At the age of 9, I became an Entrepreneur, I resold my first item for a profit. From that day, I have always been hustling at something, affiliate marketing was a big one at the age of 18. At 22, I started trading forex, I began dreaming of quitting my job and trading forex for a living, that soon became just a dream.
I am now working part time, and re-starting my side hustle. I aim to build multiple streams of income, both passive and those that require some attention using the internet and fund it with income from my part time job (about 34 hours per week).
The wealthy know how important it is to have multiple streams of income, so I am going to follow in their footsteps and begin to building my own.
How many streams of income do millionaires have?
Tom Corley, author of the book “Rich Habits”, studied the habits of multiple millionaires over a 5 year period, and found out some interesting things about them. One thing was, they all have multiple streams of income.
- 65% of self-made millionaires have 3 streams of income
- 45% of self-made millionaires have 4 streams of income
- 29% of self-made millionaires have 5 or more streams of income
Having multiple streams of income is the same as having a diversified investment portfolio, when one income stream suffers, the others can make up for it.
How I am going to build multiple streams of income
Building multiple streams of income is an important part of my overall retirement strategy, I hope to be able to do over the course of the next year or two. There are a few different mediums I will be using to generate income streams.
I will be focusing my time on a number of different projects, planned out over the week so I can manage things properly.
Amazon FBA (Fulfilled by Amazon)
I have always liked making money, but I hate working for someone and being told what to do. I would rather just do what I want when I need to, this is the reason I quit web design, the constant nagging of people wanting things done NOW and not in half an hour, having to have a website made by next week, or whatever it was, the reason I am self-empolyed is because I want to work when I want, not when others tell me too.
This is why the Amazon FBA business model suits me quite well, it is basically a passive income stream once up and running.
If you don’t know what Amazon FBA is, in short, I buy products at wholesale price, have it shipped to Amazon’s warehouse, when someone buys my product on Amazon, Amazon ships it to them, which means there is very little work on my part, apart from researching a product, creating the private label and ordering it.
I am going to be getting started in this hopefully in the new year (2018), though, currently, I am researching the ins and outs of the business, so I know exactly what I am doing when I am starting. I don’t have a product yet, but I do have a few in mind that I would like to sell. I am hoping to be able to scale this business to £1000 a month profit by the end of next year (2018).
If I am successful, I will expand my brand into other product lines, and continue to build the business.
I have been trading forex on and off for quite some time now, but over the past months, I have outgrown the urge to make millions in a short time with forex, and am now I am more focused on having a long term profitable strategy which can gain 3-4% a week growth, more sometimes! Last week was 14%!
I am now only taking trades on the Hour1 and Hour4 charts, I used to trade the 5 minute charts a lot, but, it is very time consuming, and also stressful at times. Trading the H1 and H4 charts is a little more passive, and allows me time to work on other projects.
My long term goal for forex, is, as I have just said, long term profitability and the opportunity to scale and build a retirement fund.
I have an idea for an online course I am going to start working on in the new year, and I hope this can generate me another stream of passive income. The course is on a topic that I have a lot of knowledge in, and therefore hope to be able to bring great value to anyone who buys it. It will not be very expensive, and I am hoping to be able to put together 5-10 hours of video content.
I will be selling the course on Udemy.com for around £99, and hope to gain at least 1 sale per month. If this is successful, I might consider doing more courses.
My end goal with this is to generate passive income, once I have the course running, I will just need to reply to emails every now and then, I do not intend to offer 1-1 lessons/support, but, of course, if people have questions regarding the course/material, I will answer them.
I have 2 blogs, this one, CactusWeaver and another blog in a different niche I am currently building. The idea behind this blog is to document my journey to early retirement and building my income through online sources in a way that others can follow along. I like writing things down, it makes me feel like I am getting somewhere lol. The end goal of this blog is not to make money, but just to keep records.
Blog number two is in a growing niche, which I think has some potential if I can keep up the work and post quality content. I hope to be able to generate some income from it within the next few years through Google Adsense and affiliate links, I doubt it will be much, but if I can reach £25 per month within the next year, I will be very happy, after all, 1 hour work per week, writing about a topic I enjoy isn’t really that bad for now, and heck, it will be an online asset if I keep building it.
I may sometime in the future publish a kindle book on a topic that again, I know quite well, though this will be mid 2018, if not later.
The reason I am interested in publishing a kindle book is the only time it consumes is that which it takes me to write the book, after that, any income I generate from it is passive income.
Investments are my long term savings for retirement, I plan to invest as much money now as possible, in order to be able to semi-retire as early as possible, hopefully at 45. I am involved with a number of different investments, though, over time, I hope to be able to keep building my investment portfolio and be able to live comfortably off interest and my other online incomes by semi-retirement time.
Although creating new income streams takes time, I hope to be able to make them profitable in the long run, and I will be focusing on one stream of income until I have it to where I want it to be, before moving onto the next.
My end goal is to have 4-5 streams of income that I can rely on for a monthly income, and can save all the money I earn from my real job until I have enough to semi-retire and live off my income streams and investments.