more sense to do it this way. What I also didn’t mention was I had this blog if it was going on, I started a life insurance lead website, the site doesn’t exist now it actually redirects into good financial sense, but we have life insurance leads being I guess, found here and also we were driving traffic to the blog as well so, I was getting leads in both places.

But that was just a another additional income stream that was able to add mark. The fifth income stream that I’ve been able to generate is from speaking.

Now, I don’t think do a lot of speaking gigs just because most time does require some travel. And right now I’ve got four young kids, so I like to be home as much as I can, but the times that I did get paid to speak I know I first started speaking, I didn’t get paid anything and actually if you are interested in speaking, you recognize that you have to do a lot of voluntary work you got to put yourself out there, get some experience, get some people that will give you testimonials and just give you some good feedback. But when I first started asking to get paid to be a speaker, was about $500 I think that I got paid for my first gig and then the second time I think it was like $1,000 and for me the most I’ve I’ve ever been paid for a speaking gig was $2500, so that was a one time thing.

But you know, it was getting on stage talk for about 30 to 45 minutes and got paid $2500 like that’s not a bad hourly wage obviously took a bit more time for prep and everything else. But this is a legitimate business if that’s something that you want to be interested in, I’ve got a good buddy of mine, he used to be a professional speaker and he made well over six figures a year, just speaking and he got to travel the country sometimes even the world and gets paid to speak I have another friend who gets paid between $20,000 and $30,000 for one talk, obviously he’s been doing it a while but that is a nice speaking fee.

Alright, the sixth income stream that I still generate to this day is through brand or sponsorship deals. And initially for me this started off I did a lot of sponsored posts. So I did this on the blog, and I didn’t know what to charge it know what to ask I got paid I think in the beginning like $100, there was like $250, $500, $1000, right now I can get any about $5,000 sometimes more for one sponsored post that goes up on my site.

Now I don’t do a lot of these but I do enough where it is significant and plus I wanna make sure whoever I’m partnering with in this brand that it’s just a good fit for my readers a good fit for my brand and what I stand for so that’s a big deal for me. So sponsored posts, you do have your sponsored your social shares.

Think of this, like your promoted posts like on Instagram, Twitter, Facebook, and those go for different rates. Right now I do a lot of package deals. So I’ll do videos, including email campaign, where I’m gonna email my list that I’ve generated from the blog and this is running anywhere from 25,000 on up to 80,000.

And that could be for like a two video deal with some social promotions of email marketing. But as you can see, like all of this feeds off of each other, it’s just it’s going back to your expertise and leaning on your experience and just maximizing everything that you’ve grown up and I get as you can see as we go down this list like how it just kind of keeps growing off each other but it all started going back here and actually get that number 10 I’ll show you a way that you can do it even faster.

All right, number seven is one that as an online business owner I should do more of but it is Digital Products. So this is your courses, this is your your e-books and all this fun stuff. And for me I have three products right now well I guess two and a half. The first one was my Online Advisor Growth Formula which was a marketing program for financial advisors looking to boost their online marketing, and I’ll share more how that came to be at number 10.

I also have my Make 1K challenge which is like a free blogging challenge but they people if they are interested can buy an upgrade packages gives them some more PDFs and some more documents to help them in that blogging challenge.

And soon to release is my next course, which is Passive 1K, which is just showing really how I was able to do all of this and then outsource and delegate it. But these are my three main digital products. This one here when I was promoting it heavily, it was making over $100,000 a month. This one right now, on average makes about 2000. We’re trying to do some promotions to get that up more and this one Well, this is one I’m really bullish on once it’s actually gets done, we start promoting it, it’s gonna be a lot of fun.

But these are awesome, because you set them up and they’re done. Yeah, it’s kind of like a rental property, there’s some tweaks you have to make here and there but for the most part, once you do all the work up front, and then it’s just promoting and then making the sales collecting the checks, moving on from there.

All right, number eight for me is Book Sales. Now this is one like this book is amazing it’s a little old and right now this is my first and only book at the moment SoldierOfFinance.com no sorry, that’s the website Soldier of Finances is the book.

And this is something that was published several years ago but I’m still getting royalty checks on this right now. I got paid a little bit of front right now I’m thinking it’s not a lot, I mean book sales aren’t a lot so I’m guessing I’m going to guesstimate here about $1500 a year from book royalties, but once again, like I’m not promoting this thing, well, I guess I just did deny but I’m not actively promoting this thing other than casually mentioning it, also my YouTube videos, but book sales has been another income stream. All right, number nine. I mean, it’s pretty well self-explanatory, but it is YouTube.

So, we are right now right on YouTube.

So, YouTube has been it’s been a lot of fun trying to understand the algorithms what you all want watch what you don’t want to watch, how long you’re going to watch it for, if you’re going to watch the next video, this one has average anywhere from $5000 to $10,000 a month just off the ads. And this is not really about making money from the ads on YouTube it’s just more to supplement, the editing costs everything that goes along with it, but really, it’s thought leadership, it’s brand building, getting myself out there doing these videos, which will then feed into other programs that I’ll be launching. But YouTube is another legitimate income source definitely not easy does take a lot of work, but if you enjoy doing video, you can have a lot of fun. So number 10 is the one I was really excited to talk about because it’s one that really kind of feeds into everything else. Yeah, for me, it started number one as a Financial Advisor, but what I was doing there not so much the experience of working with clients, but number 10 is coaching, and then I also want to group in my mastermind group in there as well.

But the big one is coaching or could be consulting. And why that is so important is because I talked about I mean the financial advisor like I learned a lot and how to work with clients how to talk to clients how to grow the business. Then going back to the Online Advisor Growth Formula, which was my course that I created to help advisors that were interested in growing their online presence or online brand. And that course idea came from the coaching and consulting Avenue because I had so many advisors calling me inquiring how I grew my online brand, my online presence.

So I started charging coaching, for 30 minute, 45 minute, an hour calls, and started off at 100 bucks an hour got up to about $500 to $1,000 an hour that people were willing to pay so I got the experience, it was basically me testing a product, people want it so that’s why I created the course and that’s why it was able to generate, like over $100,000 the first year I think $150,000 the second year is still produces income, even though I don’t really promote it all that much.

But all this came from talking with people, working with people and really understanding what were their needs. And you probably hear this a lot from other people but, what were their pain points? Where were they stuck? Why do they need help with and what could I offer to get them unstuck? And if anybody that’s looking to build Multiple Income Streams, if you can play that role of consultant or coach, where you’re talking with people and you’re understanding just all the challenges that they’re dealing with and what they need help with, and if you listen to those needs, and you can create some sort of solution, especially in some sort of digital product, would be amazing if there’s even a ongoing service that you can package, then that’s how you can start adding so many more income streams, Multiple Income Streams.

But do that, first you have to understand the market, you have to understand what they’re struggling with and what they need, and one of the easiest ways that you can do that is through coaching and consulting.

So for those that you’re not a financial advisor, you don’t feel like you’re qualified or experienced but the one way that you can do that really quickly is start reading up on a topic that you’re passionate about, get some experience and then start looking for people that you can help get unstuck from getting them from point A to B, whatever that is that they need to move the needle because if you can start doing that, then now you are looking as an expert, you’re a thought leader, you’re helping people and people are willing to pay money for that. All right, I hope you enjoyed this video talking about Multiple Income Streams.

If you found any value do me a favor, like, subscribe if you haven’t, and please share, if you know somebody that needs some information on how to generate Multiple Income Streams and you want to share this video, I say thank you. All right, is Jeff Rose, reminding you that it’s your money, it’s your life and only you can make it awesome.

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Till next time, peace.