Multiple Streams of Income: Do They Work?
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- Опубліковано 19 лют 2018
- For years, the debate over having multiple streams of income has taken place among many entrepreneurs. In this episode, PBD shares his opinion on the subject.
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I lost my job about a year ago, and my family and I want to move in less than a month so I don't have the option to look for a job.
How do I build passive income and make REAL money? Do I invest in the stock market? Crowd funded real estate? Futures? Do I start a business and have someone else run it?
And another thing...once I do start a business... How do I take it online so I can keep my employees safe with the covid 19 thing GOI g around?
OPINION ON FAKE GURUS
4:27 generalize or specialize?
How to win in biz
1.find a hot market
2. Ask what exactly they want
3. Provide
“If I asked people what they wanted they would’ve told me a faster horse” - Ford
a doctor who checks all kind of diseases are general doctor and not paid much but the specielist doctors in some area are paid the highest.
Good point, but don't forget they are just employee. Employees are valuable when they specialize, but Businessmen are different. Who do you think makes more money, a general clinic or a high paid pro doctor?. People are more likely to face general disease a LOT more. I myself have seen the growth of the owner of a small clinic build himself a great building with many doctors for himself, that's business thinking.
Yup, GP and specialist is different.
@@anirudhsilverking5761 I agree
but there are only a few specialists and a lot of general doctors, and they earn fine
Anirudh SilverKing a general clinic if it has good certified doctors and mate it really on clinic to clinic and doctor to doctor and areas
He said “it’s like asking how to be a great grandpa when you don’t even have kids yet. First, go have kids. ”
Real great content and advice Pat!
Absolute Gold
This is the least discussed topic in the community.... people only talk about it on surface.... This needs more coverage.... glad you made this Pat.
Specialize now; generalize later. Great insight!
Specialists in a field are a premium. They get more work done in less time. I stick to IT sectors I know really well? Let others dabble in multiple areas. I would aim for 3 great strengths so you are the go to person.
Baldeep Birak totally agree
Baldeep Birak I see you are balls deep in this industry!
"I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times" Bruce Lee. Specialise and be like water.
@@ssunkite1 if you only have one method of attack, defense is easy. Single strikes seldom land which is why combinations are so important.
+Valuetainment Yet another video has been published covering a topic I've had in my mind for years. It's like you guys are constantly reading my mind and uploading videos covering topics that I need/want answers for lol. So glad to see you come back! Also, huge congrats on buying Crown Plaza!!
I’m glad someone said it! I think creating multiple streams of income is horrible advice. In your video about having a work life balance, you said it best- “Humans are not machines.” We as humans are DESIGNED to focus, not be all A.D.D. and multitasking trying to be in a million things at once. Trust me- it adds a lot of unnecessary stress and inefficiency trying to balance multiple streams of income.
Focus. Then diversify. That’s the name of the game.
THE BEST ADVICE EVER..!
BTW.. Love the new look with the blurry background and shades on the edge of the videos...
Really good,
I take your videos as a course, Im from a country that's considered very poor (CentralAmerica Nicaragua), however, thanks to these videos I feel that I have access to education & that's good, really good for people who dont have too many resources to pay for a course.
Thank you So Much!
May your Millions and your energy Multiply so you keep helping others.
Blessings ❤😊
Great insight sir Pat. Indeed specializing at an early stage is key. At first, I was doing general graphic design, printing, and web design, but when I decided to specialize in web design alone, my impact and income started to grow exponentially. Thank you for the great knowledge always.
Patrick! You are such a blessing for young entrepreneurs.
One day I will be thankful to you for my success.
We have multiple streams within the same type of business. Activations, Subscriptions, Equipment, License Fee's etc. All part of the same thing.
I see, all under one umbrella.
You brought me so much clarity with this Pat!! And the past few days I’ve been focusing solely on my confidence coaching for women who have been abused mentally sexually or physically! And it’s amazing the results I’m getting! I went o one place here in Santa Monics a family youth place and had an informal meeting and I’m about to set up an event using their space and sharing revenue!!! Thanks for all your work here at Valuetainment & even more critical, your 1:1 encouragement with me in text message snd twitter!! Eternal gratitude Pat!! 👊🏼👊🏼
I thought exactly like you and tried the multiple streams of income thing for several years and from late last year I've decided to specialise I'm not yet there where I want to be but the motivation and the great ideas I'm working on make me very confident that it's just a matter of time .
Thanks for the great advice. Yeah I agree about specializing first then later on looking at other streams. I think the key is that you are quite established in your primary stream & the other thing is that the secondary streams shouldn't negatively impact your primary stream
It doesn’t really matter who’s first it’s actually about learning and getting more knowledge😉
This is the only channel that delivers value consistently. All the other "gurus" never go past surface level stuff and only reply using cliches
Hello Valutainment team!!!
Been a long companion to this channel and i keep notes to every vid that you make but man this one is one of the best you've made till now! I agree to every single word PBD says.Keep up the good work we appreciate it.
Thank you!
I recently cut out 3 other business projects that were too general so I could specialize on one revenue. I've never watched a video here and not learned a fucking ton. This just confirms my path. Thanks Pat. Your channel is legit better than college.
