- Danny Baldus-Strauss made six-figures working for IBM but never felt wealthy with one income stream.
- He started an e-commerce business and invested in an Airbnb property to make money on the side.
- He quit corporate America in 2020 to work for himself and now has several revenue streams.
Danny Baldus-Strauss was making a lot of money working in corporate America: up to $300,000 a year with IBM, he told Insider.
A big salary coupled with a high savings rate helped him build a seven-figure portfolio in about seven years.
“I had this million-dollar portfolio, but I didn’t really feel that wealthy because I only had one income,” said Baldus-Strauss, who sold IT equipment for the iconic technology giant from 2013 to 2020. “In sales, if you miss your quota two halves in a row, you can get fired — and there are lay-offs within big tech corporations all the time.”
With that in mind, he decided to explore other ways to make money.
To become “financially impenetrable,” as he puts it, you have to build multiple revenue streams. “Diversity of income streams, to me, means safety. Because if any one of those streams disappears, I have other ones to fall back on.”
He spent years researching how to make money before he actually took action, he said: “For the first five years of my career, I spent a lot of my off time reading. I researched how to run an Airbnb and how to start an e-commerce business. And then, towards the end of my career, I focused on building income streams.”
He started by building an e-commerce business. (E-commerce is any business that buys and sells products or services over the internet.) He was doing “retail arbitrage,” he explained, which is when you buy products at a discount, re-sell them at a higher price, and profit from the difference. For example, “I’d buy a product for $12, say, and sell it for $15. It’s like flipping products.”
His business bought and resold things like household goods, toys, and cosmetics, he said: “High volume, high margin products like Purina, Swiffer, and Hasbro.”
Baldus-Strauss had an operator manage his e-commerce stores so it was more hands-off, he added: “I paid 35% of all profits to use their warehouse and staff and help with fulfillment.”
Baldus-Strauss owns property in Colorado but spends most of his time traveling and working remotely.
Courtesy of Danny Baldus-Strauss
He also invested in a home in Colorado in 2017. He bought it as a primary residence, but with the intention of renting it out on Airbnb whenever he …….