Episode #61 – Revealed: How To Create Up To 21 Streams Of Protective Income

 

I know, if you aren’t exactly rolling in the dough right now, this sounds crazy. I get it. I wasn’t always comfortable financially, either. That is what spurred my interest and lifelong goal to create enough streams of wealth that, ideally, no illness or life event could harm my family’s lifestyle.

Tune in to learn more. Follow me on IG @indestructiblewealth for more.

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Listen to the podcast here

 

Revealed: How To Create Up To 21 Streams Of Protective Income

I’m going to talk to you guys about multiple streams of income. We’re going to take a little bit deeper dive into this particular area. I’m going to show you exactly all the different forms of income that I have, so you can start to get some ideas on how to generate and create more streams of income for yourself. I’ve been doing this for 24 years. I started investing back when I was 22. I’m in a different place where it makes more sense for me to have more streams of income because I’ve already hyper-focused. I’ve gone through the process of building my cash flow-producing business.

I’ve created an incredible base of protected and safe income-producing assets. I have the ability to be able to diversify more and protect myself. You’re going to get there, but I want you to start thinking about how you can start adding additional streams without distracting yourself from the primary way that you make money. The average millionaire that we talked about has seven streams of income. Multiple streams of income protect you from life and market disruptions.

The average millionaire has about seven streams of income. Click To Tweet

Things will go wrong and things will happen in your life not only on a personal basis but on a career and a business level where it’s inevitable that you will have incomes disrupted. Two of my friends make good money at the Whirlpool Corporation, the appliance maker, but even during Corona, they were furloughed. That means they did not have an income coming in for both of them, which they’re high earners, but they did not have an income coming into their household for quite a long time.

At the same time, we have friends that are doctors. One of them was not able to take payment for months out of his practice. They had to, in order to keep the business going. That’s pretty tough. That has absolutely disrupted and hurt them financially because they did not have other streams of income coming in. I have people that I know on my team that has gotten disrupted by health issues.

One in particular that I’m thinking of had cancer many years ago. It was very serious and appeared to be extremely life-threatening. She was knocked out of being able to earn money for over a year to be able to take the energy, heal and fight it. Fortunately, she had a business that created multiple streams of income and passive income at that.

The market is going to shift. Technology is going to disrupt things. Look at how Netflix, a young startup, completely knocked out a multi-billion dollar company called Blockbuster with the technology that it created. Those types of market disruptions are going to happen more and more frequently as we continue to grow our economy and grow through technology.

Technology is going to grow exponentially over the next decade. With that growth going to be a lot of industries, a lot of jobs, and a lot of businesses that are going to get completely and totally wiped out. I’m not telling you that to be doomsday. It’s not negative in my opinion. It’s a great thing. It’s going to create progress. It’s going to create more opportunity, but with that progress and opportunity are going to come a lot of challenges for people that only have one stream.

If one stream drives up, your lifestyle isn’t affected. It’s not a life-shattering event. In my opinion, as you create multiple streams of income, it creates this shift in mindset. It creates this shift in your capacity to where now you become a money magnet, where money keeps flowing into you in different ways and sources in greater and greater ways.

I’ve alluded to this before, but I want to caution you to watch out for MSDs. MSDS are not something that you try to avoid in college when you were hooking up with somebody else. MSDs are Multiple Streams of Distractions, which are as deadly or lethal, but in different ways. You have too many things that you’re trying to do at the same time or you’re trying to scale too many streams of income where it’s taking your focus away from the primary way that you’re good at making money. You could make money over here at this other thing that you’re doing. However, that’s going to take away from the thing that you’re good at, which is your primary business and the primary way you earn your living. You got to watch out for that. I’m not saying to not strive and go after multiple streams of income right now, but be careful because you could be making money on something else that’s distracting you, and you end up losing money overall because you’re making less money now on your main deal.

 

I’m going to talk to you and show you all of my streams of income. I broke them down into earned income, passive income source, and then capital gains income because those are the three streams of income in the Indestructible Wealth Method. Earned income is things that I have to take my time, my energy, and my skills. I have to actively take part in them in order for that money to come in. That means if I don’t do these activities or I don’t take the time and the energy to produce them, then I will never get paid for them.

I have a direct sales business where we have a physical storefront where we sell high-quality nutritional smoothies and high-energy teas. That’s direct sales. That’s selling a product to the marketplace. With course creation, I’m selling knowledge with this particular course and other courses that I’m going to develop my book and my private mastermind group. Those are all things that I’m doing that are earned income. Now, I can take the course that I’m doing here, and eventually, it’s going to be a passive source of income because I did the work. I’m still getting paid a year from now for the course sales that are coming in from work that I did now. As of right now, it’s not a passive income. It’s an earned income source.

