One of the most noticeable changes in the 21st century is the mass adoption of multiple income streams. Whether this be through Property, Stock trading, Forex, Crypto, Amazon FBA or many others it’s almost essential to have a second source of income to support your main income. With the average UK full time income been £30,000 last year (2020), creating a second income stream which matches or doubles the £2500 a month mark can quite easily double or triple your overall income.
The main challenges we have recognised is that it’s hard to know where to start, how to start and who to trust? These are absolutely fair questions to be asking yourself and with so many opportunities available it can be very easy to get caught up in *shiny object syndrome and expend a lot of energy without taking any action.
This can lead to becoming very demotivated because although you may be spending hours extra after work and on weekends, sacrificing time with friends and family, and giving it everything you can and you may not be receiving any financial reward.
Further, you could rush into a decision and lose that 10,20 or £30,000 that you have worked extremely hard to save because you invest in the wrong thing at the wrong time. This may have significant effect on your health and happiness so it’s important not to go down this route.
We have developed lots of income streams for ourselves and our investors so lets take a look at what you can do to make sure you double or triple your income in the right way.
#1 – Where to start?
First of all, you need to ask yourself what do you want to achieve? For example, I want to achieve a passive income that matches my current income of £3000 a month. You now have a clear END GOAL.
You now need to explore different asset classes (property, forex, etc.) that match your goal. For example, one option that we specialise in is Rent to Rent Serviced Accommodation. You need to understand how the strategy works and the risks and rewards associated with it. With Rent to serviced accommodation the rewards can be £500-£1,200 a month reward and the risks are that we do not make enough money to break even. We need to consider how we can maximise our reward and reduce our risks.
#2 – How to start?
The second challenge to overcome is knowing how to get started. First, you want to get as much knowledge as you can around your chosen strategy so you can maximise the upside and minimise the downside. This can be done through books, online courses, YouTube, mentoring, etc. If you are paying for training at this stage, make sure you get it from someone who has done it and will physically show you their results.
Once you feel confident you understand the strategy, the first place to start is to connect and network with people who are already in the industry to leverage their time and knowledge. This will allow you to leverage experience and give you an insight into current market conditions that education courses can’t teach you. The hard part at this stage is…
#3 – Who do you trust?
There will be lots of people in every industry that claim to be “experts” in their industry so it’s hard to identify the good from the bad. For example, if you were looking to start with a Rent-to-Rent Serviced Accommodation business you need to speak with Rent-to-Rent serviced accommodation sourcing companies and management companies who have a good track record.
At this stage, we would recommend you need to speak to a minimum of 3 different companies and understand there USP, experience and analyse their case studies. The education you have built up will help you understand what is realistic and achievable and more importantly help you identify if a company seems to have inaccurate numbers.
Further, you can get references from current clients and investors to see if they deliver on what is been proposed. For example, any of our clients looking to pursue Rent to Rent SA can see all our reviews and are able to speak with multiple current clients before committing.
Following the steps above will ensure you take the correct action to multiply your income 2,3 or even 10 times over. By achieving your goal, you could significantly change your life. For example, our clients often leave their job to pursue property full time, re-invest the profits into buying properties, buy there dream car or house, travel the world or just have more money to enjoy with family.
“Whatever your goal is, creating a second income that doubles, triples or 10x’s your current income can be the key to unlocking your goals and dreams”
If you are interested in creating a second income through property to achieve YOUR GOALS then please reach out to us via the button below where we can arrange a consultation to see how and where we can help you.
For further information on our results and the strategy itself then please click on the articles below.
*SHINY OBJECT SYNDROME - It’s called shiny object syndrome because it’s the entrepreneurial equivalent of a small child chasing after shiny objects. Once they get there and see what the object is, they immediately lose interest and start chasing the next thing. (https://www.entrepreneur.com/article/288370)
