Have you heard the term ‘multiple income streams’? I think a better metaphor for generating additional income is ‘income stacking’.
Watch this video for more.
When you hear the term income stream, you may imagine several small sources. All flowing at the same time and combining into a larger stream.
While I think this is a decent metaphor, there is one that is better. Especially if you're just getting started.
It's income stacking.
Why is this better? Because, like investing, we know that the greatest return comes from having a concentrated, focused portfolio.
So to get the best result from adding new income sources, do the same thing.Focus on one source.
Become a relative expert on that area. It doesn't take as long as you think. Maybe 90 days of concentrated education.
I think we underestimate what we can do in 90 days to one year.
So when you're starting to work on your new income source, stick to one. Get it efficient. Develop a process so it can be replicated over and over.
Maybe even outsource some of the maintenance of it.Then move on to the next one.
You will have gained experience and confidence that will make your job easier for the next layer of income.