You Need 7 Income Streams.. Right?
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Summary
- Having multiple income streams doesn't automatically make you wealthy. It can actually split your focus and energy.
- I had nine income streams, including a chiropractor agency and a dental agency, but it was overwhelming.
- Each line of income required my time and effort. I had to sell customers into all nine businesses.
- People who have seven income streams usually own assets that generate that income, not separate businesses needing constant attention.
- To buy the assets that provide cash flow, you need focused time and commitment to generate the necessary cash first.
Video
How To Take Action
I would suggest focusing on one main income stream before diversifying. Having multiple streams might sound appealing, but they can actually drain your time and energy. Start by identifying the most promising or profitable part of your business. Put your efforts into growing it significantly before considering other ventures.
A good way of doing this is to streamline your operations. Eliminate any activities or processes that are not directly contributing to growth. This means decluttering your workload, focusing solely on what drives your primary business forward.
Once your primary business is stable and producing excess cash, start considering investing in assets that can generate passive income. This could be real estate, index funds, or other investment vehicles. Remember, the goal is to have assets that work for you, not create new businesses that demand your time.
An easy way to maintain focus is to set specific, short-term goals. Break down bigger objectives into manageable tasks, ensuring you’re consistently moving towards your larger aim of financial independence. Use a simple planner or digital tool to track progress daily—keeping things simple will help maintain clarity and motivation.
Lastly, invest time in learning about asset-building. Knowledge is a powerful tool that enables you to make wise investment decisions and grow your wealth over time. Consider reading, listening, and learning from those who have successfully built wealth through asset ownership.
