I’ve often heard that great opportunities are not rare. It’s just that our ability to identify them is so undeveloped that we perceive them to be rare. Ever since I’ve started reading about how people find different ways to build multiple streams of income and then take full advantage of them, I find myself becoming more aware of them as I recognize them in even the tiniest things throughout my everyday life. I might see them in a billboard on the way work, in a tool or gadget I have to use, or even in this case while I’m on vacation.
Observations While On Vacation in TN:
As a few of you may know I was on vacation earlier this month in the beautiful state of Tennessee near the Smoky Mountains. One of the places we visited while we were there was an amusement park named Dollywood. As you may have guessed, it’s owned by the famous country singer Dolly Parton. If you’ve never been there, it’s a charming place to visit. Aside from all the usual amusement park rides, the whole place has a very down-home southern country theme to it. It seemed to be a lot more friendly and cleaner than other comparable-size amusement parks I had visited.
When I tell people I went there, the first thing they jokingly ask me is if I got to meet to Dolly Parton while I was there. And to their surprise, the answer is partially yes. Though I did not meet her, she did make an appearance at the park while I was there and so I shot the picture above.
If you’ve ever wondered, Dolly Parton’s net worth is currently believed to be at about $450 million. Considering she took control of the park in 1986, one could reasonably assume that her net worth was probably only about a quarter of that 27 years ago. So let’s say somewhere around $112M.
If you were a celebrity and had $112M, what would you do with it? Buy mansions and fancy cars? Blow it all like Lindsey Lohan and nearly put yourself in bankruptcy? Or would you take those earnings and grow it into something more? Would you position yourself with multiple streams of income that were diversified and disconnected from your current line of work? Perhaps something like owning an amusement park?
The Importance of Multiple Streams of Income:
While I don’t necessarily believe you need to always spend a significant amount of money to make money, I do think that some amount of capital (and therefore risk) is always prevalent in your effort to start any kind of a money making operation. Even my own efforts to start this blog My Money Design began with a $58 investment to iPage. That investment has paid off handsomely multiple times over.
So while not all investments so small (or even large ones) can payoff in that same way, the question becomes:
What are you prepared to invest in to create your own multiple streams of income?
Another Celebrity Example of Income Diversification:
Another good example I noticed while on vacation came from watching TV at night in the hotel room. The TV show was interviewing Ashton Kutcher for the new Steve Jobs movie when he started talking candidly about his recent investments in technology companies through his venture capital partnership. You would never guess it, but he has invested in a lot of the cool apps you probably already have on your smart-phone.
Again: What are you doing with your money?
Income Opportunities Are All Around Us:
Although most of us will probably never be famous enough or have enough capital to even dream of owning an amusement park or investing in tech companies, the lesson is still there and a good one to be learned. Everyday there are money making opportunities for us to seize that would help us build multiple streams of income.
All we need to do is open our eyes and evaluate them.
If for nothing else, we should be doing this simply for the act of diversification. At any time, any one of us could lose our jobs or be fired for absolutely no reason. What would then become of our income? Would it cease? Would you simply be unable to pay your bills until you found employment again?
The truly wealthy don’t worry about this problem because they know better. They find ways to make money from things other than employers. Usually their investments, dividends, and revenue from other businesses or partnerships keep them from having to worry about any single source of income cutting them off. Their ability to diversify their revenue streams protects them and forms a financial fortress if you will.
So don’t let yourself succumb to one single source of income. Take a lesson from those around us and diversify. Start by putting your money into things that have a strong potential to grow and bring you returns for years to come. If you’re feeling a little more adventurous or entrepreneurial, you could always start a small-scale business using a website or blog such as this one.
But whatever you do, don’t wait. Don’t hesitate. Don’t wait for the perfect opportunity because it will never be there. Building streams of income takes time, risk, and a passion to stick to it. But once they happen, they can be a beautiful thing and very infectious.
Readers – What are you doing to build your multiple income streams?
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Images courtesy of MMD, FreeDigitalPhotos.net