Living and Breathing Cash Machines and Their Multiple Sources of Income: What Are You Doing Besides Your Nine to Five?
“Bricks all in my blood, birds all in my dreams
Boats all in my yard, lemon pepper my wings” — Rick Ross (U.O.E.N.O)
Just a shameless little plug from Rick Ross about his Wing Stop restaurants. No biggie.
Habits of the Rich
When Thomas Corley studied the habits of the rich, he made an interesting discovery about how millionaires made their money. Instead of getting all of their cash from one place, these high-net-worth individuals had money piling in from a bunch of different places.
He realized that the banker was not only a banker but also a major investor in commercial real estate. The business owner was not only an expert in construction but also knew a heck of a lot about technology stocks. The actor also spent his time looking to invest in the next Facebook.
Corley’s study discovered that 65 percent of the rich individuals in his study had three sources of income. 45 percent of them has four revenue streams. And 29 percent had money trees in more than five places.
My recent post talked about how having one source of income simply is not enough and Corley’s findings prove that if you wants to be financially free, you need to bet on more than just a decent paying “9 to 5”. For one second, let’s forget about the overhaul of automation looming over the global economy. Let’s just consider the lives of household names and how they reel in cash. The proof is in the pudding.
The Celebs Creating Empires
“I’m not a businessman; I’m a business, man!” — Jay-Z (Diamonds are Forever — Remix)
You can’t talk rap and business without mentioning Jay-Z. As of the end of 2016, the music mogul has earned a bit over $868 million, holding a net worth of roughly $558 million. Although Jay-Z, also known by his birth name Sean Carter, is known as one of the best rappers to ever create music in the genre, some people know him more for his profitable deals than his rap records. Jay makes money from business deals, music sales, concerts, endorsement deals, investments and YouTube. His notable business, Rocawear, was a staple brand in the black community during the 2000s. He’s the partial owner of the Brooklyn Nets and also acquired a promising music streaming company called Aspiro in 2015, later named Tidal. Additionally, he booked a transformative deal with Live Nation. The list of deals goes on and on. He ain’t just getting money from rap.
Ashton Kutcher is one of the world’s highest paid TV actors. His original claim to fame was “That 70s Show” and everything else followed. Kutcher didn’t just sit back and enjoy his lucrative residuals. While doing an endorsement deal with Nikon, Kutcher had the epiphany that owning equity would be the true path to more wealth. The rest is history. Kutcher and his business partners have been early investors in Uber, Skype, Airbnb, Spotify, Pinterest, Shazam, and Warby Parker. In fact, his impressive track record placed him on the Midas list, a list comprised of the top venture capitalists in the world.
Hate it or love it, Kim Kardashian is the leader of one of the most notorious family brands in the history of mainstream culture. The Kardashians can teach you a little bit about branding. Her first true claim to fame was her famous sex tape with R&B artist Ray J, but “Keeping Up with the Kardashians” was the inside look at her family that catapulted her into stardom. She’s caught the public eye and now the world’s eyeballs are glued to the Kardashian family. But how else is she making cash? She brings in dinero from TV, fragrances, investments, merchandise, endorsements, licenses and app purchases (Kim K has her own freaking app!). And most importantly, now her whole family is full of millionaires!
Jessica Alba built a successful career as an actress, starring in roles for “Dark Angel”, “Sin City”, “Fantastic Four: Rise of the Silver Surfer”, and “Honey”. In modern day, she’s known for her notable success in entrepreneurship. She co-founded The Honest Company, a consumer goods company focused around ethical consumerism and creating non-toxic household items. The company held a $1.7 billion valuation in 2015, making Miss Alba a very wealthy woman. It’s a proven fact that entrepreneurship is one of the best routes to wealth. Alba is living proof.
Okay, so maybe you’re not a famous rapper, actor, or reality-tv star. That’s okay.
How can you create multiple income streams at this very moment? I talk about some of the ways to get your financial life in order in this post. In the digital economy, there are more opportunities to create multiple streams than ever in history. At a lower cost, too! Assuming that you’ve been working hard at your day job and already have a bit of cash put to the side, you have a fair amount of options to get your feet wet. You don’t have to start big.
What’s one way that you can expand your income over the next year? Have you thought about it? Think about it now. As these celebrities show you, it pays to have your eggs in more than one basket.
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