Strategies to increase your income

We’ve all heard about investment diversification, but with the roller-coaster-like ups and downs of the economy that seriously impact people’s livelihoods for months (or years!), why don’t we talk more about INCOME diversification? Why is it that the vast majority of middle-class Americans have one job… or maybe two, if they have a spouse or partner who is also an earner? ….Did you know that the average millionaire has SEVEN income streams? Not ONE or TWO, but SEVEN!!

The truly wealthy evidently know something that the middle class does not! To boot, savvy businesses have known, like, forever that recurring revenue can be a robust driver for ongoing business growth. I mean, think about that gym membership… how many people really take advantage of their monthly gym fees? (I’m not raising my hand here, my bad.) Yet, gyms keep signing up subscribing members in droves, often making a hefty profit. And members keep paying, month after month, year after year… often without even going. (Amateur Psychology: “If I cancel my membership, am I giving up FOREVER on getting fit?”)

 So… why don’t we take these ideas to action with our personal income streams?

Income diversification with a recurring revenue stream makes great mathematical sense and it’s WISE. In the corporate world, the average pay increase is annual and hovers around 2-3% for good to very good performance. Consulting income can be much more sporadic, kind of like a sick heartbeat at times, and you are constantly chasing new business while working on billable tasks. Recurring revenue can be an almost constant upward trajectory with nurturing. I get a raise.every.MONTH if I lean in just a little with my side business.

What IF you had an additional, recurring income stream to supplement your “day job”? Side gigs are becoming more and more popular for pocket change, but stability and wealth can also be derived from investing in your future through income diversification with recurring revenue.

What is your income diversification strategy? Mine is Rodan + Fields, the fastest growing and uber-successful premium skin care company… and the wonderful, generous, gratifying best part of it is that – because it is a successful, profit-sharing network business model, not a corporate-gets-all model - I can share it with my friends and contacts! I can offer income diversification with recurring revenue to my friends and family, and I can coach them to meet their personal goals at their pace. So what are you waiting for?

- Written by fellow RF consultant Trish Nicolas