I got caught up in the same ideas that every other internet marketer, developer or entrepreneurial addict does: create a big business, build it up and sell it for millions.
While I still hold this idea in my head. I’ve come to realize that they true secret to wealth (not to be confused with The Secret) is not necessarily in striking it rich in one go. The secret to wealth is in Multiple Streams of Income.
I’ve had this concept in my mind for a long time. Even since I was still in University – without the financial education I have now – I wondered why someone would try to gain a lot of money from one job, rather than to have small pieces of income from different sources. Looking back, I had the right idea. The problem was that I didn’t understand how it coulld be applied.
Multiple Streams of Automation
After a lot of research and having creating a couple of online businesses myself, I have come to conclusion that there is one key ingredient in creating long-lasting wealth. The secret is in complete Automation of your processes.
I’m not going to pretend that I invented the idea. In fact, I probably heared it from the guy who heared it from the guy who invented it. The important part is that I’ve discovered the importance and have begun to apply it.
In the past, I’ve made the mistake of building myself into the process of a web business in the past. For my current projects (blogging aside!) I am doing the exact opposite. I have designed the entire process to work, take payment, send email notification, maintain contact and create content without me being present.
In my Real Estate venture, the only work that I need to do is to check the AdSense account once or twice a week and I was required to create a network of real estate agents across the country. Once this was created, I did not need to perform any additional duties.
In the begining, my business partner and I put in a huge number of hours into the project to get it off the ground. Now, we’re in maintenance mode and are always either upgrading or looking for new projects to work on.
Make It Up In Volume
Think of Automation of your income streams like this: if you can create online businesses that run themselves with little or no input from you, then it won’t be too long before you’re well into your early retirement.
These are a couple of great quotes that always makes me think about how much money is available in the world:
You’re one in a million…that means that there are only 6,000 other people just like you.
I’m not greedy, I just want $1.00 from every person on the planet.
Successful multiple streams of income is about numbers! You don’t neet to create a huge business with hundreds of employees. Find a niche that has some interest in the market. Out of 6,000,000,000 people, even a small niche may have one to ten million people in it. Figure out what they are looking for and make the offer. Next, automate that income stream and move on to the next project.
Can it really be this easy?
Create your process. Duplicate your success. Retire rich.
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