Hobby income from playing a game that I enjoy like poker. I made almost $100,000 in the last year and a half of poker. Flipping property, where you’ll buy a property, renovate it, and you sell it at a higher amount. I do that. In fact, we closed a property a week ago that we made $100,000 on. It took a year for that project. It was pretty stressful. I’m not even that fucking excited about it because the project was supposed to take five months and it went a year. At the end of the day, we made money, so I shouldn’t be too upset about it.

Also, selling Bitcoin mining machines. I buy Bitcoin mining machines from China. We get them imported, and I sell them for a profit to investors. I sell self-storage investments. This is a way for investors to put their money into a fund with a group of people to be able to purchase a larger asset that they wouldn’t be able to do on their own. This is called syndication. I sell that and I make money from that.

Passive income sources like private money loans. This is where you loan money to somebody, a peer, friend, family or colleague. They’re using that money to go out and start a business or invest that into real estate. You’re getting interest payments on that money. I don’t recommend this particular way to make money until you’re very experienced because you can definitely get screwed pretty quickly and not have a lot of recourse. I would say to neglect this one as one of your ideas out of the gate.

Don’t do private money loans until you’re very experienced. These can get screwed pretty quickly. Click To Tweet

Self-storage syndication. I invest in self-storage with my own money. I sell it, which is one form of income, but I invest in it to create the rents that come off of that storage as well. That’s the passive income source. Crypto staking, I earn money from lending my crypto on exchanges like Nexo and Celsius. I get paid in more crypto. I make well over $100,000 a month off staking my crypto on these exchanges and getting paid interest by the crypto being loaned out to others.

I also have crypto mining. This is legally printing money by helping to secure the network. I get paid in Ethereum and I get one Ethereum per month. It was $5,000 at one point. Now, it’s down below $4,000. That’s $4,000 a month coming in, in Ethereum, from the mining operation that we set up. We’re doing the same thing with Bitcoin, where I sell machines to investors, but I also have my own machines that are mining and producing income for me as well.

Affiliate or revenue shared commissions. I have a gal and I love her approach to whole life insurance. I send investors over to her and in turn, I would get a marketing fee for doing that. Ancillary are small types of income that come in that are off the primary or even secondary ways that you’re building your wealth. Ancillary would be like credit card cash rebates. The credit cards that we get, we get points. As we accumulate those points, we convert that into cashback rewards. It’s nothing crazy. We don’t make a lot of money. A few thousand dollars a year because we spend a lot of money with our various businesses on credit cards revolving throughout the month.

Rental property, we lease those out so we get rents every month. We get rental income off of that. In addition, our tenants are paying down our mortgage notes on those properties. Every month, the equity builds and our wealth gets a little bit bigger. It’s very tiny amounts because those payments on the notes and the mortgages are paying down the principal very slowly, but we do get an additional stream of income from the paydown of the mortgage.

REITs or Real Estate Investment Trusts are bigger syndications where you’d be able to put your money into something in the real estate space, and they kick you out dividends and income from the rents. In addition, I have high cash value whole life insurance. That creates dividend income. We have mortgaged back notes. This is also called first trustees. Think of this as you become the bank and you’re loaning money out to somebody else who owns the title to the real estate, but you own the mortgage against the property. You get interest payments every month from holding that first trustee.

Multi-level marketing is a great way to generate additional passive income. Capital gains are income that shows up on paper. You don’t make the money until you sell the asset. It’s a paper income, but I have cryptocurrency that has gone up in value substantially over the past year since I started investing in it. There are stocks and pre-IPOs, which are Initial Public Offerings and real estate goes up in value. In fact, I bought a property in Arizona five years ago and sold it this past year, and made out over $160,000 profit from that property going up in value.

Precious metals, including gold and silver. I own those which have gone up a bit, although it’s more to me an insurance policy than it is an actual investment. I don’t think that gold and silver are incredible assets to own if you’re trying to build wealth. It’s more of a way to protect yourself if the shit were to hit the fan.

Now, you’ve got all these things and ideas from me. I want you to think about how many streams of income you have. List them in your workbook. I want you to list out what are some ideas that you have. It doesn’t have to be the ones that I’m doing, but thinking about it in terms of yourself. Maybe there’s some on my list that you could duplicate as well, and you could create additional streams of income.

 

You don’t want to discount the amount. For some of these, they’re tiny amounts of money coming in off some of those assets. I don’t care. I’m looking at how much money is coming off each one and I want to increase that, but it’s important that I look at adding streams of income that are positive in nature. That’s certainly a good thing. That’s certainly helping me to build my wealth and to create more diversification to protect our lifestyle and create indestructible wealth.

Take some time. List out how many streams of income you have and group them into earned income, passive income, and capital gains-type income. You want to look at those three because you want to have all three buckets of income, and write out as well what are some additional ways that you can generate multiple streams of income. Thanks for reading. Have a great day.

 

Important Links

• Nexo
• Celsius
• @IndestructibleWealth – Instagram