5 Tips to go from Broke to Multiple Income Streams

Cait Mack is a writer who has gone from working 11-hour days and a string of bad relationships to 5 income streams and living with the love of her life inside of 10 years. She's an average person building significant wealth.

These 5 tips are Cait has been able to turn her life around and live happier and richer.

Create a cash flow sheet

Budgets are typically guesses and wishes of what you’d to spend.

We found a cash flow sheet to be much more practical and useful.

Basically, it tracks what comes in (and from where), what goes out (and where it goes), and how much we invest (and where it goes).

This way we know exactly where our money is and how hard it’s working for us. If we see we spent too much in one area, it gets reigned in next month. If we’re not making enough, we know which income stream to focus on.

Don’t forget, money is simply a tool to get you what you really want (freedom, vacations, etc.)

Review and plan your week on Sundays

Sunday mornings are a great time to review your previous week- what went well? When did you feel your best? What needs work?

And to also plan your week ahead- what needs to get done? What are your priorities? What can be delegated or removed from your calendar?

Use your mornings wisely

If you can own the first 2-3 hours of your day, you set the tone for the remaining 25-26 hours.

I use my mornings to workout, create content and finish any important work. Then I’ll focus on my 9-5, family and friends.

Get into the habit of doing your most important tasks early in the day.

Money is a 3 Part Answer

Money has 3 main parts to it: earning it, keeping it, growing it.

Earning is easy enough. All of us earn to some degree. And if you earn some, you can learn to earn more. Build your skills.

Keeping it is harder because you need to master your psychology. Read Morgan Housel’s book Psychology of Money for starters. Then work on increasing your savings rate. Before I spend money I go through my Cost to Value ratio: is the value received equal to or greater than the cost paid? If not, skip the spending.

Once you’re saving, it’s time to grow money. That requires investing. You can’t grow money unless you own assets. I invest in real estate, stocks and crypto. Then I diversify again within those sectors. Residential, commercial and industrial real estate. Multiple ETFs (tech, marijuana, sports betting, healthcare, etc.). Various crypto coins (BTC, ETH, SOL, APE, DOT, etc.).

Focus on the Trifecta of Living Well (book coming soon!)

The Trifecta of Living Well is based on health, relationships, and wealth. The 3 most important factors (in that order) in your life.

Everything you do should contribute to one of these buckets.

Here are the basics I focus on within each.

Health: quality sleep, whole foods, daily movement, stress reduction.

Relationships: concrete ties, social ties.

Wealth: cash flow, appreciation.