10 income streams you can build while still an employee - with my ACTUAL numbers

Episode Overview

• The speaker shares her personal journey of developing 10 different income streams between the ages of 15 and 28.
• She provides full financial transparency, revealing the actual numbers and earnings from each income source.
• The income streams are categorized into three distinct groups: trading time for money, selling in her sleep, and actual passive income.
• The episode offers reflections on which ventures were successful and worth the effort, and which she would not recommend pursuing.

Key Concepts

• The common misconception that generating income is limited to trading time for money in a traditional 9-to-5 job.
• The crucial distinction between being "rich" (having a high income) and being "wealthy" (owning assets that generate income for you).
• The three main categories of income streams discussed:
  • Trading Time for Money: Direct, active work in exchange for payment (e.g., a salaried job, tutoring).
  • Selling in Your Sleep: Creating a product or system once that continues to generate revenue with less ongoing effort (e.g., print-on-demand, digital products).
  • Actual Passive Income: Income generated from assets with minimal to no active involvement after the initial setup (e.g., investments, rental properties, royalties).

Quotes

• At 00:00 - "When I first heard that the average millionaire has seven sources of income, I remember thinking how do people have time for seven jobs?" - Highlighting the initial misunderstanding of what multiple income streams entail.
• At 00:27 - "I really do believe if I'm going to be talking about money online, you guys deserve to know my actual numbers." - Stating her commitment to being transparent about her earnings.
• At 01:18 - "Being wealthy is what you want to aim for, not being rich, because being wealthy means having assets that bring you an income." - Explaining the key difference between earning a high income and building true wealth.
• At 01:33 - "I think if you're rich, you actually don't have a job, you have things bringing in money." - Sharing a friend's insight that changed her perspective on wealth creation.
• At 03:42 - "Your 9-to-5 is your first investor." - Framing a traditional job as a crucial tool for funding other investment and business ventures.

Takeaways

• Shift your mindset from just being "rich" to becoming "wealthy" by focusing on acquiring assets that generate income.
• Diversify your income beyond a single job by exploring a mix of active, semi-passive, and passive income streams.
• Use the income from your primary job as seed money to fund and build other, more scalable or passive ventures.
• Pursuing income streams you are genuinely passionate about is crucial for long-term consistency and success.