Multiple Sources of Income

Multiple Sources of Income

I’m sure you’ve heard the phrase… multiple sources of income… but if you’re a little uncertain as to what it means… permit me to give you an example.

When I was in the financial services industry, I would encourage my clients to diversify their assets. For some, that would mean that part of their assets would be in real estate… some in stocks, bonds and or mutual funds… etc. Well, that’s nice if you have the assets… but what if you don’t. That’s where multiple sources of income comes in.

Multiple sources of income is where you have multiple ways that income flows into your bank account. Some may be passive… some may be active. Let me give you an example

Passive:

  • Real estate that provides you with a positive cash flow.

Active:

  • A business that provides you with income that would be comparable to a royalty. (This type of income is critical as you cannot have multiple jobs… that will neither provide you with financial freedom nor time freedom.)

I first heard Bob talk about multiple sources of income over 20 years ago. At that time, he would tell his audiences that “all wealthy people have multiple sources of income.” Of course, the insinuation was that if you want to be wealthy, you too must have multiple sources of income. Today it’s different story.

Today we are being told that young folks coming out of school will have 7 careers before they reach 65 with an average of 12 jobs before they reach 36. Having multiple sources of income is still the only viable strategy for most people to create wealth. However, in today’s world it’s also a necessary strategy just to maintain financial stability.

At this point you might be saying…yea, I’m with you… but I’ve only worked as an employee… I’m not sure of how to find these opportunities. Well, about 15 years ago, I was thinking those same thoughts even though I had owned my own business.

I had reached a point in my business and personal life where I was tired of working 70, 80 sometimes 90 hours a week. I enjoyed having a career…but I was ready to have it on my own terms. I was tired of my business owning me. I wanted the benefits of being self employed without the responsibilities of being self-employed. I no longer wanted a huge overhead, employees and of course the constant grind of bringing more business into the company every month. I was more clear on what I didn’t want…than what I did want.

I went to Bob and asked him for advice. He suggested that I get real clear on exactly what I was looking for, even if I could only describe the lifestyle and working conditions I wanted. I followed his advice. This is what my list looked like:

  • I wanted a career where I could work my own hours.
  • I wanted a career without overhead, employees, inventory.
  • I wanted low cost to get the business up and running.
  • I wanted this career to have the opportunity of providing me with a six or seven figure income.
  • I wanted a global business (frankly that’s the name of the game today).
  • I wanted to work with interesting people. Individuals like myself who wanted to work less and earn more.

When I put all these elements together, frankly I wasn’t sure what kind of business offered that….if any. I certainly wasn’t aware of any such opportunity. I went to Bob and showed him my list. I asked what business offered such elements. I remember him smiling and saying “The impossible dream.” Yet, about 6 months later Bob told me he thought he had found “my impossible dream.”

I remember that conversation very clearly. Bob was in Toronto…I was in Pensacola, Florida visiting my family. The conversation was brief. When I got off the phone all I could think was….Bob needs a break!

On that call Bob suggested that I look at network marketing. Although I didn’t know much about the industry…what I thought I knew, I didn’t like. On the phone, however I told Bob I thought that was a good idea. What I was really hoping is that he would forget about this and the idea would just go away. I clearly didn’t want to explore this.

A week later Bob joined me in Pensacola and he was still excited about me looking into network marketing. He suggested that the information I had gathered about the industry and the opportunity had been from individuals who were not successful and not on a path to success. He suggested that before I totally discard the idea that I should check it out by speaking with some successful network marketers. This seemed reasonable and coupled with the fact that I knew Bob was truly interested in helping me find exactly what I was looking for….I agreed.

What I came to realize very quickly was that there are three paths in this industry.

  • Customers – for any business to be a good one… you must have a good product and network marketing in no different. If the product won’t stand on it’s own… I don’t care how good the compensation plan and everything else is… it’s not a good bet. As well, the product or products must be consumable to have that residual income potential.
  • Part-time income – The bulk of folks who enter this industry are looking to earn somewhere between $200 and $2,000 per month. This can be accomplished by retailing product yourself and duplicating this activity with a number of individuals. This was the only path that I had witnessed prior to inspecting this industry.
  • Large residual income – in order to achieve a significant income in this industry the focus must be on building a network. There are a number of strategies for accomplishing this….however, suffice it to say, that the growth of your network has to be the focus.

I agreed to a meeting… I went to that meeting armed with my checklist of what I wanted in a career and this industry seemed to have it all! It became clear that this was the industry for me.

Now making that decision was relatively easy once I got the right information. However, I was aware of the stigma this industry has for some folks….I was one of those folks and getting over that took a little longer.

Recalling a similar experience in the life insurance industry helped me adjust my thinking. My manager told me that most folks don’t truly “get into that industry” until they deliver their first death claim check. At that time, they truly understand the importance of what they are doing; especially when they experience the gratitude from the family they have helped.

I believe that my change in network marketing probably happened in similar fashion. I quickly realized that the products were benefiting a lot of folks… and they were appreciative… truly appreciative. As well, I was able to not only make money myself… I was able to help a lot of folks make a lot of money too. It was all very gratifying and of course… I was hooked.

That was 14 years ago. I have earned millions and still love the industry. Last year after leaving a company… I took time off to contemplate what I wanted to do. I wasn’t sure that I wanted to build another network marketing organization. However, once again as I did with Bob years before, I wrote out what I wanted in my career. I quickly realized my list was much the same as my initial one 14 years earlier. I knew that I must find a new home… a new network marketing company to call home.

If you truly want to be able to work less and earn more… you must embrace this concept of multiple sources of income. You must also be very specific on your goals and objectives. AND you must get a mentor. Someone who can guide you, encourage you and who has a successful background! AND I would encourage you to explore network marketing as a great multiple source of income vehicle.

The timing for the network marketing industry couldn’t be better! Most folks are looking for the same things I am looking for and when you couple that with baby-boomers needing to supplement retirement incomes… folks being laid off or being afraid of being laid off… this industry definitely offers solutions! Check it out!

Presently I am looking to align myself with a couple of good folks to build this network marketing business. If you would like to work with me… I want to talk to you… RIGHT NOW!

Send me an email right now – use the contact form to ensure it comes direct to me -  do it right now! Let’s work together… enjoying time and money freedom!

~ Linda Proctor

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply