You're Still Not Getting It (My Fault)
Hey there. Tim here.
The little dude spilled an entire bottle of essential oils on the floor. Now my entire houses smells like pine trees. (Not in a good way)
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1. What You're Not Understanding About Creating Multiple Streams Of Income
Most of you still aren't understanding the concepts of creating multiple income streams. I realize now that I haven't been explaining it well enough.
Here's the problem.
When I talk about creating multiple income streams, people mistake that for thinking it means to create multiple businesses.
Sure, there are many instances when you create a new LLC and a new team and technically, you're creating a new business.
But in reality, your FOCUS should still be focused on one business. The last thing you want to do is spread your focus across two different companies with two different objectives, teams, balance sheets, and customers.
This was one of the hardest lessons for me to learn, so I want you to save yourself the years of mistakes I made by getting it right the first try.
So, let's dig deep into the mechanics.
Spend the First 10 Years Working On One Business
Remember, multiple income streams is dependent on one factor.
CASH. FLOW.
Without a steady stream of cash flow, you don't have the ability to invest. And the investment capital is what you need to generate leverage.
So, before anything else happens, you need to build a business (or have a job) that is generating revenue and profits. If you don't have the profits, then you don't have options.
Stay focused. Become obsessed over cash flow. The first million is the hardest.
Next, Keep Your Eye On The Prize
Great, you're in a position where you're bringing in some money. Congrats.
Now you can start investing.
I break this down into the 90 / 10 rule. This is important.
90% of your focus and effort should remain on the main business that generates cash flow. For me, that means that 90% of my time is spent on Stodzy Internet Marketing. If Stodzy dies, then everything dies.
But, for the other 10%, I can start allocating capital. This means ...
- Tinker around on Twitter for opportunities
- Write my weekly newsletter (what you're reading)
- Create documentation for new projects
- Do experiments to see if new business opportunities are viable
- Hire people and find partners who become operators in my other companies.
The other 10% of your time and focus is spent finding ways to make your other income streams operate without you. This is the most important lesson you're missing.
Multiple income streams DOES NOT mean managing multiple companies or even projects. It means investing in leverage and building a system of work that compounds income.
You're not Elon Musk. Nor should you want to be.
Lastly, Repeat The Process
People have this misconception that the process of generating wealth is glamorous.
That's not how it is, at least not for me.
My life looks very much like it did 10 years ago.
I spend almost all my time growing Stodzy and closing deals. My investment business (building my portfolio) comprises mostly of creating documentation, documenting processes, scouting for employees, and managing checklists so that other entities can get as close to auto pilot as possible.
For me and my team, the process is repeatable and the repetitions are what makes each time at bat more efficient than the last.
To Repeat
In almost every case, wealth is generated MOSTLY from one platform. You have to build YOUR THING that you get known for. Again, it's perfectly likely that your "thing" is a job. If you love your job, keep it and learn how to make your other 10% work for you.
But without your cash flow, nothing else matters. You need to plant your garden in fertile soil.
So don't lose focus. Don't chase shiny objects. Don't fall into the trap of thinking that "those people over there know something you don't."
No.
Find your thing, and do that thing as well as you possibly can.
Once you're established, you can start getting your money to work for you.
2. Rethinking Online Business, Lead Generation, and Digital Products: A Conversation with Steve Chou
In this episode, I welcome Steve Chou, founder of Bumblebee Linens and mywifequitherjob.com, to the show.
We discuss the power of digital products and how Steve was the original inspiration for me to create my first course.
The conversation sets the stage for an intriguing discussion to come. Give this episode a listen for a ton of valuable insights.
Click here to listen to the full episode.
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4. The Logistics Of Generating Multiple Streams Of Income
Having multiple income streams is actually a very simple process, but our society doesn't teach people how to use money to make money, rather our education system teaches people how to trade their time for money.
Key word ... PROCESS.
Click here to watch the video.
P.S. - For some reason, the zoom recording didn't line up the audio and the video, but once I do the screen share you can hardly even notice.
5. Fail To Win
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There's really no such thing as failing. There are only lessons to be applied. Failure is just data. There's no way to separate failing from learning.
If you try something, and it doesn't work, you are simply one step closer to finding out what does.
Change your viewpoint on failure. For every 1000 losses, you'll get one win.
The trick is to keep going.
I hope you all have a great week. As always, feel free to hit reply and let me know what you think or if you have any questions I can answer.
Love you guys.
Talk to you next week.
Tim