Goalden Girls Podcast Episode #48 - What we did when 4 revenue streams were impacted, precarious, or completely disappeared in 2020

Did you know that the average millionaire has 7 revenue streams? 

I don’t know about you, but growing up, I learned about 2 - the money from your job (preferably a stable one with pension and benefits), and savings. 

That was it. 

Now, my parents did their best and came from the generation of stability and safety. I love my parents, I am very grateful for every opportunity they gave me…  

…but the truth is, the world has evolved… and that wisdom is no longer enough. 

My husband Troy and I became self-made millionaires before we turned 30.

And a big part of the reason is because of this strategy: multiple revenue streams. I share this to show you what is possible, and to be transparent that we have learned a LOT in building wealth. 

At the time of recording, we have MANY different revenue streams: in fact, we’ve officially just hit 7. 

But let me take you back in time to March 2020, about 1 year ago, when we had 6 revenue streams…and in a matter of just a few weeks, 4 of them completely changed.

You better believe that: 

  • We were grateful for what we had 

  • We learned a LOT 

  • We’ve been driven to keep creating more 

Today’s short and sweet episode is inspired by a Facebook live I did this week that a lot of you loved…so I thought I’d share on Goalden Girls Podcast and expand on this topic more. 

In this episode, you’ll hear:

  • The 7 different types of revenue streams that exist

  • The real life, personal story of what happened to us when 4 of our 6 revenue streams were threatened last year

  • 3 important lessons from this experience that you can learn WITHOUT the hardships we went through. 

You’ll learn:

  • How you can set yourself up for more income stability, time, freedom and financial abundance - heck YESSS to all that, right?

  • The difference in passive income versus recurring revenue - because they can be - but are not always - the same thing 

  • What you can do this year to to create an additional revenue stream

  • Where to start with creating more revenue and income streams in your life 

In case you didn’t know this, to be clear, I’m NOT a financial advisor and this is not meant to substitute working with a real financial advisor or planner.  

I’m a real life person and together with my husband, we’ve created a multi-million dollar net worth and a life that has allowed us to do a LOT of cool things.

We also work very hard, have learned a lot, and have made mistakes along the way. And I also share this recognizing we do have privilege and I believe in and continue to work to break down barriers so that everyone can create wealth - because we all deserve it. 

My intention is to share some of our ups and downs along the way that might help inspire you, answer some of the questions you have but it feels like NO ONE else in your circle is talking about, and help you avoid some of the mistakes. 

Listen up -  by the end of this episode, you’ll be inspired to create more revenue streams in your life and business so that you can have the stability you crave and more financial freedom to do what you want. 

So, let’s do this - let’s talk about revenue streams, navigating uncertainty, weathering the storms - and even thriving in them!

Here are the juicy bits you can look forward to:

  • What the 7 different types of income streams are. (7:00)

  • How the pandemic significantly affected our income streams. (12:00)

  • Three lessons to learn from our experience:

    • Diversify! (16:45)

    • It takes time + some ideas to get you started. (18:30)

    • Don’t forget about recurring revenue. (22:50)

  • The difference between passive income and recurring revenue. (26:15)

Subscribe & Leave a Review 


If you loved this episode, please take a moment to subscribe here so you don’t miss a thing.

And if you’re feeling extra generous, pop on over to Apple Podcasts/iTunes and leave a review, too. Your reviews are delightful to read and help others find my podcast.  Click here to review, select “Ratings and Reviews” and “Write a Review” then let me know what you think!

Are you a Google Play fan? Find Goalden Girls Podcast and subscribe here. 

 

Resources:

Quotes to Share:

Download and share the quotes you loved on your social and inspire those around you:

 
August 26 (2).png
August 26 (3).png
August 26.png
 


“I looked at the lessons, allowed myself to feel the tough times, and intentionally made changes.” - Lisa Michaud


“I’m really onto something with this 100-day goal thing, and if you haven’t tried it yet this is your chance.” - Lisa Michaud

“Big things really do take time - there is no such thing as an overnight success.” - Lisa Michaud

Stay Connected: 

Join our free Facebook Community for a behind-the-scenes look, more insights and of course, insider perks: https://www.facebook.com/groups/goaldengirlspodcastinsiders/

Instagram: http://www.instagram.com/thelisamichaud

Pinterest: https://www.pinterest.ca/thelisamichaud/

Facebook: http://www.facebook.com/thelisamichaud 

Thank you so much for listening.

xo,

Lisa


PS.  Please note: some of the links shared may be affiliate links. This doesn't cost you anything: it simply means that Lisa Michaud might get an affiliate fee. Special care is always taken to make sure only the highest quality recommendations are shared: our highest value as a Community is YOU getting results in your life. We will always encourage you to show up with integrity and encourage you to create a business, income, and life you love - and make money doing it. We share this as an example of how we do this in our business by following these principles to serve you, and inspire you to do the same in your life.