Looking to be a millionaire? OMG, me too! Hey twin flame! Ever since I had my 20K year on Etsy, I’ve been wondering how I can increase that to 7 figures. Because, why not have big dreams. Amiright? So today I’m going to talk to you about what I’m doing to help me get there and What Millionaires Aren’t Telling You.
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There’s one Thing Millionaires are Really Good At
According to the college investor, there are about 3 million millionaires in the US right now! Wow, that seems like a lot right? That means that you likely know a few of them and don’t even know it.
However, it’s a commonly known fact that the average millionaire didn’t get rich from just one thing. That’s because millionaires are always looking for different ways that they can diversify their income. Because, as I tell all my students, you shouldn’t put all your eggs in one basket! (PS. This isn’t the secret that they aren’t telling you. I’ll get there further down.)
Millionaires Create Multiple Streams of Income
Millionaires create multiple streams of income in order to gain more freedom in their lives. So, it’s obvious that we should be focused on that too.
But what does that even mean? Well, when I did a quick Google search, I got a lot of results that said there are 7 categories of revenue streams that are available. Those categories are:
- Earned income
- Business Income
- Interest Income
- Dividend Income
- Rental Income
- Capital Gains
This All Sounds Intimidating
Now, at first this can feel a little intimidating and way over your head. I mean, just the terms, “investing”, “dividend income”, and “capital gains” makes my head spin. But what I have come to realize is that if you start with the first few streams of income that I mentioned before, you can then later graduate into the next streams. You just have to take it step by step, and realize that they aren’t going to come all at the same time.
So for example, we start with our earned income. I would bet that most of you reading this article already have a full time job, or you have some kind of income coming in each month from a partner. This is your earned income. And sometimes, it can feel like there’s just not enough of it to go around, right?
And because it can feel like there’s just never enough from your earned income, moving on to some of the other streams can feel difficult. For example, you feel like you don’t have a ton of extra income to spend on investing, which you’ve always wanted to do. Or you want to eventually get into real estate so you can start making rental income. But without enough money for a down payment, you feel like it’s just a pipe dream.
What Millionaires Aren’t Telling You
So how can you create more income so that you can invest or you can save toward that rental property down payment and partake in all the other streams of income?
Business income, of course!
Business income can help you make just a little bit of money or a whole lot more money toward these types of goals that you have. And that’s what I mean by taking it step by step. We have to climb the rungs toward wealth. So once you start making more money in a business or a side hustle, you can start building that wealth up so you can take advantage of the other streams of income that I mentioned before.
And here’s the cool thing. Once you create a business, you can then create multiple streams of income in your business as well. For example, I don’t just make money in my business from selling on Etsy. Sure, that’s how it all started, but now I make money from other streams of income like ad revenue, affiliate income, and coaching.
What Millionaires Aren’t Telling You – The Other Thing
So I guess what I’m saying is that what most millionaires aren’t telling us is that they started with a business first in order to get to where they are today. If they didn’t first start a business, they probably wouldn’t have had the extra income to do the investing in stocks and real estate that they have.
Not to mention the OTHER thing that millionaires aren’t telling you, which is regarding taxes. When they created a business instead of just being an employee, they were then able take advantage of pages and pages of tax deductions that you could never get without starting a business. This, by the way, is almost like another revenue stream by itself.
Start Your First Business
Long story long. You need to start a business so that you can start taking advantage of these extra streams of income in your life. And this probably isn’t a surprise, but I recommend that your very first business be selling printables on Etsy.
Not only is it hands down the best side hustle because you get to use your creative skills to make an extra income, but it also allows you the time freedom to create multiple streams of revenue inside your business. And that’s because it allows you to make money much more passively than any other side hustle.
If you’re excited at the idea of creating and selling printables, then you want to figure out what printables are right for you, so take the quiz to find out what printables are right for your personality so that you can get started!
Thanks for Reading What Millionaires Aren’t Telling You
Thanks so much for reading about What Millionaires Aren’t Telling You. I love to help you celebrate life through printables and personal development! But above all, I’d love to connect with you. Reach out to me on Instagram and let’s chat.
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