People from all over the business world from authors, to experts, to coaches all say the same thing, you need to have multiple streams of income. Stop putting all your eggs in one basket. And on the other side of the debate, there are business leaders that say, go all in into one business. So, who is right?
Patrick Bet-David has redefined what multiple income streams mean, and you can use that knowledge to decide for yourself which side you agree with.
The richest man that ever lived in America was a man named Andrew Carnegie. He sold his business back in the 1900s for 480 million dollars, which in today’s dollars, his net worth would be over 430 billion dollars, four times richer than the richest man in the world, Jeff Bezos. Carnegie once said, “Put all your eggs into one basket, just make sure you watch over your basket.” So why did the richest man ever in America not diversify like all the experts of today?
It is because of the different definitions of multiple streams of income. Here are three and see if you can figure out what Patrick is trying to tell you.
Definitions of Multiple Streams of Income
One person says, you should have income coming from 7 different sources.
Another person says it means having a job, stocks, bonds, and real estate.
The third person, the Carnegies of the world, says have a business, have employees, have sales, have investors, and never have 50% of your revenue come from one client. The more accounts and clients, the more diverse your streams of income are.
It is up to you to figure out which one is right for you. A lot of business coaches might land on number one or number two. Not many would suggest number three as an option. But those coaches have never built a business, raised capital, or achieved a big victory.
What’s The Difference?
You are here watching and reading Valuetainment for a reason. The reason is Patrick’s goal is to show you how to build a real business that increases value and it puts you in a position to make a high valuation for yourself.
Before you choose which definition of multiple streams of income you want to put into action in your life remember, does the person giving you advice on multiple streams generalize or does this person specialize?
The people who get paid the most money are the ones who specialize. Those who generalize are always generalizing into a new thing. A perfect example of this is when Jack Ma, CEO of Alibaba, was asked about bitcoin. He was honest and said he doesn’t know enough to give educated advice on it. Why? Because Jack Ma is specialized in his business, he doesn’t need to know about bitcoin. Jack Ma made 47 billion dollars specializing not investing in everything that comes up.
Patrick’s challenge to you is to the let the generalizers try and cover everything without specializing in any one thing. Let them generalize. You need to decide when to put yourself out there to have multiple streams of income. First, build your business and achieve that high level, then when you have a lot of cash like Patrick from your business, you diversify your income streams.
What matters is what stage of your career you are at. Build your business first and get those victories, then gain multiple streams outside of your business. Specialize first. If you put your money on specializing overgeneralizing, Patrick is willing to bet on you eight out of 10 times that you’re going to win.
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