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This is the third of three episodes about how to build wealth. This time, we cover how to create multiple streams of income and get your money to work for you. (Even if you don't have any money right now.)

Here are a few excerpts from the episode...

Broke people work for money. Wealthy people get their money to work for them. The old adage is “You need to have money to make money.” That is misleading. For instance, in the modern world, you can create a business without any real capital investment. For instance, when my daughter was in High School, she created a t-shirt company. She designed the t-shirt styles (images) on Canva. Without ever creating a store (and only adding a website later,) she took orders through social media and Etsy. Her customers paid her upfront for the shirts. When she got enough orders, she’d send the design (Canva image) to a local screen-printer. Only then did she send out shirts to her customers.

This company was a stream of income that she created without any money being spent until she had collected revenue from customers. Granted, it took a lot of time and the income wasn’t significant. However, she built up a client list that loved her style and her products. So, anytime she had a new idea, she had a list of potential customers. As time went on, the customer list grew and grew. Each new t-shirt style became more lucrative.

In the beginning, she worked very hard to make a single sale. Back then, if she added up her time, she was likely making much less than minimum wage per hour. However, as her client list grew, the number of work hours per sale dropped significantly.

Basically, if you have more income than expenses, you can invest that money to generate additional streams of income. If you don’t have more income than expenses, you need to invest some of your time to generate the additional streams of income.

Interest that You Pay to Other People Is a Negative Stream of Income.

Along those lines, if you spend more money than you make, you will always be poor. However, if you make more money than you spend, you can easily generate wealth from day one. Interest for debtors is your biggest obstacle to wealth. However, interest to creditors is the biggest source of wealth.

For the full show notes, visit 

Step #3 to Build Wealth Is to Create Multiple Streams of Income. (Get Your Money to Work for You.)

https://www.leadersinstitute.com/how-to-build-wealth-in-three-simples-steps-wealth-strategies-for-any-age/