Is Multiple Streams of Income A Good Thing?

Hey my friend, this will be a short post today. (Maybe a 3 minute read. You're welcome 😁)

So the big question is..."IS multiple streams of income a good thing?"

The short answer is yes........and no.

The real answer is a bit more complicated than that.

When you are just started off, trying to build multiple streams of passive income (or any type of income) is really not that great of an idea.

With ONE exception...

If you have a typical J.O.B., then I think it is perfect to start a side hustle to replace your paycheck.

But the big problem I see is that a ton of people trying to build passive income online, are trying to build several online businesses at the same time, BEFORE being successful at any of them.

You can NOT be as successful as you could be if you focused on just ONE online business.

Focus on just ONE THING and one thing only.

Once that business is running so smooth that if you went away and did nothing for the business for a month or two, you would come back to the business making more money than before you left...

Then, and only then should you attempt another.

I made this mistake myself a few times in my career.

We kind of can't help it.

We think to ourselves, if one works, more MUST BE better!

Right?

But unfortunately, that is NOT the case.

It's actually the exact opposite.

I know a ton of people that bring up people like my idol Elon Musk, and others like Richard Branson, etc, that say something like "They have a ton of businesses, and they are rich."

While that is true, and they do have a few other businesses 'currently', they started with ONE at a time until the business they were doing was successful.

They made their money FIRST. They made the ONE business successful FIRST.

Then went on to build others.

THAT is the secret to multiple streams of income.

1. Start an awesome business
2. Make it successful
3. Start another.

Do NOT go and skip Step 2.

Now once you have a super successful business, now go build another.

Talk Soon,
Karma Cashflow