Robert G Allen's How to Become a Millionaire With Multiple Streams of Income

Robert G. Allen of the Enlightened Wealth Institute hosted a webinar on becoming a millionaire by creating multiple streams of income. Allen started off by asking each listener to write down their goal to become a millionaire on a piece of paper, give themselves a time frame to achieve their goal and sign their name to their paper. Allen explained that because a lot of people are good at starting tasks but few complete them for a myriad of reasons, his goal is to help people get to the finish line. Allen who is a financial advisor, wealth-building mentor, and author has had forty-two mentors of his own over the last twenty years and encourages people to find mentors to guide them to their goals.  You can become a millionaire by generating streams of income from real estate investing, long-term stock market investing and marketing. 

Real Estate Investing

The three real estate strategies that will generate a healthy income include investing in long-term real estate, foreclosures and flippers, and tax lien certificates.

For long-term real estate, Allen recommended buying and holding residential income properties, paying them off and enjoying the income for generations to come.  He also advised that you find properties within fifty miles of where you live that have a break-even or positive cash flow, although he admitted that properties with a positive cash flow are hard to find.

Now is a good time to buy and sell or flip properties because of the depressed real estate market and the abundance of deals.

Investing in tax lien certificates is also a great way to generate income because you can earn high returns on your investments and even acquire real estate in the event you foreclose on a debtor. People who own property owe property taxes to their states which provide revenue for counties, cities, schools and special districts. When people are late on their property tax payments, they are charged interest. Because states want the principal balances they are owed as soon as possible, they allow investors to invest in the tax liens by paying the states or counties the principal amounts they are owed in exchange for the interest payments and a return of their original investments.  There are many books written on tax lien and tax deed investing, for example, The Complete Guide to Investing in Real Estate Tax Liens & Deeds: How to Earn High Rates of Return - Safely by Jamaine Burrell.

Long-Term Stock Market Investing

Allen recommended investing half of your money in the stock market as long as you are in the market for the long term. He suggested investing in index funds, super funds and options, and dollar cost averaging your investments. When you dollar cost average, you invest a fixed amount of money into the stock market at regular intervals and you buy fewer units when securities rise in price and more when they fall. This means that your return will be determined by the overall trend in a given stock or mutual fund as opposed to a specific entry price. This is an excellent time to invest in the stock market because stocks are on sale. Visit independent investment research company Morningstar Inc. online and check out their fund quick rank to identify top mutual funds to invest in. 

Marketing

Allen briefly touched on what he termed an infopreneur or entrepreneur of information, and network marketing.  Everyone has million dollar ideas in their head, said Allen, and the challenge is to package those million dollar ideas and market them to the people who need them. He said that network marketing can provide a powerful stream of income but cautioned that it takes a special kind of person to succeed in this type of business.

Conclusion

Allen finished by explaining that entrepreneurs go where no one else will and see no other path for themselves or way to live other than that of an entrepreneur. Allen recommended reading Napoleon Hill's Think and Grow Rich to get into the mindset of earning millions, and explained that generating streams of income starts with a decisive desire and vivid vision. Also, you need to do whatever it takes to get over your fears so that your dreams are always bigger than them. Allen is the author of Multiple Streams of Income: How to Generate a Lifetime of Unlimited Wealth! Second Edition, and Multiple Streams of Internet Income: How Ordinary People Make Extraordinary Money Online, 2nd Edition, and co-author with Mark Victor Hansen of The One Minute Millionaire: The Enlightened Way to Wealth, and Cash in a Flash: Fast Money in Slow Times.

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