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  • Kristin Westfahl

Setting up Multiple Streams of Income & Why it’s Important

This blog post contains affiliate links. If you make a purchase by clicking on the links in this post, I may make a small commission. Thank you in advance.

“Never depend on a single income, make investments to create a second source.” - Warren Buffet

I’m sure you’ve heard this before. It just makes sense to not put all of your eggs in one basket. This goes for your financial future as well.


It sounds overwhelming, right? If you’re working 1 full time job, you’re exhausted and you can’t imagine messing with another source of income no matter how amazing it sounds.


Well, I’ve got good news for you. It’s 2022 and you have the world at your fingertips. This means you can have money at your fingertips.


Oh sure, if it was that easy everyone would do it, right? Yes. I’m not saying anything about it being easy though. Just like anything else that is worth it - you can guarantee it’s not easy.


Why is this important?

What happens if you lose your job? What happens if the economy crashes? What happens if God forbid you got in an accident and physically couldn’t work anymore?


These are all deep, stressful questions, but they need to be asked.


I’m working toward multiple streams of income for freedom. I love real estate and helping people buy, sell and invest in homes, but it’s a demanding job of my time and location - physically being around town to help my clients. While I do enjoy that, we have one life to live. I would much rather do that when I want to, have the luxury to travel the world, spend time with my family - and not fret about money when we do.


I mean what good is a vacation if you’re constantly worried about money - ew!


As someone who is constantly searching for freedom - location, time & financial freedom - I want to share with you some simple ideas for making money passively.


AFFILIATE MARKETING

  • Little to No Effort.

  • Potentially decent payout.

I know, I know you’ve heard this one before. It’s over-saturated. There are so many bloggers/influencers out there. I don’t want to be an influencer, blah, blah, blah.


You don’t have to be a blogger/influencer to take advantage of affiliate marketing. In fact, you are more than likely already using a product or service that you love that has an affiliate opportunity.


Instead of looking at it like “ugh I have to annoy everyone and talk about <product/service> 24/7 and there’s not enough money to be made”, look at it this way:


“What products/services am I obsessed with that I already tell everyone about?”


For example, I am an affiliate for Coffee & Contracts. They are a membership site that provides high quality, easily customizable content and guides for real estate marketing.

I’ve been using their services for months - possibly a year by now - and I’ve only just now started taking advantage of sharing my affiliate link with my peers. I already post their content on my social media and everyone loves it. I get compliments and agents asking me how I got my Instagram account to look so good. It’s simple, I use Coffee & Contracts and I tell them all about it - because I truly love it and what it has done for my business.


Now, when I tell people all about C&C, I include my affiliate link (HERE), and my coupon code (KRISTINW15) to save them $15. In just a few short weeks I have made $140 from sharing about something that I was already sharing.


$140 may not pay my mortgage or anything, but that’s just in a few short weeks. Can you imagine how much I could potentially make over a year? Also, $140 pays for about 2 weeks of groceries in my house and that should be celebrated.


Don’t get caught up in how little money an affiliate link could bring you - be thankful that it’s bringing in anything - and focus on the possibilities.


Would $250/month make a difference? Would $500/month? All for sharing something you would already share?


Don’t sleep on affiliate marketing. Tiny effort, small to large payout.


RENTAL INCOME

Summary:

  • Large financial investment up front.

  • Little to no effort when utilizing a property manager.

  • If done correctly, the payout is incredible, this is the “mailbox money” type of investment you don’t want to miss out on.

  • If you can’t afford it now - work toward it. Make it a priority.


I’m a real estate agent, my parents are an appraiser, a realtor, and have ~20 rental homes, so obviously this one is a no brainer.

My family experience aside, you’ve likely already heard about investing in real estate. This is a big fish. It’s a huge investment, but with that comes a huge reward. This is not one of those things you want to rush into. This is something you need to work on to set yourself up to succeed and here are some tips on how to do that:


  1. Research. Research. Research. I highly recommend Bigger Pockets. They offer courses and such that cost, but they offer plenty of FREE information for you to get started with. They’ve got a great podcast, and I know in Oklahoma City Bigger Pockets has a local branch.

  2. Find an investor in your area and see if you can pick their brain on how they got started and what they’ve learned in their experience.

  3. Get with a great real estate agent. Find one that you can trust. Interview them. So many people just find a couple realtors and go with one of them. Please for the love of God interview them. There are a million realtors out there, about 2 million in the United States I believe, and with every single industry (especially sales) there are bad eggs out there. Find a realtor, get to know them, and build a relationship of trust with them.

  4. Get with a great lender. As a realtor, I always have 3-5 lenders that I have vetted myself to refer to my clients. Again, if you’ve done your homework and connected with an incredible realtor, they should have some lenders they can recommend to you. AGAIN, vet them yourselves and interview them. Make sure it’s a great fit and that they know exactly what you’re wanting, what your expectations are and if they can fulfill them. Do not go with a huge, national company. I wouldn’t recommend that for purchasing any property. You want someone, not necessarily local, but you and your real estate agent need to be able to reach them during the transaction.

  5. It has to make sense. Don’t rush this process. Make a plan with your realtor, your lender and work toward it. This is a big investment and you don’t want to bend on important things like location (location is everything in real estate) or the numbers just to make it work. It has to be right, it has to make sense. You can’t just go and buy any property and think “great, I’ll just wait for the money to flow in”.


DIGITAL PRODUCTS, COURSES & DROP SHIPPING

Summary:

  • A lot of effort up front

  • Minimum cost

  • Mostly passive effort to maintain

  • Potential huge payout


Digital products, courses and drop shipping are what I love to call the “making money while you sleep” kind of work.


What is a digital product? I’m so glad you asked. A digital product is something, a worksheet, a coloring book, a guide, etc. that you create digitally. Customers buy it from you, giving you their email address and you deliver it to them via email and digital download.


Similarly, a digital course is all online. You create a course for someone to purchase. They log in and take the course and complete it all online.


Dropshipping is where you can create goods, a physical product like merchandise: a t-shirt, a mug, jewelry, etc, and they are delivered to the consumer directly. This is great because the alternative is a lot of work and money.


Let’s say you wanted to sell t-shirts. Most entrepreneurs would order in bulk the t-shirts, then they would pay someone to print their design onto the shirt, then they would sell it in a store or online. From there the business owner would then have to package and ship the shirt to the customer.


Drop shipping eliminates the middleman. With drop shipping you can design your shirt, set it up to sell it online. A customer purchases it, the drop shipping company prints the shirt and ships it to the customer.


These are my favorite because literally anyone can do this. The most you have to put in with these investments are your time.


For example, I have created a digital product using Canva. I have the paid version of Canva because I use it for so many things - but you can absolutely use Canva for FREE to create a digital product. Upon creating the digital product you market it, and sell it online.


With all of these you put in the hours and work hard up front. Once that hard work of creating and setting up your systems is complete? You simply have to make sure everything runs smoothly.

There are so many incredible opportunities for you to begin your second source of income. Think about these options and how they can make an impact in your life in the future.


Don't hesitate to reach out to me and my team if you have any questions or would like further information on anything I mentioned in the blog.


Signed,




This blog post contains affiliate links. If you make a purchase by clicking on the links in this post, I may make a small commission. Thank you in advance.

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