Do you remember back in the 1980’s that song “It’s Raining Men” from a group called The Weather Girls? I’m sure you know it…. “ It’s raining men. Hallelujah. It’s raining men.” Well, I don’t know too many women who want it to rain men, but I know a heck of a lot of people who want it to rain money.
It is not that these people, you or myself want it to rain money because we just want money to keep for ourselves and hoard away so that we can hold it over people. Most of us want financial stability because we understand that money is a great tool to get things done by. Yes, the idea of “raining money” sounds like a pretty lovely thing. Now we just have to figure out how to do that.
Well, let’s take a play out of the money book of one of the wealthiest people who ever lived- King Solomon. (Yep, went old school, Old Testament on you.) King Solomon’s wealth would be equivalent to over $2 trillion dollars in today’s standards. What his wealth shows us is to get “that” wealthy you need to have various streams of income. Yep, it really does need to rain money to fill these streams.
Solomon had 7 main streams of income. Now, this does not mean that he had 7 jobs. He simply had 7 sources of income coming in. This income diversity organically allowed for an increase in one revenue source while another wasn’t as plentiful.
Doesn’t 7 or more sources of income sound lovely?
Wondering how in the world you do that as an entrepreneur? Here are a few ideas.
1. Divide your income streams by category:
● Primary Work: what you do daily
● Passive Work: projects that support your daily work but don’t require your daily attention
● Investments: Classic investments such as stocks and bonds.
● Tangible Investments: Such as real estate holdings, etc.
● Secondary Products: Tangible products that aren't your core daily focus and are not personally tied to you.
● Secondary Services: Direct services that you may oversee or have founded in some way, but you do not personally deliver.
● Angel Fund: Becoming a stakeholder in other people’s business.
2. Make sure you have at least one income stream per category
3. Get creative for the areas you are lacking.
Maybe you feel you don’t have money to invest as an Angel Fund investor. Then can you invest time in exchange for a portion of the company.
4. Plan it.
You aren’t going to go from zero to hero in the money department overnight. So plan it out.
5. Work the plan.
Yes, every day, no matter what. Work your money plan. Do something to bring the money rain to your door daily. Honestly, it is easier to make it rain money than it is men. But it does take thought, planning, and consistency. But once you get the rain coming it is hard to make it stop. And that’s a good thing.