Multiple Income Streams KEEPS You Poor

Lesson I learned going from $12/hr to 6-Figures in 3 years.

The idea that pursuing multiple streams of income will make you rich, is a lie.

This lie has led to more and more people doing more and more things… 2 months later, unable to gain traction, they get discouraged… and throw in the towel.

All because they think they need to diversify.

The story we’re told is, “You need multiple streams of income.”

But that couldn’t be further from the truth.

Sure, once you’re bringing home 7-figures annually, then diversify and work on multiple streams of income.

But you won’t get to 7-figures if you start with a split focus.

It’s more profitable to whole-ass one thing than half-ass multiple.

This is how you make your first 6 and then 7 figures.

You commit to ONE thing and get exceptionally good at that ONE thing.

For you, that might be sales, advertising, or marketing.

That might be product development or team management.

For me, that skill was team management and operations.

The specifics matter much less than being able to commit to becoming excellent.

If you try to make money in multiple different ways, what happens is your attention, your time, and your energy all become diluted.

They all become less concentrated.

Therefore it takes significantly longer to see results.

When you’re working 2x as hard as anyone else but not seeing results, motivation fades, and even the most disciplined stop.

Now you’re back at the starting line, but with less time, less money, less motivation, and a new crippling self-doubt.

Sound familiar?

But if you can focus on ONE thing at the exclusion of all others, you can get abnormally good at that one thing.

This will allow you to charge more for that one thing.

When you get really good at ONE thing, you can trade that one thing for freedom — more time freedom, financial freedom, or personal freedom.

This is the foundation of Seth Godin’s book “Linchpin” and Cal Newport’s book “So Good They Can’t Ignore You”.

Cal Newport calls this process, building “Career Capital” and it’s exactly what I did to go from a Starbucks Barista making $12/hr, to an Operations Manager with a 6-figure compensation package in 3 years.

But I’m not the only one.

In fact, nearly every rich person you’ve heard of made their money doing ONE thing really really well.

Tim Farris, made his first million from a supplement company he started.

Patric Bet David, made his first million working for someone else selling insurance.

Every rich person you know made their money on one primary stream of income.

It was only AFTER they made their money, that they decided to diversify.

Diversifying was used to mitigate losses, not multiple gains.