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#102 Build Wealth Through Multiple Streams Of Income

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In this episode, Peter discusses the value of having multiple streams of income. 

Multiple streams of income are the most efficient way to build wealth. Researchers have even pinpointed a statistic: millionaires, on average, have not just one but seven streams of income.

Is seven streams a magic number…or is it that the millionaire understands that multiple streams of income are essential to building wealth?


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Now, let’s look at what we discussed in this episode:

  • How many streams of income do you need?
  • Do income streams make you a millionaire?
  • How do you define and categorize seven streams of income?
  • Do highly paid professionals need multiple streams of income?

Here’s a breakdown of how this episode unfolds…

[2:17]

Do the income streams make the millionaire, or does the millionaire create the streams? Peter defines the millionaire as one who makes seven figures a year through multiple streams of income. The millionaire often understands the need to have multiple income streams.

[3:22]

How do you define the streams of income? Are they classified into different categories, or do they all derive from the same category? With all your investments, it is essential to diversify your streams of income. When a category works for you, go deep into it but don’t “put all your eggs in one basket.” Yes, diversification is key!  After all, smart investing is turning your active income into multiple income streams.

[6:09]

How many of these streams of income do you have in your life?

  1. Earned Income
  2. Business Income
  3. Interest Income
  4. Dividend Income
  5. Rental Income
  6. Capital Gains
  7. Royalties & Licensing

[9:27]

Go broad with your streams of income. The best way to build security is through multiple streams of income.  So, start building diversity into your portfolio. 

 

We want to hear from you….

What type and how many income streams do you have?

Leave a comment below!

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