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“I want to make money in my sleep.”
“I’ll be the first millionaire in my family.”
“I’ll have a 6 figure month.”
“I just want to be able to take a vacation whenever I want”
At some point in time especially in the personal development space – you’ve at least heard these if not said them yourself. And there is nothing wrong with that…
But how do you successfully build diversified income streams?
In today’s episode, we’re going to talk about the way to make it happen and the pitfalls that most people fall into in their pursuit of a financial empire, let’s do this!
0:00 – Intro
2:02 – Income Streams Don’t Have To Be Even
3:53 – It Doesn’t Look Have To Look Like Everyone Else Does It
5:35 – Boring Investments – Life Insurance
6:13 – Cryptocurrency
7:18 – Retirement & Financial Advisors
9:07 – Diversify Beyond The US Dollar
10:27 – Feeling Overwhelmed With Investing
11:41 – Recap
12:51 – Challenge – Which Idea Resonated With You The Most?
Frustrated that you aren’t making the progress that you should within your finances? Create an unshakable money mindset with the Money Mindset Mastery Checklist
Read It! Successfully Build Diversified Income Streams
I want to make more money in my sleep. I’ll be the first millionaire in my family, I’ll have a six-figure month. I just want to be able to take a vacation whenever I want.
At some point in time, especially in the personal development space, you’ve at least heard these if not set them yourself. And there’s nothing wrong with that. But how do you successfully build diversified income streams?
In today’s episode, we’re going to talk about the way to make it happen, and the pitfalls that most people fall into in their pursuit of a financial empire.
This is the Your Money Your Life podcast, where ambitious women come together to have clarity, prosperity, and confidence with their money without sacrificing precious time, and well deserve fun. So let’s do this!
Welcome to the Your Money, Your life podcast. I’m your host, Aimee Cerka.
After my husband and I faced three major financial roadblocks in the last six years, I felt like I wasn’t doing all that I could and I had let my family down. It always felt like life was a struggle like I had to work harder than everyone else. It just came easy to them, and I didn’t feel worthy of success.
Until a coach helped me see the successes in our experiences instead of our failures. This allowed me to create and implement systems to grow our network by 200,000+ while spending time with my loved ones and on my priorities. Now I help motivated women create the happiness, family life, financial security, and long-term wealth they deserve
If you’re ready to eliminate stress, struggle, frustration, and guilt within your finances, you’re in the right place. Welcome, I’m so glad you’re here!
Embracing Varied Income Streams
Welcome back to another episode of the Your Money Your Life podcast. I’m your host, Aimee Cerka. We are talking about successfully building diversified income streams.
This is probably something that you’ve heard about before, but like how does this actually happen? Right? Let’s just dive into it. Because there’s a lot of different like factors here that plan.
So the first thing to be aware of, is your income streams don’t have to be even across the board. Sometimes we discount things because we don’t make a lot from them. And you can have different levels of returns, and the smaller ones shouldn’t be ignored.
Sometimes those smaller income streams are actually like more consistent. And you can count on them more than some of the larger ones that fluctuate in a bigger way.
I know actually, for example, Operation Underground Railroad, if you’ve made a purchase from our company here, you have helped support them in their fight against child sex trafficking. But I’ve heard their founder speak several times. And they’ve talked about that they are able to make the prop most progress not necessarily with the big one-time donations because they can’t count on it ongoing.
Their monthly commitment makes that like having the monthly consistent income, even though it’s a smaller amount is how they’re able to fund so many other operations, not the bigger income streams. So this applies whether you’re building a personal financial empire, or you’re running a massive organization fighting evil, right.
Avoiding the Herd Mentality
Again, next kind of point here we need to talk about is you don’t have to do what everyone else does. And frankly, I mean, the herd, the herd mentality what everyone else is most often doing the problem. They’re following the media, and there’s the banking industry has an agenda as well.
And you know, they have an agenda that they want to be profits like they want the profit so it’s what everyone else is doing. Might not be a good idea. Definitely don’t do it just because everyone else is doing that.
We’ve seen that a lot. We’re gonna talk about cryptocurrency in a minute. But even like Elon Musk will tweet out something about a certain cryptocurrency and then everyone goes and follows it because it’s Elon Musk that saying that like and sometimes I think like he just does it because he can do it. And that’s like the type of character he has. But the point is we shouldn’t be doing things just because you know, everyone else is doing In them.
Actually, even the banking agenda now, like their profits, that’s the whole reason why we have house loans. Now, house loans didn’t used to be a thing. I know you can’t even imagine being able to pay cash for a house right now, with inflation and everything.
The way they’ve created this a common economy with our fiat currency and all those things, but the agenda that the banking industry has with their fractional reserve banking, that is why we have house loans now.
The Power of Boring Investments
Next kind of point is kind of goes along with the smaller income streams, like don’t ignore them, don’t discount them.
But let’s talk about boring investments. Boring investments can be good, it doesn’t have to be exciting and exotic, I’ll tell you like, one of my most consistent, like returns, growth, and investments is actually one of my life insurance policies.
It’s not exciting. It is a guaranteed whole life plan. We can talk about life insurance another day, it’s actually a really neat plan the State Farm offers.
So it’s paid for in 20 years. But like the cash value continues to grow. So then like when I pass it off to my children, and it’s a paid-for policy, I really love it have myself one of myself and my oldest son.
