- SUMMARY
If you want to increase your income and minimize risk, diversifying your income streams is crucial.
Here are nine streams: Lever 1: Time Service business: Offer your expertise for a fee.
Earned wages: Your primary employment is your initial income source.
Lever 2: Expertise Consulting: Utilize your skills to advise others for compensation.
Board membership: Join boards of companies to provide guidance and earn a stipend.
Speaking events: Get paid to share your knowledge and insights.
Lever 3: Brand or Audience Newsletter affiliate sales: Monetize your newsletter through sponsorships.
Sponsorships online: Collaborate with brands for paid promotions.
Info products: Create and sell guides on topics you’re knowledgeable about.
Lever 4: Money Airbnb: Invest in vacation rentals for passive income.
Laundromats: Acquire and manage laundromat businesses.
Additionally, you can “layer” income streams by expanding your offerings within a particular platform or sector (horizontal income).
It’s important to choose income streams that leverage your skills and time effectively.
Consider your interests, curiosity, and audience.
Diversifying your income sources can reduce risk and enhance your financial stability.
- Key Takeaways
Importance of multiple Income Streams
Diversifying Income streams helps in increasing earnings and minimizing risks, as seen in the text with the provision of nine different streams, categorized into four levers: Time, Expertise, Brand/Audience, and Money.
Classify Income Streams by Levers
The article classifies income streams into four levers: Time (service business, earned wages), Expertise (consulting, board membership, speaking events), Brand/Audience (newsletter affiliate sales, sponsorships online, info products), and Money (Airbnb, Laundromats).
Effective Layering and Selection of Income Streams
To optimize income generation, it’s beneficial to layer income streams by expanding offerings within a specific platform or sector (horizontal income), and carefully selecting streams that align with skills, interests, and target audience, minimizing risk and enhancing financial stability.