Create Multiple Engines to Drive Income

I have a friend with a boat that is an avid fisherman. Every couple of weeks he takes a trip from Palm Beach to the Bahamas. It’s about 90 miles each way. The weather was perfect last week and he wasn’t going. When I asked why, he told me that one of his three engines wasn’t working and he didn’t want to take any chances. That dialogue got me thinking. Most of us have one source of income. It is either a job or a business. What if that engine stops working? Do you have a backup? Think about how much better off you would be if you could create multiple engines to drive income for you.

You may be thinking, where do I start? Thank about your interests. Is there a way you can monetize something you are passionate about? Remember, this isn’t your primary source of income so you can allow time for the business to develop. Even if you are dealing with something that provides passive income like real estate or being a silent partner in a business, you still need to allocate time for due diligence prior to making the initial investment. Every endeavor requires some commitment of time.

That brings up the next question; do you have the time to take on another project? Do you watch TV, surf the web, or engage in social media? If you do then why not use some of that time to begin working on your new endeavor. If it’s something you are truly passionate about, it shouldn’t even feel like work.

For homework, take a week away from your TV and computer. Think about a way to monetize a passion or hobby. Once you determine what it will be, start to put a plan in place to get you there. When the plan is in place, begin to execute. The goal is to create multiple engines to drive income.

Let me know how it goes.