#7 represents 7 streams of income

#7 represents 7 streams of income

The Rich Dad Education Workshop

I mentioned in my blog, Ways To Reduce Debt With A Plan, that just this past weekend I attended a Rich Dad Education Workshop here in Houston, TX.  I by no means feel I have arrived in my life and I try to keep learning new and different things; thus, my reason for going to this workshop.  I knew it would center around real estate investing because Robert Kiyosaki is a real estate kind of guy, so what the heck, why not go see what’s the talk in real estate these days.  It was a free event to attend, so I signed up and went.

By the way, if you haven’t read his books, I will mention some below which I really liked.  He really was the first person I read saying, “your house is not an asset”.  He opened my eyes to a things about money and investing which permeate with me to this day, and I can quite honestly say, I like hearing what he has to say and often read his books.  He was one of the people who I first think I read talking about having streams of income.

The # of Income Streams the Wealthy Have

Anyhow, at this event, the speaker asked a question, “how many streams of income do the wealthy often have?”  Do you know the answer?  Aw come on, take a guess!  Did you guess seven?  Well, I guess the title of this blog post gave it away, right.  The answer was seven and it got me to thinking how many do I have right now myself.

I thought to list them out and share the gross percentage each makes up of my income currently

  1.  J-O-B – 68% 
  2. 2 Rental Real Estate Properties – 26% 
  3. Options Trading – 4% 
  4. Officiating – 2% 
  5. Online Blogging – 0.004% 
  6. Dropshipping – 0.02% 
  7. ?

So, I have 6 streams, two of which I just started this new year, namely, Blogging and Dropshipping, and one last year which was Options Trading.  I hope to build all these streams over time.   If I get another rental property this year which I am currently working on, that percentage will increase to 35%. 

Number-wise, I am one short of the magic number 7, but my main sources of income are my job and rental real estate.  Those contribute the most to keeping the lifestyle I am accustomed to.  Although, the others have potential to grow over time as I continue to work in these areas considering the young lifespan they have had thus far.

The More Income Streams the Better

Having these different streams of income coming in helps tremendously if one source is ever caught off, i.e. a job.  Though the sources may not generate as much as a job, they can often hold you over and give you options while you try to fill back in that major source of income.  The whole thought of this is not to be dependent on only one because if that one is caught off, we may be screwed.  See the articles below which show how dire it is for us Americans:
How many streams of income do you have currently?  Are you working to create more streams?  I will put a poll up on the main page of my blog this coming Monday asking how many income streams do you have.  Please take a moment and answer the question.  You can also write a comment below on this blog and state what they are.  I’m interested as you can see I need one more.

I told you I like hearing what he has to say.  Add these to your reading list.


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