Cash Flow Dojo: Build Your Home on Multiple Streams of Income by Martin Saenz

Author:Martin Saenz [Saenz, Martin]
Language: eng
Format: epub
Tags: Non-Fiction, Self Help, Personal Finance, Investing, Finance
Publisher: NIME Publishing House
Published: 2020-07-04T13:00:00+00:00

Chapter 6

How to Create Multiple Income Streams

“Your problem is to bridge the gap which exists between where you are now and the goal you intend to reach.”

Earl Nightingale

I recently had the pleasure of discussing some ideas for this book with my friend and colleague Chaim Ekstein. I value and cherish the relationship we’ve built together over the years, as well as his cooperation for this project and other projects we’ve collaborated on.

Chaim Ekstein is a certified financial planner, and he has helped numerous senior citizens and others create multiple streams of income over the years.

When we sat down for this book, in typical Chaim fashion, he shared several nuggets that I’d like to pass along to you (almost verbatim), particularly all the different ways to create multiple streams of income in today’s society.

Martin: In all the years of financial planning, what are some of the ways you’ve seen people create multiple streams of income that work best?

Chaim: Let’s start with the areas that I don’t see people generating income, and I think they should. There are treasure troves of opportunities out there for people – and it’s a shame that more people do not take advantage. It bothers me when I see that because it’s available to them. Martin, if you think about it, what is the biggest value that a person has in his/her life or business?

Martin: I would have to say their knowledge, Chaim .

Chaim: Their knowledge. That’s true, but I think one of the biggest values they have – or could have – is their connections. Now, for example, you and I are talking about this because we know one another. One of the assets I have is that I have a relationship with Martin. One of the assets you have is that you have a relationship with me. And the same goes for all of your contacts, friends, and associates.

How to build all these relationships is going to be one of the toughest challenges we face in business. I see this specifically with a lot of the seniors I work with. I’m working with people who have been in business twenty, thirty, or forty years or more. And when I talk business it doesn’t even have to mean your own business. It can mean your employment. With wherever you go and whomever you speak with, you’re building up this tremendous asset, which is called your contacts or relationships. I call this human capital .

Once you have the connections, you can leverage them by providing different services. You can provide different value. It doesn’t have to be so narrowed down to a specific offering that you do in your business. Unfortunately, most people don’t take advantage of this innate ability to leverage their contacts.

You see this play out a lot on social media when one platform buys out another platform. The reason they do so may not even be about making money; they’re buying them because they have a lot of contacts (i.e., human capital). They have

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