If you don’t want to read it, you can watch this video.
First of all, I’m going to tell you my multiple streams of income.
Number 1 is consulting. It’s the largest stream of income I have. I have four major clients. And it does really, really well.
Number 2 stream of income is course sales.
Number 3 income stream is book sales.
Number 4 income stream is YouTube.
Now, how do you build multiple streams of income. Take two to ten years to build your first one. I know that’s going to drive some people crazy.
This is what’s going to happen if you build all of your streams of income at the same time? They’re going to be small. They’re not going to be something you like. They’re going to drive you crazy.
A good analogy is credit cards. If your first credit card has a low limit, so will your second, third and fourth. If you have one credit card for 25K or 30K limits, then when you start applying for other credit cards, you will probably get other 25K or 30K limit cards.
It’s kind of the same thing with income streams. So, build your first stream of income. Take two to ten years to build the first income stream.
When I started Hustler’s Kung Fu, it was Glendon 007 initially. For three years, all I focused on was resellers content on subjects like storage auctions and Craigslist. That was all I did. My primary stream of income back then was book sales.
Then I moved to course sales. Then I moved to consulting. But the first two and a half years to three years, all I did was storage auction reseller training sales books.
If you are going to do multiple streams of income, you’ve got to bust ass on the first one. When you get into several streams of income, you get into management issues. It’s hard.
When I got into the storage auction business years ago, that’s all I did. I didn’t do anything else. I bought products from units and sold them on eBay, Amazon and on Craigslist. Then after we got the core business established, I started to add other things. There was a furniture website and multiple eBay IDs. It took a while. For a long period of time, that’s all I did. That was it, year after year.
When you nail down your first stream of income and you crush it, then you become an authority.
How do you start that first stream of income? One of the things people struggle with is deciding what to do. What do I sell? Where do I start? Do I do Facebook groups? DO I do Amazon FBA? Do I do niche websites? DO I do Instagram? Do I become an influencer?
My recommendation is to first find something you like to do. I know it sounds simple. Building a business takes a lot of time and energy. Why build a business you hate? Why build a business to work with people you can’t stand? That makes no sense to me because you are the architect of your business, so why would you do something like that?
There are a lot of people who are afraid of what they like. They don’t think it’s going to make a lot of money, or they don’t think it’s popular. It’s not cool. They worry about that kind of stuff.
Build something that you are proud of. You have to have some foresight and courage. You need to be comfortable with what you like.
My story about starting this channel revolved around the fact that I wanted to be a writer. I wanted to be a writer so badly, that I was willing to take less money so I could do what I wanted to do.
This is the thing that we as humans know. We know what we don’t like very quickly. Get experiences. Try some things out. That’s what I did. I tried to be a writer, not once, not twice, but three times. The third time happened because I had business experience.
I’ll be the first to tell you, I’m not the greatest writer in the world. I have a lot of room to grow in that regard.
But, I’m a writer that knows how to make money with my craft. How did that happen? I’ve spent a lot of time out here in the office furniture and storage auction business selling stuff to make money. There are many writers and artists who are very talented, but they can’t sell to save their life. Many of them think selling is a bad thing. Many of them think selling is ugly or rude or something that hacks do.
Selling makes the world go around. Whether you like him or not, Donald Trump is a great salesperson. He’s highly skilled. That’s just the truth. It got him to the highest office in the land.
Learn sales. It will help you. You can turn a blog into a moneymaking machine. How do I know? I did it.
My blog was crap. I put that sucker up in eight hours on a Saturday and it still looked like shit. That sucker made $90K and I crossed the seven-figure mark in 36 months from that ugly piece of shit blog.
If you want to make a lot of money, make more offers. Make more pitches. I talk about this and it has many applications. Dating is one. You want to meet more women? Introduce yourself to more women. If you want more sex, introduce yourself to more women.
Once you nail down that first source of income, you can do it in your sleep. You are that good. You don’t always appreciate it. Then someone from the outside is blown away because they’ve never seen anyone that proficient. Once you reach that level of competency, then go to the second and third income streams and set them up.
Let’s discuss stocks and bonds. You can make money in the market. I really don’t understand stocks and bonds. I am going to keep doing what I know how to do. I made more in one year in business than many people make in 30 years in the stock market.
Remember, don’t just do stuff for money. Do stuff you like. Do things you enjoy.
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