Multiple streams of income is a myth

Do you know what it takes to spin up multiple streams of income? How many people do you think actually get wealthy from it?

The answer…probably far fewer than you’d think.

There’s a giant issue with trying to create multiple streams of income. Your focus gets split. There aren’t many people that are excellent at their side hustles. No shade. IMHO, it’s not the path you should obsess over.

Outside of working for big corporate, building a business is the only feasible path to wealth. Risk taking isn’t for everyone. If you’re comfortable with betting on yourself, you’re in the right place.

Don’t take advice from this guy (Grant Cardone). Rich doesn’t equal smart. Source: Yahoo! Finance

I want you ignore all the fast money advice you see. Ignore the tax strategies from the “wealthy” guy being interviewed outside of his country club in a Ferrari. Ignore the investing schemes. Ignore the Instagram ads trying to sell you a course on writing conversion-driving copy.

Instead, make one decision. How are you going to add value to the world? Hint: There’s only two ways.

  1. Innovate. Invent a product that solves a big problem.
  2. Improve. Take an existing solution and make it better.

Crazy, right? It’s that simple.

I love startups because they force intense focus. You have to be an expert at the problem you’re solving. You have to be an expert on the customer you’re solving the problem for. It’s like getting a master’s or PhD. You get deep knowledge.

Rest assured. When you have created value by solving a big problem for your customers. You will be rewarded. After that, you can diversify. Let your money work for you by investing in other asset classes. This is where multiple streams of income makes sense.

Besides, do you know why people are asked to do TED Talks or speak at big conferences? Because they’re f*cking great at a specific thing. Being undeniable unlocks doors and opportunity.

Today’s advice: If you’re doing too much; STOP. Focus on the activity you believe will bring you the most return on your investment and energy. Cut the rest. If you’re looking for motivation, read 10x Is Easier Than 2x. That’s it. You’re on your way.