Did you know that the average millionaire has at least seven sources of income?
You may never have thought about earning a million dollars a year, but when you start to think about earning a million dollars, it makes you see your financial goals from a new point of view.
Picture financial excellence
One thing I always hear people say is that they just want to be financially secure or have financial freedom but they never really stop to think about what that looks like in real terms. This is so important because we think in pictures, so our mind needs a picture of what we want, so that it can respond to it and create the new thought patterns in line with that goal.
It’s not enough to just want financial freedom, you need to know what that looks and feels like for you.
Is it an amount of money, owning your own home, being able to travel? It’s important to create a crystal clear picture that you can work with.
Break down the path to excellence
Let’s say you wanted to increase your income to $200,000 per year but at the moment you don’t know how. In fact, you are only earning $50,000 per year. This seems like a huge Quantum Leap for you. It looks hard! How would I ever do that? You need to start to think about multiple sources of income.
Let’s make earning $200,000 look easy by first working out how to earn $1,000,000 a year.
Per day $2,747.25
Mon -Thurs $10,989
Fri – Sun $8241.74
When you have multiple sources of income (cattle business, real estate investments, online shop, monetised blog etc), you start to see how you can generate $10,989 in sales between Monday and Thursday and $8241.74 in sales between Thursday and Sunday.
Now let’s do the same exercise to earn $200,000.
Per Day $566.88
Monday – Thurs $2264
Fri – Sun $1698
Goals, perception and opportunity
Your goals are not too big for you. You have made them big. Start to change your perception and see things from another point of view and you will open yourself up to new opportunities. Instead of immediately saying “I could never do that” – start to think about how you could do it – play with your imagination and let it run a bit wild!
Passion and purpose
You may identify your need to increase your income to get what you really want but you don’t know where to start. This is my passion and purpose exercise.
Make a list of 10 things you really love. And then make another list of 10 things you are good at or you’ve been told you are good at. Don’t edit the list as you create it, just write down what comes to mind.
Now look at the top five items on both lists and think about all the different ways you can combine more of the things you love with things you are really good at. There will be many ways you can monetise those ideas.
Some of my regional and rural clients have diversified their farming interests and now proudly run onsite luxury accommodation, own an emerging fashion label, have launched a condiments label and a smoke house brand – these are businesses that generate additional income streams and combine passion and purpose.
Set yourself up for excellence
- Think about what you really want? What are some of your goals? Why is this important to you?
- Think about your passion and purpose. Complete the passion and purpose activity and see what new opportunities come up for you.
- Decide on which idea you feel most energised to pursue first.
Here are 10 easy ways I have seen regional and rural clients create a new source of income
- Affiliate partnerships (selling other people’s products or other people selling yours)
- Create an app
- Multi-level marketing
- Sell on Amazon/eBay/Etsy
- Create a membership site
- Publishing an info-product (e-book/e-zine)
- Sell services on Fiverr/Upwork
- Start a Meet-up group
- List a room/house for rent on AirBNB
- Sell products at trade shows.
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