(Money Matters) Multiple streams of income-Interview with Chris Meekins

Kasfia Rashid - “Money Matters with Kash the Bookkeeper”

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Introduction: 
Hello! Welcome to Money Matters, the accounting show with no numbers. 
This season we are bringing guests on to the broadcast for a live Q&A on the hottest topics in this new normal of business. We are going back to the basics- plot TWIST- the basics have changed! At the core of business is one simple understanding. You have something, someone wants that thing you have and is willing to exchange something they have to get it. It stands to reason that if you have more things that more people want/need, you have more opportunities to serve them and make some coin while doing so! 

We are starting this season off with a bang (and our first guest on the show! Eep!) and discussing how to easily create multiple streams of income in the new economy. 

As the world moves toward virtual businesses, stay at home entrepreneurs are on the raise. Unemployment is at all time highs and the traditional business world is crumbling. While the mere mention of a Multi Level Marketing business strikes visions of door to door knife sales into people's heart, but a new format to an old concept is gaining traction. We’ll hear from Chris Meekins of CCMG on how he has set up and leverages his multiple streams of income to create generational wealth. 

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Show Objectives - The Why

Gone are the days of starting a job right out of highschool, working for the next 40 years, and retiring with a large pension. The pandemic made it clear that having multiple streams of income is a basic building block of wealth and safety! Millions of people lost their jobs and ability to survive ( afford basic necessities) during the last year with limited options to generate income. Having a 9-5 just isn’t enough anymore- it’s too risky! Unfortunately for most people, their only source of income is from their job. Some couples may be more fortunate and have a spouse bringing in money each month, but they are still relying on a job for their livelihood.

Because of the financial risks involved with relying on a job for all of your incoming cash, it is critical to consider having at least one additional source of income. Imagine having your mortgage paid each month from a recurring stream of passive income, or your phone bill, or your vacation! 

There is no magical limit as to the number of extra income streams you should create. Just as long as the time you spend maintaining them doesn't become too cumbersome and they produce positive cash flow. There are plenty of important benefits to creating many income streams to decrease your risk of having your main source of income suddenly dry up. Even if your alternative sources of income cannot cover your monthly expenses, they can at least help lessen the blow of a job loss or other unexpected expense. 

I know I used the word “job” a lot above, but the same holds true for your business! As many restaurants, hair salons and other personal care business owners have experienced, if their main stores are shut down, so are their main sources of income.  

We can not rely on the government to always step in and help. Taking out loans to cover monthly costs is also a hassle and ends up costing more in the long run. But if every business set up one or two streams of passive income ( revenue generated from doing something once) it would ensure their long - term success. 
So which bill do you want to start with? 
What You Need to Know - The What
Having multiple streams of income means that a person is receiving income from several residual or passive income streams at once. Residual or passive income is income that a person earns without directly putting in work. This could be by opening an e-business to make money online, or it could be from property that they own and collect rent payments on.

Most people who have passive income streams have found that once they have one income source up and running, it is easier for them to create multiple income sources. These are often referred to as multiple streams of income. 

What are Some Multiple Streams of Ideas?

Online Presence and Affiliate Marketing
You want to pick a platform that focuses on your skillset. If you’re great writer, then you probably want to go with a blog. If you’re photogenic or good with video, then perhaps a YouTube or Instagram account is the best way to go. And Facebook is a great way to combine both visual and written content.
Once you have a large enough following, you can start to monetize that traffic and use your platform as a passive income stream. You can do this by selling your own products, or by selling other people’s products through affiliate marketing. As an affiliate, you receive a small percentage of every sale on someone else’s website that is generated from the traffic that started on your website or platform. You also can make money by allowing ads to display on your content. This is how most YouTubers make money.

Property rental is a great way to collect multiple streams of income. With property rental, you put down either your own money or a loan to buy the property. You’ll then decide if you need to invest anything more in the property to increase its worth. Then you’ll start renting it out and your rental will become a passive income stream.

Dividends as Passive Income Streams
When most people think of investing in the stock market, they think of the traditional buy low/sell high methodology. That can be a good attitude for day traders or retirement funds. But, if you’re looking to collect passive income streams, then you should focus on stocks that pay dividends.


What You Need to Do​​ - The How

In the age of technology creating multiple streams of income has become increasingly easy! Leverage the power of the internet to start low cost or zero cost streams quickly.  Need some more ideas on what to create? Check out our podcast on how to turn your services into products from last season! 

If you do not want to start from scratch and make your own products, consider joining a company and becoming an affiliate for them. You can join several different online communities to see which may be the best fit for you. Choose one that is closely tied to your existing market or business. For example, if you own a sock company you may want to be an affiliate for shoes. Both products serve the same customer but in different ways. 

The easiest way to keep these income streams separate is to have multiple bank accounts or clearing houses for each stream. That may be overkill for smaller streams though, so having one separate account for all of those additional streams will work just fine. Keep in mind that you still need to evaluate and track each stream to make sure it is profitable. The last thing you want is to lose money on a recurring income stream! Haha


Additional Resources 

1. Check out Kash’s Youtube Playlist: Bookkeeping basics for small business owners. 
   
2. Get this affordable guide to reconciling any account quickly and accurately! Click here: https://kashthebookkeeper.com/paid-resources/ and scroll down to Reconcile any business or personal account in 4 easy steps!! On Sale now! 
   
3. Want more KASH? Sign up for the free newsletter! 
   

Shows: 
Previous: Season 5 Intro
Next: Digital Banking with Paul Reily! 

​Written by Kash the bookkeeper  
Check out the last QuickBooks Online Tutorial you will never need here! 
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