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Unpopular opinion...
Having multiple streams of income is massively overrated.
(100 likes on this tweet and I'll tell you why)
Having multiple streams of income is massively overrated.
(100 likes on this tweet and I'll tell you why)
Alright, let's talk about it
First, most of us know the benefits of multiple streams, but let's list a few anyway
- Diversified income
- More interesting work
- Another chance at hitting a "home run"
Not arguing against these at all
First, most of us know the benefits of multiple streams, but let's list a few anyway
- Diversified income
- More interesting work
- Another chance at hitting a "home run"
Not arguing against these at all
What's talked about less is the negative aspect of chasing multiple streams
Namely, spreading your time and money around too thin
This is a big problem for some but not for others
Let me explain...
Namely, spreading your time and money around too thin
This is a big problem for some but not for others
Let me explain...
It really comes down to where you are in your entrepreneurial journey
For the highly successful (subjective, but let's call that $500K+ profit per year), it makes a lot of sense
Diversification is a huge plus, and they have the money to outsource
For the highly successful (subjective, but let's call that $500K+ profit per year), it makes a lot of sense
Diversification is a huge plus, and they have the money to outsource
For the moderately successful (let's call that $100K-499K profit), it still makes sense, but there's some danger
And that's stunting your progress
In this situation, you might be better off focusing all your effort on scaling, though you can go both ways
And that's stunting your progress
In this situation, you might be better off focusing all your effort on scaling, though you can go both ways
One more case to note is people who aren't entrepreneurial at all
Taking 9-5 money and focusing on a second passive stream (like dividends) is a very good thing
If they're a bit entrepreneurial, it's fair to have the job plus one side business
Taking 9-5 money and focusing on a second passive stream (like dividends) is a very good thing
If they're a bit entrepreneurial, it's fair to have the job plus one side business
Finally, what this tweet is really about is entrepreneurial beginners
Simply put, you should not be worrying about multiple streams if you're not even making a full-time living with your main business yet
Multiple streams is massively overrated... For you
Simply put, you should not be worrying about multiple streams if you're not even making a full-time living with your main business yet
Multiple streams is massively overrated... For you
The reason I wrote this is that I'm seeing a lot of beginners on my timeline trying to emulate their favorite guru
They've got an ecom store, $912 in dividend stocks, a personal brand, etc
All tiny trickles of income, no real streams
This is limiting your progress
They've got an ecom store, $912 in dividend stocks, a personal brand, etc
All tiny trickles of income, no real streams
This is limiting your progress
So what should a beginner do?
Focus on ONE THING, scale it up, then make a decision on pursuing something else
You can also put 95% of your effort into one thing and do a little info/personal branding as a smaller side project
Focus on ONE THING, scale it up, then make a decision on pursuing something else
You can also put 95% of your effort into one thing and do a little info/personal branding as a smaller side project
Point is, you want to go deep before you go wide
Stop putting your extra $200 and 20 hours a month into three or four pots
Start putting them in just one, scale it up to at least moderately successful, then start branching out
Stop putting your extra $200 and 20 hours a month into three or four pots
Start putting them in just one, scale it up to at least moderately successful, then start branching out
~~ End Rant ~~
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Thank you for reading
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