How I Built 5 Income Sources that Generate Over $163,900 Per Month
So today, I’m gonna let you into a bit of a secret. I’m revealing exactly how I built five income sources that generate me more than $160,000 per month.
Now the old system of getting a secure job and working until you’re 65 is crumbling, and the world is changing faster than ever. New technologies are constantly being developed.
And this is causing many companies to downsize and shut altogether. Jobs that were once safe and considered lifelong, they’re just disappearing by the second.
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So how do you take back control and protect yourself from having financial trouble in the future? The answer is simple. You need to build multiple income sources.
So, I’m going to reveal exactly how I have built mine. I hope it sparks that imagination in you to get you started. Now, I believe with the right motivation and guidance, anyone can create multiple income sources. If I was able to do this when I was younger, I might have been even further ahead today.
Number one is my retail store, and this income source generates me over $65,000 a month selling radio control helicopters, planes, cars. Let me take you back to where it all began.
When I was a kid, my dad would spend hours upon hours in his workshop building different model airplanes from scratch. Having three sisters, I wanted to escape the house.
You can just imagine it, can’t you? Three sisters. I spend more time with him. I remember really clearly that he was working on one particular plane for weeks. I was so excited when we took it out to the field for its maiden flight. I was absolutely amazed that something my dad had built from bits of wood was able to fly.
After being inspired by one of my mentors, I decided to open my own shop. I really wanted to pass on my love for models to others. I remember clearly throwing everything I had into my first shop.
On opening day, I had to put a sleeping bag in the back of my van because unless I took enough money, I did not have enough money for fuel to even get myself home.
That had been a cold night. I cashed up that first day and was so pleased with the amount of money I’d taken. Little did I know, to this day, we have never taken less in a single day than that very first day.
So if you’re thinking of opening a shop, then I highly recommend doing it around something you’re passionate about. As this will drive you to become better and better at it and make great profits in the future.
Number two is my own brand and product range. This income source generates over $50,000 a month. So at this point, I’ve mastered selling to the public, but I wanted to make my own products and create my own brand and start selling into other shops.
Now in my school days, I used to get super bored, so I would sit and draw lots of new and improved model airplane designs. Now little did I know, later I would be clutching those designs that I’d drawn as a kid, and I’ll be sitting on a plane on my way to China of all places.
I’d heard that China was the place to go if you wanted to get a factory to make your designs into reality. I only knew one Chinese guy, and I didn’t speak a word of the language, but I really believed in my designs.
I managed to build some really strong connections with factory owners, but the reality was I needed a load of cash to jumpstart the business. But just as fate would have it, I received a call from Ridley Scott, Oscar-winning director, asking me to help him with one of his films.
Now it wasn’t really Ridley, but it was one of his team. They needed me to redesign some model helicopters and fly them in Morocco for a film called “Black Hawk Down.” I’ve even got the poster up in my office.
Look at how cool that is. This was a three-month job, or should I say vacation? It was great fun flying eight-foot long Black Hawk helicopters through various film scenes.
And what’s more, it paid really well and in dollars, which was destined to pay for those first model supplies from China. I managed to buy this massive warehouse and start my new business selling my own products and brands to the model industry.
And almost instantly, the designs were a hit. Even years later, that income source is still bringing $50,000 a month, but that isn’t even the most fulfilling thing.
The thing I love most of all is seeing other people flying the models I designed. If you’re considering selling your own product, be it a physical one or even an online one, the key thing is to know your market inside out.
It sounds simple, but I see a lot of entrepreneurs just spraying and praying. They think guessing and just going for it is the right strategy. You have to test the market to see if there is a market and there is a demand for the product you’re building. Market research has to be real. It’s no good using friends and family.
They love you. They’re not gonna be honest and true. Remember the truth sometimes hurts, and they don’t wanna hurt you. Start by making a product you would love and then test it before wasting years of your life making something that no one wants to buy.
Number three is my eBay business. This income source generates me over $45,000 a month, and it’s all easy. 24 hours a day, just tap of a button and away we go.
Now, due to the success of my shop and my own brands and products, I started getting approached by other businesses in my industry that were looking to sell everything due to retirement or change of career.
I was faced with a problem. I had the money to buy the stock, but I didn’t have the space in my shop to put it all. Then I discovered eBay. For the next couple of years I wanted to learn everything I could.
I loved the idea of having a shop that was open 24 hours. I could sell even when I was asleep. For a while, I became addicted. I even had a sound on my phone every time I sold a product.
I made the decision to go all in, and I started buying lots of other shops. I even bought another warehouse, and I stuffed it full of stock. And I listed every single item on eBay.
Within a few months, I was grossing over $45,000 a month. Today, I’ve made a name for myself as a go-to guy in the industry. If you’re looking to sell your business, I’ll buy everything because given the time and the right price, everything will sell.
There is nothing stopping you from starting on eBay. And if you don’t have any money to buy a product, then start by going through your home, room by room, for items you no longer need.
Look up how much the items are going for, search in the competition in the other listings. The key is to look up everything even if you don’t think it’s worth anything.
You will be shocked by how much you can make. Oh, and remember to set your phone to make that sweet cash every time you sell a product. Trust me, it gives you such a buzz!
Number four, my net rental income. Now, this generates over $5,000 a month. I wanted to create a revenue stream that would give me income even if I decided I wanted to stop work.
So I did some research and looked at the local area. I needed an up and coming area to buy from with good links to London, good schools, and this is what I bought. However, I regretted this investment almost as soon as I bought it. The reality was it needed a lot of fixing up, more than I had initially thought.
And I had just tied up a huge chunk of cash, but I was committed by this point. I needed to make it work, so I spent every free moment down at the house, fixing everything myself to save costs, except the electric.
I called a professional in to do that. You don’t wanna mess with the electrics. Now, looking back, this was hands down, one of the best investments I had ever made.
Combined with the many commercial properties I now own, my income stream is $5,000 per month. Now being a landlord, isn’t always easy. A couple of months ago, I got called up during the middle of a major storm to fix one of the roof tiles.
I took a look and thought, “How hard can it be?” Now, let me set the scene for you. A two-story house is quite high, but going up onto the roof felt like being on the top of the Empire State Building.
I was thinking, “What am I doing here?!” My hands were shaking. My stomach was doing somersaults. I finally managed to fix the problem. And you know what?
It saved me around $300, but the lesson I learned, and it was a very important one, get a professional in. You really do not wanna fall off a roof. That could be very expensive.
But if you are ready to accept the costs involved with running a rental property and you prefer reinvestments that you could feel, then investing in real-estate really could be for you.
Number five is business coaching. This generates me $2,700 a month. This is my passion project. It’s obviously grossing the least amount of money at the moment, but it’s something I’m really passionate about.
So every month, I will get on the phone and talk to a few select entrepreneurs and help them increase their profitability and income. It doesn’t really matter what their industry is because the underlying principles and skills for success in business are pretty much the same across the board.
With specific advice, I really can watch them scale their businesses to the next level, but there’s only so many of these calls I can do per month.
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