On Monday morning, you get a message indicating there’s a new balance in your PayPal account. You check and see that — while you were at the beach that weekend — more than $6,500 was deposited into your account.
On Tuesday, you receive a check from a client: $4,000, which he sends every month.
On Wednesday, you receive a statement from your brokerage account. It shows that you made an extra $475 the day before.
On Thursday, your spouse comes home with the cash she’s collected from the little vending business you started together last year. She plops down $1,400 on the table.
Then on Friday, your property manager emails you to let you know he collected last month’s rents and he’s depositing $11,500 into your account.
“Not a bad week,” you think, sitting by the side of your pool.
Of the many ways to build wealth, starting up a business and building entrepreneurial equity offers great potential. This is how the richest of the rich — from Andrew Carnegie to Bill Gates — acquired their vast fortunes.
Now, that’s all well and good. But I don’t want to talk about building a world-scale business … or even a city-scale one.
I want to talk about another “best way” to create wealth. It’s a way that’s easier and more practical — and doesn’t require a boatload of startup capital or time or a genius original idea. You don’t need any of that. I didn’t need any of that.
I’m talking about the primary way I developed my wealth.
I’ve been involved with dozens of entrepreneurial businesses in my career, the largest of which has grown into a $600 million business. But the wealth I acquired never came from selling any of these businesses. It came from the income these businesses generated and how I put that income to use.
I call this strategy developing multiple streams of income…
And I’ve been doing it for more than 30 years. I’ve tried dozens of things. (More than half of them didn’t pan out.) But my method was always to start very small and test the waters quickly.
If it looked promising, I pushed the throttle. If it started badly, I pulled out quickly.
Using this strategy, I have developed self-supporting, nearly automatic cash streams.
Me on my favorite day of the month: the first.
Last year, my total income from these automatic cash streams exceeded $6 million. I earned that without ever having to go into the office, without ever answering to a boss, and without ever doing anything I didn’t want to do.
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