It's safe to say that everyone wants to become a millionaire. Whether you're actively working toward that goal or simply agree it would be nice if it were the case, there's one strategy that 65% of self-millionaires have in common: They have multiple streams of income, reports Business Insider.
That means to make that level of money in your lifetime, you can't expect to get it from one place. It's the financial equivalent of not putting all your eggs in one basket. If something happens and you get laid off, business is slow, or one stream stops, you've already got others picking up the slack. And if nothing goes wrong, you're earning more than you would if your income was all coming from the same stream.
The 65% figure came from the author of Rich Habits, Thomas Corley, who studied the ways of self-made millionaires over a five-year period. What he learned is that 65% of them have at least three different streams of income, 45% have four, and 29% have five. The BI article also references a study by The Economist, which found half of the world's millionaires own their own businesses, which points to the fact that if you want to reach millionaire status, it's probably not going to happen just from climbing the corporate ladder at your day job.
These days, there are so many ways to earn quick, relatively passive, and flexible income—whether it's an eBay or Craigslist side business you manage on your lunch hour, an app like DePop for selling things you're not using or wearing anymore, or tutoring, babysitting, dog-walking, freelance writing, and so on. Bottom line? You've got to diversify your income streams to build wealth.
Do you have multiple streams of income already? What are your wealth building strategies? Share below!