MSI - The Key to Financial Freedom Blog
After reading and studying successful people who have created wealth, I noticed they all have once thing in common – MSI.
What is MSI?
Multiple Sources of Income.
Multiple sources of income simply means as its name suggests, that you earn income from several different areas. 95% of the population earns their money from one source of income – their job. But what happens when times are tough and you lose your job. If you only have once source of income, you will find yourself under enormous pressure. When you work for someone, you also trade your time for dollars which effectively puts a cap on how much you earn. As you can only work so many hours a week, the only way you can earn more money is if you get a pay rise. And that pay rise will only go so far. In fact , multiple sources of income is no longer a luxury but a requirement to allow you to navigate through the current economy.
A great thing about having multiple sources of income is when one part is not going so well, the other income sources can subsidise it. This has happened to me several times. Just recently I had one of my trainers leave and take a bunch of my clients with him. Ordinarily that would have hit me in my bottom line. But do you know what, even though I was not happy about it, I had other income sources so it didn’t really effect me financially. I cannot tell you how much relief that brings to me.
Having multiple sources of income is even better when times are good. The additional money you make can be used to invest in your future or pay down debt. It can let you enjoy having that 5 week holiday over in the US with your family like I did last year. It gives you freedom to choose what you do with you time.
The great thing is there is no limit to how many streams of income you can make. My goal is to have a minimum of 10 streams of income – I currently have 5.
So think about how you can create additional streams of income - start a business, write an ebook, offer some coaching, do affiliate marketing, create products. These are just ideas to get you thinking.
The best way to start is to write your income goals and look at how you can make extra money to help you get their.