Renew Mindsets Towards Building Multiple Sources Of Income

I heard a story about a fly. Being trapped in a restaurant, it reckoned that the street on the other side of the glass window was a better place to be in. In its attempt to go over, it flew right into the glass pane, bounced off, and then tried again. He kept doing it over and over again.

If it would just pause for a moment, and shift its bearing slightly to its right, it would have seen a door wide open into the same street.

The scenario is familiar enough. People watch others succeed, and conveniently credit the success to them (these other people) being in the right place at the right time. But for themselves, they continue taking the same actions year after year, hoping for their results to change.

Like the fly, a break in their routine could do them good. It affords them a chance to take stock of their current level of achievement, or lack of it. For those weary of being stagnant, they could reflect on what it takes for a breakthrough.

The good news about breakthroughs is that they are not a privilege enjoyed by an elite few. Ordinary folks, however, will need transformations of the mind.

One prevalent mindset that has to change today is that ‘you need to get a job’. For all its merits, employment should no longer be the only source of income for any individual. With rampant globalization, it simply does not make sense to put all the eggs in one basket!

The proposition is to build multiple sources of income. (There is even an acronym coined for it – MSI.)

Building a new income stream, especially during the initial phases, can be uncomfortable. How, for example, do office bound employees juggle between the demands of their work, and running around setting up a new business?

Well, these days, the internet offers plenty of business opportunities. Signing up to market an affiliate program is literally a few clicks away. With enough resolve, a daily 20-minute spent marketing the program via the internet will add up over time. That is what ‘building’ is about.

Nevertheless, getting down to ‘just do it’ is a pain – there is no doubt about that!

This brings us to the next mindset change – which is to learn to be at ease with discomfort. It helps to understand that discomfort is always temporary. It is nothing compared to the satisfaction of seeing a new income stream materialize. As it swells, the fruit brings about a new confidence, one that is reflected in the person’s outlook, morale and even physical appearance at the work place.

It is important to be mindful that there will be obstacles along the way. Having conquered the biggest of them all – which is the mindset of the person himself - a host of other mental blocks will line up. Some of them come in the form of good intentions from friends and family. If Tom didn’t feel that a product lacked demand, Dick would probably find it too commonplace. Harry couldn’t even appreciate what the product is about.

The point is that there will never be a perfect product or service. People should quit procrastinating, and take that first step. First steps habitually lead to other steps.

Likewise, there is no such thing as perfect timing. Would losing the job be the right time? Or would it be too late? People think in terms of saving enough money so they can start a business and be their own boss. The question then is, how much is enough? When will they have enough?

The myth about starting a business is that a lot of money is needed. Quite the contrary, successful people often argue that a person does not need a lot of money to succeed – he needs a lot of it to fail.

The internet offers plenty of affiliate program opportunities for aspiring entrepreneurs. The initial investments are absolutely minimal. This enables them to get started with limited exposure, and learn as they go along.

What they need more than money is continuing education and personal development. Talking to successful people helps, as would attending seminars by experts. These role models offer innovative perspectives that make listening to them worth every minute of time spent.

Gerry Robert - bestselling author, columnist, speaker and consultant operating throughout North America and Asia - proposes setting personal goals of building one new income stream every year.

It is not a tall order at all. People, when they have experienced building just one income stream, will know how to do it over and over again.

Do they ever fail? I am sure they have had their share of it. The mindset to reform is to embrace failure. The greater risk than failure is the risk of not getting anywhere.