Multiple Streams of Income Can Make You Very Rich
The majority of people find one thing to make money at, and they stick with that one thing and never branch out to other sources of income. Maybe they feel they don’t have time. Or maybe the drive isn’t there. For people that are rich though, multiple sources of income is a normal thing to do. I remember reading about the founder of Comcast Cable, Ralph Roberts. He had a stream of income that he kept called Muzic which was a company that pipped in music into lobbies and elevators and the such that you hear when you go into offices and Department stores. It brought him in a good stream of income month in and month out. He kept it years after he founded Comcast. He did finally sell it to have the capital to acquire other cable operators. He stated in his book that he hated to sell it, but knew he had to expand Comcast. Richard Branson founder of Virgin who is worth 5 Billion controls more than 400 businesses! Let’s list some more:
Bill Gates: Worth 93.4 Billion. While he only owns shares of Microsoft, Microsoft had done some great mergers and acquisitions and the major ones would be Skype, LinkedIn, Nokia.
Donald Trump: Worth 3.1 Billion Has approximately 500 business. Some of the less known ones are Success by Trump. Trump Success eau de toilette spray is a male fragrance sold by Macy’s Inc. Trump Productions LLC. Sentient Jets, LLC (Trump Jets LLC). Also known as Trump Jets, Sentient Jet works with an elite group of independent private jet operators to offer private flights to its clients.
Jeff Bezos: 138.8 Billion. Besides for well known Amazon, he also owns The Washington Post. Bezos is the founder of Blue Origin, a rocket company that could start offering trips for paying customers to space by 2018.
Jack Ma 42.8 Billion is the founder of Alibaba. Alibaba owns 10 businesses.
David Koch 48 Billion. Shares majority control of Koch Industries, U.S’s second largest private firm, with his brother Charles. Koch Industries, which has revenues of $100 billion, operates pipelines, produces fertilizer and makes Dixie cups and Quilted Northern toilet paper.
Well, this is kind of fun, isn’t it? Let’s look at some people who are deceased and see what type of multiple income streams they had while living:
William R. Grace: He organized the shipping firm of W.R. Grace & Co. in New York, serving ports on three continents and in the process winning a substantial portion of the U.S.–South American trade.
Grace was the main arms supplier to Peru before and during its unsuccessful war with Chile in 1879–83, and after the war, he assumed the country’s staggering war debt. In return, his company received huge concessions from Peru in the form of silver mines, oil and mineral deposits, and guano deposits. His business exploits in the country earned him the moniker “Pirate of Peru.” Grace also invested extensively in commodities and real estate in Peru and Chile and had numerous other business interests both in the United States and abroad. In 1892 he established the first direct steamship service between New York and Peru.
Grace was a major contributor to the Irish famine relief effort in 1880. He became interested in politics and was twice elected mayor of New York, in 1880 and 1884. His advocacy of a shipping canal through Central America met with success with the start of American-led construction of the Panama Canalin 1904.
Thomas Edison He had more businesses than I can count. Here is a listing of them.
John D. Rockefeller Founder of Standard Oil. Desiring to make every financial gain from the business, Rockefeller eliminated middlemen such as purchasing agents and wholesalers. He began manufacturing the barrels needed to store the company’s oil. Rockefeller also developed plants that produced petroleum by-products like petroleum jelly, machine lubricants, chemical cleaners, and paraffin wax.
As we can see part of multiple income streams is the result of diversification. An important strategy practiced by many Billionaires to safeguard their wealth in case one stream of income goes dry, there are others still flowing.
What multiple streams of income have you created? Please leave a comment below and let us know.
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