If you want to become a self-made millionaire you need to begin creating multiple streams of income. In my Rich Habits study, 65% of the self-made millionaires did just that. They had 3 or more streams of income. 45% had 4 or more streams of income. 29% had 5 or more streams of income. Diversifying your sources of income enables you to weather the economic downturns that always occur. These downturns are not as severe to the wealthy as they are to the poor. The poor put “one pole in one pond” and when that single income stream is impacted by an economic downturn, the poor suffer financially. Conversely, the rich have “several poles in many ponds” and are able to draw income from other sources when one source is temporarily impaired. Some of the additional streams included: real estate rentals, REITs, Tenants-in-common real estate investments, triple net leases, stock market investments, annuities, seasonal real estate rentals (beach rentals, ski rentals, lakefront rentals), private equity investments, part ownership in side businesses, financing investments, ancillary product or services and royalties (patents, books, oil, timber).
About Thomas C. Corley
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