This is no get rich scheme. It’s more about planting seeds that will grow into another stream of income. A lot of effort goes into starting planting seeds. You have to care for them until they can feed you on their own.
Knowing the average millionaire has 7 streams of income, you can also start working on those a little at a time. I am by no means a millionaire yet. This is why I am referring to these things as areas I am working in as well.
Start a blog
There are a lot of benefits that come from writing. You can think more clearly and you can also communicate better. But more than that, it can be a way for you to build an audience on. As I am doing right now. You can find your voice and use that to your advantage.
A lot of the things we do when we are younger stay with us when we are older. And creating a mindset of producing more will make that become your default mode of action. Find out what people like to read when they find you and lean into it. It will help you grow much faster.
Put yourself out there
Try different social media and find out different styles of communicating. If that seems a bit too detached for you then go into sales. Speak with people and find out how to connect. While we are always on our phones these days, we don’t interact with people as much as we used to.
And scrolling through watching other people’s videos and liking them, doesn’t count. You have to put yourself out there to let the world see you. And to also see yourself and how to improve. It may be cringe in the beginning. It might be hard, but it’s worth it in the long run.
Invest in stocks
Now I want to be careful with the definition here. In trading, an investor is someone who holds onto something. They expect a return long-term. By that, I mean at least two years. And I don’t like the sound of that. I would rather grow something a lot faster by taking control of that investment.
So I don’t follow the “park it into an ETF or mutual fund” strategy. As that does not give me enough space to maneuver. Get trained, find out how trading works, and practice in a demo account. Find the discipline to stay profitable and not get greedy.
Then repeat the process with a small amount in a real account. Breakeven on your investment, cash out, and now use only your profit to keep growing. Over time you will be able to grow that much faster than giving it to a financial advisor or a broker.
Invest in real estate
There are lots of strategies that can help you build wealth in real estate. You have to have the courage to set up your own system though. This is where the point above about putting yourself out there kicks in. You can now speak to people and know how to negotiate or sell with a concise message.
Real estate investing is a people business and as such you need to keep expanding your network. Meet new people and find out where the opportunities are.
Get involved in crypto
This is a relatively new space. So tread with caution. These markets are incredibly volatile. But there is more variety popping up every day. Whether it is NFT’s coin swaps or actual crypto trading.
Lots of unexplored territory but also lots of opportunities to find. As before, get educated, and find out how to play the game safely and without risking any money. Then build it up as you keep expanding your wisdom.
Do arbitrage or drop shipping
Whether you are hanging out at garage sales or on eBay, figure out how to find things of value. Then resell them for a markup. This will allow you to find opportunities everywhere you look.
Dropshipping has been quite a contested topic but since it is a strategy to create income, it will never die. It will have ups and downs of course, but the concept will never truly disappear. Same as newspapers are still sold every day.
Create your own product
If you have gained specific expertise about something, help others by sharing. Product or service is the same, if you have control over your margins then find out how to profit. As the Joker said, “… if you’re good at something, never do it for free.”
Package your brand and create a platform around it. Then go back to the audience you’ve accumulated. Find those who would benefit from your offer and start generating an extra source of income.
Putting all those skills together you should now have planted lots of seeds that you can care for. It will be a slow start but as you find yourself in the process, the path with reveal itself. Life is an adventure and that is how you should look at the way you build your wealth as well.