Multiple streams of income is a phrase that internet marketers who sell make money online courses LOVE. Why? Because it justifies the fact that their clients should not only buy one of their courses—they should buy them all! You want to diversify your income; they tell you. But should you—really? That’s what you’ll find out!
There are Laws To Life
I’m reading a book now called The World ́s 99 Greatest Investors. While reading, I find myself getting overwhelmed by the methods that the investors propose. Some say; diversify a lot, while others say focus on a few! Some say; buy when the stock is going down—while others say; buy when it’s going up.
What’s the lesson here? There’s not always one way of getting results. But, the investors do say a few things that seem to be laws—one being; only invest in what you understand and another one; minimize the losses.
In this blog post, you’ll discover one law regarding multiple streams of income.
Do You Want Brooks of Money Or Floods of Money?
The introduction might have led you to believe that I’m not a fan of multiple streams of income. Well, I am. But I’m also a fan of focus and wholehearted action. Therefore, I find a problem diversifying too early.
Let’s say you want to become an investor. You’re excited about all the investment opportunities around you. It’s a new world; all of a sudden you discover stocks, bonds, real estate, gold, binary options, etc.
Your first endeavour will be to invest in stocks. You begin to read books and newsletters about the stock market. Then you decide to tell your neighbour about your new endeavour. After listening to you, he says: look pal, you need to diversify. You remember what happen to the stock market 08, don’t you?
The neighbour gives you 20 books on five different investments and continues: you shouldn’t call yourself an investor until you’ve read all of those books. The neighbour tells you goodbye as he jumps into his old and rusty Volkswagen. You’re left feeling somewhat: overwhelmed.
Start But Make Sure You Finish
Yes, the saying that “you don’t need to be great to start, but you need to start to be great” is true. BUT… at some point, you need to show up for more than one practice. It feels great to start new projects because it gives you a feeling of progress. But feelings can delude you—so make sure you’re not…
The reason to why a person feels overwhelmed is that they don’t have a target or a plan. You need both if you want to avoid being a dabbler (opposite of a master).
If you want to lose weight—write the aspired weight and stick to one diet plan. There is no point in buying all the courses or books. The weight loss industry is making enough money as it is.
The same is true in business. I recommend that you read The One Thing By Gary Keller if you’re struggling with this.
Break everything down to small sized actions to avoid feeling overwhelmed. Set a time and date for each activity. Do it and you’ll soon discover that one extra stream of income is enough as a start.
Can We Have Found The Law?
Master one stream of income before you move on to the next. Can that be a law? Yes—as long as you’re not trying to master something that is inefficient. (By the way, don’t say that you’ll try something unless you want to fail. That’s one of the concepts in Think and Grow Rich [if I’m not mistaken]. I will do, is much better. Always give your mind clear and specific commands.)
An Exception To The Law
I see no problem with creating multiple streams of income right away—if they are related. For example, we publish Ebooks which is one stream of revenue. But then we immediately turn the Ebooks into audio books and paperback books. We go from one stream of income to three without demanding any money from the Ebook.
Try to get 3-4 big income streams that are related before you jump into a different market. I recommend that you read the blog post, Top 3 Ways To Make Passive Income Online if you want examples of related streams of income.
Lay One Brick At The Time And You’ll Eventually Have Built a Wall
Take one step at the time. Go through one course at the time. Create one stream of income at the time. That’s the message here. Some people might manage to start with two different things and succeed—but that’s the minority.
Read up on the shiny object syndrome and diagnose yourself. Do you have a tendency to jump from one thing to the next—forever looking for that pot of gold? If so, narrow your focus to a few projects—or one.
Use the 80/20 rule to see which stream of income is giving you the most result. Be careful with setting and forgetting the stream of income that is giving you 80% of the money. Few investments are completely hands off. Therefore, check in on them once in a while to make sure that a beaver dam isn’t blocking your stream.
I recommend that you study some people that have multiple streams of income. For example, look at Jeff Bezos who started Amazon. He began with selling books. Now Amazon is selling almost everything. But their income streams are connected to e-commerce. Amazon isn’t out there building hotels in New York or flying planes. They are still an e-commerce and cloud computing company. They have focused and reaped big rewards because of it.
I hope this blog post gave you clarity on whether or not it’s a good idea to concentrate on multiple streams of income. I think it is—but not all at once and in unrelated ways. Now, after a couple of years, you might still have a stock portfolio, real estates, and many different businesses. But you’ve built your streams of income the right way—one by one.
Thank you for reading! Feel free to drop a comment below—do you agree with me or not? What did you think of the law?