There is available a veritable treasure chest of strategies to massively increase your income and get you on your way to financial abundance. When I talk about increasing income, most people think of only two options. Either they work much harder in their job and hope their boss notices their efforts and gives them a raise of 5-10% or they quit their job and find another company that will pay them 10-20% more. The trouble is that if you are at a mid to senior salary scale, the chances are that you might have already hit an income plateau and any increments thereafter will be insignificant. And quitting your job is again no guarantee that you will find something better.
When I talk about massively increasing your income, I don't mean a mere appreciation of 5%, 10% or even 20%, I am talking about doubling your income or even increasing it by three to five times, all within 12 months! Is this possible? Yes it is! And you can achieve this without quitting your job. How? By not just focusing on your single, primary source of income, but taking action to create for yourself additional streams of income. The only way to double or triple your income is to create for yourself multiple streams of income. The rich never depend on one stream, but have multiple streams.
The only way I was able to make my first million by the age of 26 was that I focused on creating as many streams as possible. Today I have over ten streams of income. My first stream of income is the fee I get paid for training and speaking engagements. This is known as an active stream as I have to physically work to earn this money. My other nine streams are known as passive streams as they keep recurring year after year with minimal effort. They include profits from my event business, profits from my education business, profits from my advertising business, royalties from four other books I have written or co-authored, returns from my stock investments, advertising revenue and profits from my internet businesses and royalties from my audio programs.
Now, will all the income streams you create make money and will they last indefinitely? Of course not. And that is why I focus on creating two additional streams every year. And if you plan to become a millionaire, focus on adding one income stream every single year.
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE audio CD program '7 Steps To Financial Freedom' here.