And like, when you look at the growth of investments, that one is the most consistent, most stable, is the boring life insurance policy. Right? doesn’t all have to be exciting, exotic.
Navigating the Cryptocurrency Craze
But something that’s exciting and exotic right now is cryptocurrency. Cryptocurrency can be a smart investment if you’re doing it correctly.
We talked about this inside the Academy, we have a whole module. We dive into cryptocurrency, and you know what I’ve seen to be effective. What we’ve learned, of course, you know, I’m not your financial adviser, I’m just providing you the information so that you can make an educated decision for yourself.
And I think that is probably the most powerful thing that you can do. Because your finances are specific to you.
And while we’re talking about financial advisors, kind of brings us to the topic of retirement, right. Because you know, a lot of financial advisors are helping you build your portfolio, so you’re set for retirement, etc. But the idea of retirement itself isn’t tested.
This is a modern idea, again, something that we came up with less than 100 years old, social security, and Medicare as well. They have not been around for longer than 100 years. 100 years, not that long. They have not been tested.
There was a poll to get people into factories in the industrial age. And that was really where these ideas came from. We’re not even in the industrial age anymore. It’s just things that I wouldn’t count on and the idea of retirement in the way that like has been structured.
I’m not saying that you can’t retire, you definitely can retire. But I do find we can talk probably a whole episode on retirement.
But there is something to be said about continuing to pursue what you’re passionate about, you should be able to retire from the things that you don’t want to do. And then that’s an income thing, that’s not an age thing. And when you retire for the things that you don’t want to do you have time to pursue those passions and those interests that you do have.
Diversifying Beyond the US Dollar
But regardless, just when we’re talking about diversified income streams, I know so many are working towards, you know, like their dream, retire at the age of 65, etc. And it’s just something to be aware of because the idea of retirement has not been tested.
And I don’t want you to work towards this whole thing. Just to find out the game to change. That’s not actually how things work now.
Then we’ve kind of talked about cryptocurrency, we talked a little bit about the economy. And like we have next point here, your income streams need to be diversified beyond the US dollar. A lot of times when I’m talking with people, from clients, etc. And they’ll say like okay, yeah, you know, we’re investing in the stock market in like, you know, 401k retirement plans, etc, all those things.
We need to be investing in other places because it’s still all the US dollar. Yes, as of right now, the US dollar still holds the word world economy. But with the US dollar now being a fiat currency, there is more fluctuation all of those things in there that can be manipulated. We need to have income streams beyond the US dollar and this isn’t just trading and forex. If anybody is listening and doing that there are other ways to diversify.
And again, we talk about this all inside the academy, on how to be smart with your investing and really having that well-rounded, diversified income stream, not only for like building financial wealth, but also creating that financial security that I know that we’re all looking for.
Start Now, No Matter the Amount
There’s a lot that I just ran through, right. And I don’t want you to feel overwhelmed, you have to start, and you have to start somewhere.
So if you’re like, I can handle starting in the stock market with like, $25 that is honestly what I did when I first started investing in like the stock market, etc. Those type of investments I was like, this does scares the crap out of me, like I am terrified in investing.
I’m terrified of like, I don’t know what the heck I’m doing. And because I didn’t know what I was doing, I knew I had to start, I had to start somewhere. So I started with $25 and a fidelity account, you can do the same thing.
You have to start and you have to start somewhere, don’t continue putting it off the laying out of fear. Just take that action, take action in a way that you know, if something happens, and you do lose, because that is a possibility, especially when it comes to investments. It’s not the end of the world, we talk about that on the income that you are actually investing.
But having that diversified income is a way to greatly magnify your income, it is so important, it’s vital to be able to actually do these things.
Key Principles for Diversified Income Streams
So let’s quickly recap. We talked about several different things right that our income streams don’t have to be even across the board. You can have different levels of returns. There’s nothing wrong with having smaller levels of returns from certain places.
We talked about not following the herd, just doing what everybody else is doing. Because you know, media, others have their agendas that can be manipulating those things. It’s not always the best thing just because the herd is doing it.
We talked about that boring investments can be good. It doesn’t have to all be exciting and exotic. But you know that exciting popular cryptocurrency can be a smart investment if you do it correctly.
We talked about the fact that retirement isn’t a time-tested idea. It’s a modern idea. It’s been around less than 100 years.
We talked about diversifying our income past the US dollar not just in the stock market, etc.
But most importantly, we talked about starting now, starting somewhere, don’t put it off don’t delay it out of fear because you want to successfully build those diversified income streams.
And I know that you can do it.
Your Challenge: Share Your Financial Insights
So your challenge for today I want to hear which one of these ideas stood out to you the most that you needed to hear like that really resonated for me, Aimee. I needed that. Thank you for saying that out loud. Like so, I feel so much better now hearing that so send me a message on Instagram at @aimeecerka we’ll see you next time. Bye for now.
Thank you so much for listening to the Your Money Your Life podcast. My favorite place to hang out is on Instagram. You can find me at @aimeecerka. Send me a message or post a screenshot and tag me! I love hearing from podcast listeners
When you’re ready to master your money, go to https://workwithaimee.com. You and I will work together to ditch financial stress and struggle for good with a customized plan that works for you, your goals, your priorities, your life. I’ll see you next time on the Your Money Your Life podcast.
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