Below is part 8 in my Bloggs about "The Top Ten Distinctions between Millionaires and the Middle Class" by Keith Smith.
Distinction 3 - Millionaires have multiple sources of income. The Middle class has only one or two.
"Let's compare dollars to fish. Would a fisherman catch more fish if he had two lines in the water? Of course, there is a greater possibility that he would. What if he had five lines in the water? It's easy to see that the more lines he has in the water, the more fish he has the possibility of catching.
Money is like that. The more sources of income you can develop, the more likely it is you will become a millionaire. For every millionaire who has achieved his or her wealth doing only one thing, there are a dozen other who became financially free by combining several forms of income...
Let's look at a term from Nido Qubein - Intentional congruence. It is the essence of how to create successful multiple sources of income. Intentional means: doing something on purpose... Congruence means: connected...
The concept of intentional congruence is first and foremost intentional... If you currently have one source of income and want to start another source, then make sure the new source of income supports the first, and make sure the first source can support the new one. Do they help promote each other? Can your primary source of income do business with your secondary of third? Do they lend credibility to each other? Can the customers from your primary source also become customers of your new endeavor?"
Another concept mentioned in this chapter is that you do not have to, or should not manage and do all of the work for all of your sources of income yourself. This is a difference in middle class and millionaire thinking. Millionaires know that there are people who can do the job just as good, if not better than they can, and they hire those people to manage and run their multiple sources of income. The middle class mindset is one where they think that no one can do the job as good a them and they feel that in order for the job to be done right they have to do it themselves. This is why the middle classes concept of multiple sources of income is having a second job. I want to be clear, that this is NOT the concept being put forth. The concept is to have multiple sources of income that do not require you to do the work or manage the business, and where the various enterprises support each other.
Let me give you an example. There are a couple of doctors here locally. They them selves are into fitness. They preach to their patients the importance of maintaining a healthy lifestyle and a regular exercise program. The doctors decided that they would open a fitness center. They researched franchises and purchased one. They found a great location and purchased the equipment. Then they hired a great team to run the business for them. Their practice feeds the gym and the gym feeds their practice.
The bottom line is first, find something you are interested in and enjoy. Second, decided if you can hire a team to manage and run the business and still be profitable. Third, does the new business relate to the first business and can the two businesses feed off of each other.
It's a Good Life!!!
Greg Novak MBA
Branch Manager
Eagle Nationwide Mortgage Company
Office - 386-756-8228
Cell - 386-846-6686
Fax - 386-756-8108
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