Here’s why you can’t go from zero to million by having multiple income sources.
Even if the common advice says “Have multiple sources of income”, that doesn’t mean it’s true for everyone.
From Warren Buffet, bill Gates to Sir Richard Branson have said in their speeches, books, interviews or whatever, that having multiple income sources is required in order to become rich. Now, I’m not saying that they’re wrong. It’s true. Having well diversified multiple incomes does give you a better advantage in building your wealth and other pros.
But here’s the story.
It takes a lot to build a stream of income. Like a shit ton of lot.
I’m serious. If you’ve ever tried to find a (another) way to make money, you’d know how difficult it is. It takes time, energy, effort, skills, brains, and stuff to build just one stable source of income. Doing something like that while managing your own life, like, family, friends, relationships, jobs, food, and stuff, is really hard.
Try building a business while doing a job. Full time or part time. So try to imagine you trying to build multiple income sources. It’s like multitasking. You’re never going to get anything done. You’re never going to make any money that can make an impact of your life. You’re never going to achieve your goals. But you’ll be tired. You’ll be miserable. Your life will fall apart. Your health will decrease. Then it’s all downhill from there.
Now, did the rich lied to us? Heck no! They became rich by having multiple income sources. That’s how they made it big. But here’s the thing. They too, were focused on one thing at a time. Think about it. Steve Jobs, Elon Musk, Bill Gates, Jeff Bezos, Larry Page, Sergey Brin, Reid Hoffman. They were all focused on their companies. They worked so hard to grow their companies; their source of income. It’s just that, sometimes, one didn’t need another sources of income, because they have done that through their companies. Like Buffet did with Berkshire Hathaway.
“So what am I supposed to do to make it big?” You might ask.
One sentence.
Just focus on one stream of income, at a time.
That’s it.
Oh, and make sure you give your 1000% into it. That means you have to do 10 times more. Just like Grant Cardone said. 10 times of effort. 10 times of will. 10 times of everything that’s possible.
When you do that, you’re putting in everything to build that revenue stream, and increase it, grow it. This is true even for your 9-5 job. If you’re sure you can’t grow with that job, time to let go. You’ll always get another job if you know how to provide more value.
If you can make things automated, it’s even great. You will actually make money while you sleep. It takes a lot of work to bring an income stream up to this level, but if you can somehow do it, perfect! You can do a lot with the free time.
That’s why you should focus on turning that income stream of yours into a system that runs with little to no interference of you*. If it’s a business, hire people - once you can afford that - so that you can focus on another source of income, or whatever you damn well please.
*This is actually optional. You can decide what you want at that point. It depends on your goals and desires.
Never stop growing. Yourself, or your income sources.
Stay safe. Stay hungry!
