Is one Income Enough?
Do you want one glittering career or multiple flows of income?
The information I about to discuss in this article, I learnt it from someone who has done it. I am a unwavering and ardent student of Grant Cardone. He may seem very contrarian to many but hey many popular things are wrong. Many things you hear from Grant may seem somewhat impossible and even offensive to basic common sense however he’s done them himself.
The idea of multiple streams of income was a concept I knew nothing about based on what I learnt in school. Teachers and other guardians seemed to have a common question that they recited to me; what do you want to become when you grow up. Want to become? I am already. The idea that a child is going to grow or develop into what school is moulding them to become is erroneous. I think it is an idea that lays a weak foundation.
Unless someone is aiming at an average levels of retirement and even that may not be achieved, you must think about multiples sources of income. Many of us were brought up and schooled to get a job and save the money. The main question is; is there enough money to save?
The notion that someone can only have one career is not practical in this day and age. One career means one income. The days of basic income are long gone. Basic income is a level of assumed income amount believe that it should be enough to meet a person’s basic needs. Basic needs in whose opinion? Someone has established a poverty line. This view point assumes an individual has no personal power to affect their destiny. Wrong!
We all have personal power and it’s time we utilize it. Grant Cardone says this about multiples sources of income;
- Get income from a job; Income from a job is not a bad thing even though many people aim at working for themselves. The concerning issue with earned income is that it is taxable at a highest rate. He says this is where everyone starts and until you are super wealthy you will demand income. To quote Grant “Anyone that tells you the wealthy don’t like earned income is just a writer and not an earner”.
Here’s the point to put in mind, if this is a performance based income, and you are able to earn on commission basis then it is easy to affect your destiny.
What I have learnt from Grant is to never, ever ignore the first source of income. Grant is known for the More Formula where he says get MORE out of your career, department, income and life.
- When the first income is really dependable and you have saved a good amount of money, it is time to think of a second flow of income. It is important to look for something similar to the first one. In this second flow, the focus is on doing something that will not take your attention away from the first income.
- When the second flow of income is dependable and at the same time not distracting your attention from the first one, may be its time you make a move for a third flow.
The number of available hours in a day will always remain the same. Now that your responsibilities are increasing, one must know how to buy more time. Buying time may mean employing or outsourcing activities. I am fond of outsourcing especially now day with the internet revolution and the almost instant communication across the globe. The cost of labour is cheap and you can have many jobs done by people who are not even near you geographically.
Multiple sources of income is the way forward and any person who’ll not embrace this fact is going to be left behind.