Your Personal Wheel of Fortune
Spin your personal wheel of fortune to turn your main income source into multiple streams of income. This tool is used by 65% of self-made millionaires.
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We discussed creating multiple streams of income on The BIGG Success Show today. Here’s a summary of that discussion…
The hub-and-spoke model has been used for some time in the distribution business. Its scope has been expanded to management of knowledge workers, network technologies, and beyond. It’s a model for marketing your business.
You can apply this model personally as well.
What is your primary source of income?
That is the hub of your personal wheel of fortune. Use it to create multiple streams of income.
How many streams of income do you need to become a millionaire?
When conducting research for their book – Rich Habits, Poor Habits* – Tom Corley and Michael Yardney interviewed self-made millionaires about their habits before becoming a millionaire. They found that:
- 65% had 3 or more streams of income
- 45% had 4 or more
- 29% had 5 or more
If you primarily derive your income from your own business, it’s easier to do this. But if that’s not the case, don’t let that stop you.
Does your job allow you the flexibility to build something on the side? If the answer is “Yes”, then go for it! If “No”, you still have options.
- Negotiate for more flexibility with your current employer
- Find a job that gives you the flexibility you need
- Partner with someone who has the time
So no matter what your situation is, you have options.
This Podcast Episode is Sponsored by: FinancialFreedomTool.com
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Here are five ways to begin spinning your personal wheel of fortune today.
Become an expert
Do you have unique knowledge that you’d like to share with the world?
There are more and more opportunities today for people to disseminate what they know. There is a lot of content out there already, but high-quality information is always in demand.
One way to do this is to start blogging about your subject of interest. Find your voice and build a community of followers. There are many other paths, but this one if probably the least expensive.
Start a business
The cost to do this is negligible these days. You can start a business part-time, work from home, and use resources you probably already have.
Do you know someone who needs to turn a project over to someone they trust? That could be your start!
You may have an idea for a full-fledged business. Do you know someone who could run it for you? Make them your partner and get going!
Buy real estate
You probably own your own home. So you’ve already bought real estate. Now you want to make money from it.
We won’t kid you – there is a difference. But at least you have some experience. That experience makes this is a great place to start.
Real estate investing is one of the least time-consuming businesses you can start. However, if you just don’t have any time to spare, find a partner who you can work with to build your real estate empire.
Buy a franchise
Pair up with a company that is offering franchises for sale in your desired territory. They are building their brand with a tested concept. They have other successful businesses already practicing it.
You can buy the rights to use their concept in your market. All you have to do is bring the money to the table and learn their system. If it requires full-time involvement, find a partner to run the day-to-day operations.
Buy a business
An existing business already has customers, employees, and vendors in place. They have established systems that have been tested and proven to work. They have built up an infrastructure to support the business.
People sell businesses for many reasons. Ideally, you find a great business with an owner who wants to retire. Or the seller may just be bored and ready for a new challenge. Best case, management is already in place. You just step into ownership!
So start with your hub. Use it to leverage yourself into other opportunities. Keep building those opportunities and look for more. That’s your personal wheel of fortune! It leads to BIGG success!
If you’re ready to start creating multiple streams of income with your own personal wheel of fortune, consider coaching.
Here’s to your BIGG success!
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success
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