Session 48: Creating Multiple Streams of Income

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Welcome!  Today’s guest is Dr. Cory Bank, who was the very first guest on Episode 1!  Cory focuses on consulting, online coaching, and teaching others.  He is an expert on creating multiple streams of income for professionals, and that’s the focus of our conversation today.  Join us!

This topic is a relevant one for me. I can remember when I was an intern that I had a supervisor who told me not to be afraid of having my hand in multiple pots when it comes to generating income. As a private practitioner, many factors can impact the level of income. I’ve focused for the last two years or so on this concept of generating income in ways other than private practice.

Here’s what Cory has to share:

  • Consider the logical places to start streaming income from different areas.
  • As a clinician, don’t get “locked in” to thinking that you are bound to only one source of income.
  • Alternate sources of income can even come from hobbies and other interest areas.
  • Go digital! The Internet and its availability have changed the way we can do business and the people we can reach. Take advantage of it!
  • There are endless opportunities for teaching online at many different levels and in almost every format.
  • Setting up a digital product takes more time initially, but stays available online for several years. Cory shares personal examples of what he means by this!
  • On a practical level, there are many tools available. Cory shares some of his favorite resources.
  • Find out what works for you by first finding out what people want.
  • Ask, “Does it help and serve people well?”
  • One of Cory’s biggest sources of recurring revenue is his Wealthy Therapist Academy digital membership site.
  • Cory shares how multiple sources of income have helped him professionally by allowing him to touch people’s lives in many different ways.
  • On a personal level, Cory works about 35 hours each week instead of 50+. He has more family time and more time to learn new things and try new hobbies.

I hope that Cory’s tips and practical information have been helpful for you.  Maybe you’ve been considering the pursuit of additional streams of income.  Don’t be afraid to go for it.  The possibilities are endless!

Links and Resources:   (Lots of free resources!)

My Free Workshops are coming in December about starting your own podcast!

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