THINK YOU NEED MULTIPLE STREAMS OF INCOME? THINK AGAIN.
One of the biggest misconceptions that sales entrepreneurs have is that they believe they need multiple streams of income. Let’s talk about this. You can’t go on to a personal development podcast, you can’t go on to a sales blog, you can’t scroll social media without someone telling you that you need multiple streams of income. Every millionaire, every billionaire has multiple streams of income. I’ve heard different numbers between seven and eight and 10 different multiple streams of income. Well, there’s some truth in this.
Where’s your focus?
To build generational wealth, I truly believe you have to have multiple streams of income. However, as a sales professional, that fantasy of multiple streams of income can often dilute your focus so much that you forget to do the one thing that you’re supposed to do, and that is generate revenue for your primary source of income. And as my buddy Rory Vaden says if you have diluted focus, you get diluted results. When it comes to the world of high professional sales that is the most accurate statement I’ve ever heard. I’ve come across sales professionals that are looking to make money from everywhere and don’t have the focus on where it is supposed to be. The concept of having multiple streams of income is great, but you have to make sure your primary source of income is solid first. As a sales professional, your primary source of income is generating sales. That’s where your attention needs to be.
I know there will be people who disagree with me. I will be bashed in the comments. I am going to get DMs telling me multiple streams of income are necessary. I get it. I myself probably have seven or eight streams of income that allow me to provide for my family. But I will say this. My primary source of income probably generates 70 percent of my total income. Five years ago, I only had one primary source of income. Once that was secure, I developed a second. After that, I developed a third. But the big difference is I made sure my primary source of income got most of my attention, most of my focus. Even to this day, my primary source of income has my primary focus. If something I’m going to do is going to impact my ability to focus on my primary source of income, I don’t do it.
Passive and active streams of income
There’s passive streams of income and there’s active streams of income. For example if you work a day job, you sell products, you drive revenue. That’s active income. If you also drive for Uber in the evening, that’s active. Any side hustles that you do outside your day job are active sources of income. Passive sources of income are e-commerce stores, bitcoin mining, stocks, real estate. There’s a variety of different ways to have passive income. But it really means you put my money somewhere else, and you get a return on your investment.
Get secure first
Now, understand this. If you can’t make your primary source of income provide the wealth necessary to survive a few bad sales months, then you shouldn’t be looking for a passive stream of income. You should instead do what you’re supposed to do well, and then the next opportunity will come up. Now, I’m I’m a big believer of all the sales opportunities. I’ve had some amazing people come on the podcast and talk about their opportunity and what has changed their their career from average to wealthy. Many of them had a day job and built a side business, or an entrepreneurial business or built something else to build wealth. The one common denominator is they all had a financial background that was secure. Either they stayed at their job long enough where their side hustle started to generate more money or they had enough of a safety reserve that they were able to focus on a new business venture.
Look, don’t be one of the people that is trying to establish a dozen streams of income, but not one of those streams of income can provide you the cushion to weather a bad sales storm. That’s the truth. If you need help finding what your exact focuses, let me know. I’d love to work with you on that. If you’re looking for passive streams of income, you can also let me know that as well. I have a lot of people I can get you in contact with to help with that.