Building Income Streams
My wife and I decided on a joint Christmas gift this year. We bought ourselves a Peloton!
I am usually pretty disciplined with my money, but I will be the first to admit that I very often get sucked into the “latest trend”. And the Peloton is certainly one of those trendy items these days! I recently mentioned to one of my best friends that I purchased a Peloton, and his response was “of course you did..”
That being said, this particular purchase has been on our radar for quite some time. We came very close to pulling the trigger during the first Covid lockdown, but resisted. Along comes the second lockdown and my wife convinced me that we had delayed our gratification long enough. Not sure that’s how the whole “delayed gratification” principal works, but nonetheless she convinced me.
For those of you not familiar with the Peloton, meet the new member of our family 🙂
I refer to it as a member of the family because just like my children, it is expensive, causes me a ton of pain, but so rewarding in the end!
Okay, okay.. I’m not here to sell you on a Peloton. Though I am happy to answer any questions you might have 🙂
The reason I bring it up, is because on my 7th cycle I discovered a feature that I had not noticed before. This particular feature allows you, in real time, to track yourself against your own personal best output (output is a combination of speed and resistance) from previous rides.
With all the bells and whistles of this machine, this is probably one of the more simple and basic features, yet I can’t begin to tell you how helpful it has been in pushing and motivating me. Since discovering it, I have been able to beat my personal best each and every subsequent ride. Knowing that I only need to push myself slightly more than I did the previous ride, seems very achievable to my simple brain. And it is. But what’s magical about it, is that all those daily wins compound. Two weeks after discovering this feature – my personal best output is now 15 points better than it was two week prior (before discovering this measurement feature).
Same applies to when we are building income streams. Don’t start thinking too far ahead. Start with creating one additional income stream. Once you’ve created that income stream, then set your sights on the next. And perhaps take it one step further – try to make the second stream slightly better than the first.
Self-motivation is the key. This aint about anybody else. You’re not trying to beat anybody but yourself. Focus on bettering yourself (your personal financial situation) every day/week/month, and I promise you, before you know it, those wins will compound and you will have more income streams and more monthly income than you had ever imagined.
Do you know what the hardest part about the Peloton is? It’s not beating my PB… it’s getting on the damn bike. Same applies here… once you get rolling, building income streams is easy… the hard part is getting off your butt and starting to build them.
If you don’t know where to start. Give our Cashflownaire Membership a ride (catch what I did there?) ;). We would love to help get you going.
Vince & Mike
P.S. In addition to the cost of the bike, the Peloton also has a $55/month membership fee. Pretty good business model don’t you think?!? Guess what I did while “delaying gratification” between lockdown #1 and #2?? That’s right, I created an income stream to cover the monthly membership cost 😉