MSI stands for “multiple sources of income” and is a key component of any successful person’s abundance plan. What does this look like in real life? Perhaps you are an entrepreneur with one basic set of services or product. A second set of income could be something un-related to what you are currently doing OR it could be a complimentary, but separate line of products. The key here is separation so that if one area of income experiences instability, you can still rely on other incomes being produced to help you maintain your cash flow. For someone working in a corporate or government role, you might have a side hustle, such as an Air BnB, delivering pizzas, driving for a ride share app, or a direct sales business.
Even if you have a stable, higher paying career you love, you should have another source of income. These are particularly helpful when you are paying off consumer debt at an accelerated rate, saving for a dream vacation, saving or paying for a college or trade school for your kids or grandchildren, or you want to make up for some lost time in your retirement savings. It also can be helpful for removing a level of fear for you around money, especially if you work in a more volatile industry that is affected by politics, seasonal changes, or economic instability.
An MSI is different from owning stocks & bonds or other financial instruments. Owning stocks, bonds, and other financial instruments should be PART of your MSI plan, but not your only one. It is about creating more income and cash flow NOW. For example, in my own life one of my favorite MSI’s is baking cinnamon rolls for our local farmer’s markets. It’s completely unrelated to anything else I do but it easily allows me to earn some extra funds for my travel adventures. It also puts me in contact with potential future clients for my other businesses and it’s something that I genuinely enjoy doing.
How do you go about picking an MSI that’s right for you? Stay tuned for my next blog!
As always, please feel free to contact me if you want to work on your own MSI strategy or possibility. I am here to help. Reach out today!