Multiple Streams of Income

We’re big fans of guys like Robert Kiyosaki, Tony Robbins, Tim Ferris, etc.. These guys have made millions in multiple businesses and you’d be wise to listen to what they have to say.  One thing they ALL preach is having multiple streams of income.  You never know what the future holds and putting all of your eggs in one basket is a risky proposition.

We all know chiropractors who lost their business due to injury.  Obamacare and insurance companies are not ever going to make things easier for us.  We’ve seen baby boomers take huge hits in the market.  We’ve seen pensions go bankrupt and good people who put in 30 or 40 years get nothing.  No matter what business your in, you have to have multiple streams of income to protect what you and your family have built.

For this reason, my wife and I have been adding multiple streams of income and will continue to add to them until we are financially well off and protected well from any adversities we may face.  Here’s a growing list of ways we are adding income and/or assets to our portfolio:

• Real Estate – We purchased our office space which not only is an asset, but it was actually about $800 cheaper per month to buy this space than what it was to rent in our previous location.  In the future we also plan to add a few rental properties.
• Investing – After the 2008 crash, we decided to take matters into our own hands and we started trading one of our retirement accounts ourselves. We were introduced to a former chiropractor who retired in the 80’s to trade full time. His classes are great and really have opened our eyes to a whole other way to make our money work for us.  Within the next five years, we’ll be taking his day trading course and trading on our 2 mornings off from the office per week.
• Secondary Businesses – We’ve been selling products in our office since the day we opened… vitamins, pillows, orthotics, etc.  We recently were introduced to a nutritional product by one of the leading chiropractic nutritionists in the business.  We’ve been to several of his seminars and without his recommendation, we probably never would have looked into the business.  I’m glad we did.  In less than 2 months, it was outselling all of our other products combined and it can mostly be handled by the staff.  It’s been so successful that we’re expanding the business outside of the office.  Not only do we use and love the product ourselves, but learning about and growing the business is actually fun and invigorating.  In fact, focusing on growing this business has given us renewed clarity and enthusiasm in growing the chiropractic office and we’ve seen our practice grow in recent months as a result.

What are you doing to grow your income and retirement outside of your business?  If it’s all hinging on your business, I highly recommend doing some reading and finding a few more sources of income that you can implement without taking time and energy away from the practice.

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