Codie Sanchez, a former Wall Street executive and author of Main Street Millionaire, is on a mission to help individuals achieve financial freedom through business ownership. Drawing from nearly two decades of experience, Sanchez shares practical advice on building multiple income streams without leaving your primary job.
Here are nine income streams Sanchez recommends:
1. Corporate 9-to-5
Your first $100,000 often comes from your main job, leveraging salary, bonuses, commissions, or company equity. While stable, Sanchez advises using this income as a foundation to invest in additional opportunities.
2. Service-Based Businesses
Turn your time into money by offering services like consulting or freelancing. Sanchez started a service business connecting U.S. and Latin American companies, showcasing how to capitalize on your expertise during evenings or weekends.
3. Consulting
Monetize your skills by offering consulting services in your area of expertise. Sanchez recommends starting with free consultations to build trust, then transitioning to paid engagements.
4. Board Memberships
Use your industry knowledge to join corporate boards. Sanchez emphasizes the value of networking and problem-solving to secure a board position.
5. Speaking Engagements
Leverage your expertise to earn income by speaking at industry events or workshops. Focusing on niche topics can help you attract higher-paying opportunities.
6. Info Products
Create digital products, like guides or online courses, to generate passive income. Sanchez suggests identifying common questions or problems in your industry and crafting solutions for a targeted audience.
7. Newsletter Affiliate Sales
Launch a newsletter focused on your skills or passions, then partner with brands for affiliate sales. Sanchez highlights consistency and delivering value as keys to success.
8. Sponsorships
Cultivate a personal brand and secure sponsorships. Sanchez advises starting small and aligning with sponsors whose products resonate with your audience.
9. Real Estate or Small Business Investments
Invest in ventures like Airbnbs, rental properties, or small businesses. These options can provide passive income with minimal time commitment. Sanchez emphasizes the importance of finding a reliable partner to manage day-to-day operations.
Sanchez’s approach to building wealth focuses on leveraging your time, expertise, and financial resources to create diverse income streams. Whether you’re consulting, investing, or creating content, these strategies can help you achieve financial independence while maintaining your day job.
