As much as we should all appreciate a steady check, one consistent payment may not be enough to build financial wellness. If a payment is missed or delayed, it can result in financial downfall. So how exactly do you become financially comfortable? Generating multiple incomes, and turning your “payday” into “paydays.” Who’s with me?!
Four years ago,I was working hard and making lots of money, but I had no idea where the money was going. I wanted to leave my 9-5 to do something else, but I hesitated due to the fear of being financially unstable. I was too scared that I would have no money if I left my day job.
Fortunately for me, I discovered the world of financial blogs and podcasts. It has been life-changing. After much self-education, I realized that having multiple streams of income is the way to go.
My first stream of income has always been from my medical career. I decided I needed other streams of income, so I worked with a coach to help me with what I initially wanted to be: a virtual CFP. However, the experience I had during coaching was so positive that I decided to pay it forward by becoming a coach myself.
My second stream of income is from coaching. After coach training, I hired a business coach, joined a business mastermind, and consumed a gazillion online courses on marketing and sales to get started. I’m excited to say that despite the struggles of entrepreneurship, it has been a fun experience. It took longer than I anticipated to become profitable, but that has made me a better coach as I can now empathize when my clients who deal with struggles in their businesses. Sharing their experiences makes allows me to help them more effectively.
My third stream of income is from real estate. After self-education, I decided that real estate has to be part of my portfolio because it can be passive and can have tax benefits. I found out about real estate companies called turnkey companies who buy, rehab, sell, and manage properties for their clients. I’m happy to say that I bought my first property last summer, and looking forward to buying many more!
As Warren Buffet said, “the average millionaire has seven streams of income.” I love the idea of money coming in from different directions, and I plan to manifest this in the future! I hope that you found this article helpful. If you are tired of living from paycheck to paycheck, and having all your income streams from one place, keep an open mind. Look into options for multiple streams of income.
I have a Facebook group for female physicians who believe in multiple streams of income. Feel free to join the amazing group of female physicians who are learning and building multiple streams of income together. The best part is you can go from inception to launching and you get to sell you products in a supportive environment.
PS: If you are interested in joining the female physicians for multiple streams of income group just search for us on facebook, and ask to join. See you in the group soon.