How to Create Diversified Income Streams - Rachel Ngom (2024)

2020 taught us an important lesson.

Tomorrow isn’t promised.

Maybe you’ve lost a job or something that was previously promised or you was guaranteed income has disappeared or has been cut in half.

It is happening to a lot of people right now, which is why I think now more than ever, it’s really important that we talk about creating diversified income streams, which is what we are talking about today.

It’s so important to have another income stream coming in so you can be prepared in case something happens.

Back in 2013, we were struggling financially, on food stamps with negative $400 in our checking account. And so actually going through that I definitely never wanted to struggle again.

So built my first business and it was in network marketing and life was so good! We were making a six figure income and you know, feeling pretty confident, comfortable, income with that company.

Then that company restructured my income was cut in half and I was basically the sole provider for our family at that time.

And I was like , uh-oh.

That was a big wake up call for me that you can afford NOT have all of your eggs in one basket. You can’t rely just on one stream of income.

Tomorrow is not promised.

So many industries are being wiped out. So you must have different things that are bringing in income so you don’t get screwed.

How We Diversified Our Income Streams

I want to share some of our different income streams that we have currently. I want to share both online and what we’re doing offline.

I think it’s important for you to know I’m using the money I’m making with our online business to funnel it into other investments.

We use this business–our online business to funnel into other investments. We currently invest 70% of our income! We have a goal to retire by 40 and are making it happen!

Okay. So let’s start with the online..

Online Income Streams #1: Online Courses

My first business was network marketing. I still earn a full time income from my network marketing business and haven’t touched it in 4 years!!!!! #insane

I started She’s Making an Impact in August 2017.

The first thing I launched a was an online course Pin with Purpose.

We’ve had over 2000 students go through this one program.

So that was the first main thing that I was focused on was Pin with purpose. Helping our students increase their traffic, get more leads, get more sales using Pinterest.

I created some mini courses as well that you can see here.

Online Income Streams #2: Done-for You Services

I also was doing done for you services this time.

I created a video for my network marketing company about how to use many chat, to do Facebook ads. And someone ended up contacting me from that YouTube video and being like , Hey Rachel, can you do my manychat? And manage my Pinterest account. Can you do that too?

I was like,Yup. Done.

So I was helping her set up her many chat. I was doing her Pinterest. And then as I was helping our students with Pin with purpose.

Online Income Streams #3: Private Coaching

I started getting asked about coaching and if I could help our students do what I was doing…so I created a private coaching package.

I limit how many clients I take on at once. While I LOVE coaching….I set up my life and business where I’m not trading time for money.

Online Income Streams #4: Group Coaching

So, we launchedActivate.

This is one of my FAVE things in my business. We help our students launch their blog, build their email list, and create a profitable program that they can sell on evergreen (aka automated).

That has been a huge program for us to be able to help our students see success. And just to work with them closely has been a game changer.

Online Income Stream #5: Affiliate Sales

We also do affiliate stuff. And here’s the thing.

When you have an email list, a list of potential buyers, this gives you so much freedom!

You can decide, Hey, I want to be an affiliate for this program for this course and email your list and boom! Hello!

You could make money if they’re sending out an email to your list of buyers.

So that’s one of the core things we teach within Pin with purpose and within Activate is how to get that list of buyers.

Bonus Online Income Stream: Your Email List

Did you know your biggest business asset starts with an email list.

It’s listening to your audience and seeing:

What do they need from you?

Where do they need support?

How can you support them with that thing that they need?

What’s the transformation that they want?

What’s that next offer that they need?

When it comes to having diversified income streams just know that you don’t need to have 5 million of them at once.

You should have one solid one. So maybe it’s you want to launch a group coaching program like Activate, or you want to have an online course like Pin with purpose.

Pick the one thing and get that down. We had Pin with Purpose and I was focused on making that evergreen.

For at least six months that was our main focus blinders on, we are getting this done before I launched another big thing it was launch, help our students see success, relaunch it, rinse and repeat, make it evergreen.

Offline Income Streams #1: Investing

I read the books The Millionaire Maker by Loral Langemeier and then Rich Dad, Poor Dad by Robert Kiyosaki. First, Robert Kiyosaki talks about the difference between being an employee, having a small business, having a big business and being an investor.

My husband and I read the book and we quickly realized we need to be investors.

It is so much smarter tax wise and everything long term to be investors. So that was our main focus.

We set up our account with Vanguard and we are investing. Like I said, we’re on track to retire by 40!

Offline Income Streams #2: Stash Cash

If you’ve listened to ourpodcast episode 155I attended the Tony Robbins wealth mastery event and that at event that Tony was basically saying, winter is coming.

They said there is going to be an economic crisis. Soon… We don’t know exactly when. We don’t know what it will be, but it’s happening soon.

They didn’t know it was going to be coronavirus and the entire world economy would shut down.

So, when he said that, I made it my main focus and something one of my other mentors said, stash cash.

And so I basically took a lot of the money that we were making from this business, and started stashing cash away. And so that has given us the opportunity to buy property in Senegal (where my hubby is from).

Offline Income Sources #3: Real estate

Currently, we’re doing this to buy property in Senegal in cash. And so that will be able to produce cashflow for us.

So we’re taking it again, the money we’re making from this business making smart investments that are going to diversify our income streams and bring in some cash. So that is one of the things that we’re definitely focused on is taking money from this business, buying real estate, developing real estate properties.

via GIPHY

Don’t try to do a million things at one time because it won’t work. You’ll be overwhelmed and nothing will be working.

So, pick the one thing that you really want to focus on to get that down.

Have it converting then you can look at what’s the next layer that you could add?

What’s that next step, that next strategy, something that you could offer people?

So to recap, you need to have diversification with your income, so you don’t get screwed when the economy shifts or when something stops working.

So, so, sooooooo important.

You need to have an email list, so you can have different offers to email to your list, do affiliate sales, or other things.

It’s so much easier if you have an email list.

Now it’s your turn to take massive, messy action!

If you found this helpful go tofreepinterestclass.comto get my 5-Part Framework where I’ll basically teach you how to double your leads and sales in the next 30 days using Pinterest.

The two books that I highly recommend you check out:

1)Rich dad, poor dad by Robert Kiyosaki

2)The Millionaire Maker byLoral Langemeier

Hang with me on Insta Stories!

Email:[emailprotected]