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Multiple Streams of Income – Grow Your Cash Flow

The reality is that very few people ever get rich without having multiple streams of income. One source of cash flow isn’t enough.

When you think about the richest people in the world, what words come to mind? Perhaps you think about dividends, royalties, or passive income from real estate. Many of the richest people started their own businesses in technology or through various media outlets, but the one common theme is that you will very rarely find someone who is rich without having their income coming from more than one place.

What this post is going to ask you to do is consider what talents you possess that you are not actively tapping on a regular basis. The odds are that if you are reading this, you have a desire for something more than what you have already. The reality is that this is going to take some blood, sweat, and tears (BST) to get the ball rolling for you.

Joe Six Pack Has One Source of Cash Flow

Consider Joe Six Pack: He gets up early, goes to work, grinds his body and mind out all day for a paycheque, then fights traffic to get home and relax for the evening. He complains about the struggle of his life and how he never seems to get ahead and how everyone wants a piece of his wallet, yet he wastes away all of those extra hours in his day. If he would come home and work on some creative outlet and put his skills to use for himself on a regular basis as he does for his employer, he might be able to climb out of the rat race.

Joe Six Pack has One Source of Income

Are you Joe SixPack? You need to honestly ask yourself whether you really have the pedal to the metal or whether you are squandering the most valuable resource of all; your time. Expanding your streams of income begins with how productive you can be away from your day job. The best way to get to the heart of this is to answer a very simple question: What is your dream occupation? What would you be doing if you could simply do it right now and not have to worry about next week’s paycheque?

Balancing The Future with Now

We have met countless people who tell us they would love to be a full-time writer but that they need to provide for their families right now. In other words, they are sacrificing who they would like to be for the person they believe they need to be in the present.

We don’t believe in sacrificing your future for your present. You need to become the person you would like to be right now. Does this mean you should quit your job and go freelancing? Absolutely not. What it does mean is that you should take on something extra in your afterhours which provides you an opportunity to expand your income. The richest people are the most productive and creative.

If you love to write, then contact bloggers and companies and ask if they are looking for someone to freelance some articles for them. Most writers we know are also avid readers. Contact the people you are reading and see if they could use someone to write an article or two per month for them. The same goes for song writing and screenwriting.

If you enjoy developing software or writing code, you should get in touch with companies to see if they could use a hand developing something new. Or simply write it and tell them you have a solution to one of their problems.

Create Recurring Streams of Income

The reason we are recommending that you work on creative pursuits in your afterhours is that those are the type that are most likely to result in you receiving streams of income for life. Very few people ever get rich simply by taking on a part-time job to supplement their income. That is not the path to Get Rich. You need to create something that can pay you even when you are sleeping.

Multiple Streams of Income

There are only twenty-four hours in a day. Even if you work another four hours per day at an hourly rate, there comes a point where you either burn out or simply hit the wall.

It is often said that the people making the serious money in the music industry are those writing the songs rather than those simply performing them. The songwriters can get paid every time their song plays on the radio because they own the rights to it whereas the performer needs to keep getting on stage to bring in more income. To Get Rich in a sustainable way, you need to be creating things that will keep kicking off dollars long after your work is finished.

Build Income on the Side

Another path to building recurring income involves continuing to simply work at a day job and then devoting a portion of that income to investments that will produce cash flow for years to come. Our preferred method is to invest in dividend paying companies with a long track record of sustainable growth in earnings and dividend payments.

Building streams of recurring income is like rolling a snowball into a boulder. You begin with a snowball that is small and manageable. At first the snowball fits easily into your hand. Once you begin to roll it and spend time on growing it, it turns into something much larger and more solid. After enough careful revolutions the boulder is able to be set free to roll down a hill and continue on its own without you doing all of the work, getting larger along the way.

Social Mediasocial media grows an audience

It has never been easier than it is right now to build your presence in the world. Through social media, we are hearing every day about “overnight successes”. The reality being, most of the time, that these people that are rising to stardom have actually been building their online social media presence over a period of months or years.

You can build a fan base simply by starting a blog for free and writing about something you are passionate about. Post pictures about things you see that you find interesting. Chances are that there are other people who will identify with what you are putting out there. Getting started is as simple as the click of a mouse.

What story do you have to share that others might want to hear and become involved with?

Build Intellectual Property

The message behind this is that one of the surest paths to Get Rich is to build intellectual property. The path is this:

Create Something People Need –> Retain The Rights/Ownership –> Reap The Income

The Bottom Line

Your key to Get Rich will be to unlock your abilities in your afterhours. Most people need their day job to pay the bills. That’s okay. It is what you do with your time after that day job that will determine your future.

Figuring out what you can do to create lasting streams of income may be no more difficult than thinking about what talents you have that are not being used. Take your talents and monetize them.

The Get Rich Brothers

What talents do you have that you’re not fully utilizing?

Pictures courtesy of pixabay.com 

9 thoughts on “Multiple Streams of Income – Grow Your Cash Flow

  1. Hi Ryan,

    This is one of my major goals this year – to build sources of passive income. Your graphics about the recurring income made it easier for me to understand on how it might work for me. I’ll be backreading your old post. Thanks for sharing your financial journey. I’m learning a lot from your posts.

    The Thrifty Hustler recently posted…How to Earn Money from Selling Thrifted ItemsMy Profile

    1. Hey Alex,

      Yeah, getting on the path of multiple streams of income is imperative for building a solid financial house. You want to make sure you can withstand any economic condition. This has never been so important as it is right now, writing this as the world has been upended during the COVID-19 pandemic.
      Glad to hear you’re learning from these posts.

      Take care,

  2. Jackie B says:

    I can relate to this article. I don’t actually rely to just one source of income. That’s why other than writing, I also do other things to earn more such as teaching, doing affiliate marketing and maintaining websites.

    1. Thanks for reading and commenting, Jackie B.

      We definitely recommend taking the time to put effort into additional streams of income. It simply makes sense to not rely entirely on one source of income for all earnings.

      All the best with your endeavours and be sure to stop by again any time to update us on your progress!
      – Ryan

  3. Andrew says:

    What stocks do you recommend that every portfolio should have?

    1. GetRichInCanada says:

      We really don’t put out blanket recommendations on individual stocks for everyone, though the Dividend Aristocrats list is a great place to start looking. The average investor would do well to harness the power of dividend growth companies.

  4. DivHut says:

    Multiple and recurring streams of income are very important for our future selves. Unfortunately, most people rely on one source of income, their ability to work and don’t realize that this source of income is not permanent. I fully agree with you about building your own brand and that these days it’s never been easier to spread your word via the Internet. Thanks for sharing.

    1. GetRichInCanada says:

      Thanks for visiting, DH.

      It’s actually scary sometimes when you think about how much people rely on a single source of earnings. They have their future, the future of their children, the home they live in, the vehicle they drive, all on a single – fragile – source of income. It’s a lot of risk to be taking on, which is why it’s so head-scratching when people in that situation actually say investing is dangerous!

      I’ll take the security of many companies paying me than just one any day!

      – Ryan

      P.S., I was reading your post about Canadian Banks the other day and still need to drop you a line on that.

      1. DivHut says:

        Canada has some great long term dividend payers and I am happy to own TD, BNS and RY in my portfolio. I happen to agree very much with your statement about multiple income streams and how dividends can reduce the risk somewhat, at least, if you lose your job or unable to work anymore.

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