What happens if you get fired?
What happens if your business fails?
What happens if you experience an unexpected medical emergency that interferes with your ability to Earn an income?
Almost all of the self-made millionaires in my Rich Habits Study had a Plan B – one or more additional streams of income that acted like a a buffer during downturns in the economy or unexpected life consequences.
Each additional stream of income you create, keeps you from becoming homeless, keeps your kids in college and prevents you from having to steal from your retirement funds in order to survive the unexpected consequences life oftentimes fire hoses in your direction.
These unexpected consequences are the reason why you need a Plan B.
It takes many years before a revenue stream will generate enough cash flow to rescue you if your main income stream becomes disabled. So, creating one now is your insurance against future unexpected consequences. Ten years from now, if something unexpected happens, you’ll be glad you made the investment in your Plan B.
Because so many self-made millionaires in my Rich Habits Study had multiple streams of income, I decided, in late 2006, to take a page out of their book – I began investing my time and money in building a second stream of income in the form of a financial planning practice, while running my CPA firm. I had to study and take numerous exams in order to obtain important security licenses, certifications and designations, which took about 1,000 hours of my time (and some money).
Fast forward to today, and my Financial Planning revenue stream generates between $50,000 – $100,000 in cash flow every year.
In 2009, once I was done with my financial planning studies, I began investing my time and money in another revenue stream – writing books. Creating that revenue stream was very expensive, not only in time by also in money – about 10,000 hours in my time and well over $100,000 in money.
That investment has birthed five books and close to $500,000 in royalty revenue.
In order to keep that royalty revenue stream going, I devote between 3-4 hours each day engaged in writing and media promotion.
At this very moment, I am in the throes of creating a new, fourth stream of income. For the past five years, I’ve been doing about five paid speaking engagements a year. Thanks to the strength of my brand, I am able to charge $10,000-$15,000 to speak in the U.S, and $20,000-$25,000 to speak outside the U.S. Up to now, all of my paid speaking engagements were ones that just dropped in my lap thanks to the success of my books and all of the media attention my books and research have received.
In late 2019, I decided to invest significant time and money in growing my Speaker Business. If I am successful, I expect, in time, this new revenue stream to generate about $500,000 in revenue every year.
Within the next two years, I plan on adding a fifth revenue stream – Rich Habits Training events. My Training revenue stream will be fed by my books and my speaking engagements.
And that highlights a very important point about revenue streams – each revenue stream you create, often gives birth to additional related revenue streams.
- My CPA Revenue Stream currently helps feed my Financial Planning Revenue Stream
- My Author Revenue Stream currently helps feed my Speaker Revenue Stream
- My Author and Speaker Revenue Streams will help feed my future Rich Habits Training Revenue Stream
But in order to create multiple related streams of income, you have to start that first revenue stream. That first revenue stream will lead to other complimentary and related revenue streams.
In time, you will have numerous related revenue streams and these streams will not only help you build more wealth, they will become a buffer against economic downturns or unexpected consequences that might negatively impact your main revenue stream – your job.
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About Thomas C. Corley
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