I love your videos! Thanks for taking the time to build them. Inspiring, provoking and informative.
Agree on the specialize track, it goes in the same way as Mastery does. However times are different now and getting new technology new products give you an edge over your competition, specializing + adding new toys to your repertoir I think is key. Cheers PBD lots of help with your content! keep rocking.
I just saw this video today Jan 5, 2020. Thanks for the information.
This made me want to advice if you could do an update or a new 2020 year video of this one and all of the other videos of 2019.
I will continue to watch and support your videos, because it keeps me on check ( aka straight path)
Thanks again Pat!
Brilliant! You are one of the rare gems whose open, non judgmental, and tell it like it is approach is invaluable. Thank you for the value you bring to the table.
OMG Mind Blown!! I've been mulling over this concept (i.e. multiple streams of income), for months. Wow....new subbie btw. Great content
Thank you, Patrick. This is very valuable information.
Patrick, you are the bomb, I never walk away from your Valuetainment Episodes not feeling richer in education and satisfied with your food for thought served on this table. Thank you. Yet again. I am learning so much from you.
I’m so glad this channel is back! Changed the way I look at this question. I still feel that multiple streams is the best approach but I now think delaying the streams is the most intelligent option. That grandpa joke was too good btw
“Wealth is the ability to fully experience life.”
Henry David Thoreau
True that!
I am really lucky to have a channel like Valuetainment
Agree bro
Right bro
@Areeb Siddiqui yeah.
Excellent advice...many key elements to consider... especially specialization which eventually has the added value of becoming an expert in your area of expertise...bringing in the aspect of timing (when) is very rarely discussed in the context of wealth building...
Excellent...thanks!
THANK YOU! I've been searching for this answer for years now, finally a well thought analysis of whether to start multiple business at the same time and more importantly WHEN to start another business.
Every time I watch this channel my life changes for the better. I thank you from the bottom of my heart for taking time out of your day to help educate us.
When you have to prove you're a Jedi Master...... You make videos like THIS!
Cip Rodriguez my thoughts exactly.
Hey Pat, I love how you almost always focus on mastering one thing, one industry, Focus on one thing instead of trying to go after multiple things. Your videos give value worth 100s of Millions of dollar. Can't thank you enough! I'm working on Hobbmate. Hope one day you hear this name from somewhere else. Then I'd like to meet you.
Thank you Pat. First time I heard you talk about this was in 2017 on during one of the Sunday night Q&A sessions and I gave me so much relief from the pressures of generalizing. Really helpful thoughts.
Great video Pat...there is no absolute statement either way. What ever works for you.
You're an absolutely amazing human being buddy! You're doing an amazing job with this channel. You don't have to share the fruits of your life experience with the world, but you do, and I feel you do it with all your hearth, and coming from a place of "I want to serve" the world and help those who are envisioning a better life for themselves. You're amazing buddy!
This was just the confirmation I really needed. In terms of having multiple sets of income from one business, business concept. It's like specializing in a car dealership but have multiple locations. Or even say McDonald's they Specialize in Fast food (burgers etc) but they have multiple incomes from various locations, Without even mentioning their various incomes from their business practices.
Thanks Pat, I've been watch your videos, they've been adding a lot of value to the way I execute a lot of things throughout my life ;-)
One of the best episode for the me... I was always confused because I am insurance agent and running software company, lending money to people... Now I am realizing that I should focus on specializing that is on software business... Thanks Patrick...
The First LIVE Valuetainment Conference for Entrepreneurs is here. An event you won't want to miss hosted by Patrick Bet-David. For tickets and details visit: www.valuetainment.com
Dan Pena recommends
put ur money 1 business at a time?
whats ur take on that..
I needed this video. I’ve been trading stocks for a while but haven’t gotten to the point I want. Close though. And I’m also dabbling in ecommerce stuff (Shopify/affiliate marketing/amazon fba) but no successes there yet. I think I’ll stick to stocks and get to where I want THEN after doing some automation, which I figured out how to do with stocks, I’ll then generalize with something else that is worth my time.
Johnny Suomu nice decision bro
Very good points. I always enjoy the information that I receive from tour videos, they have really helped me to grow in my business life and personal life. I agree that you should specialize first. Build your foundation then grow. However, I know there are those people that can make it work with multiple streams early on and I think you understand that also. To each their own. I have tried the multiple streams early on and found it detracted from my ultimate goal and took valuable time away from me truly being great at my primary business. So you just have to learn as much as you can early and hopefully not loose your main goals along the way. That is why I like your educational videos. You try to help people avoid some of those pitfalls early. Thanks for what you do.
7:30 Wow. So powerful! Such valuable advice for us starting on the path to wealth. The advice Pat shares is outstanding
It can pay off handsomely to think outside the box and go where many investors fear to go. Forex trading can turn on a dime and very few investors have generated a long-term competitive advantage day trading.
Forex trading on a daily basis can be exhilarating, but it's a risky way to invest.
The most common Forex trading mistake to avoid is believing you can succeed without any experience or trading education.
@@sanjayprashad4695
All trades and investment involves risk. you have to be willing to learn appropriate patterns, rules, and strategies.
Day trading is like anything in this life..if you go unprepared, you will be burnt. only a few have turned $1,000 into hundreds of thousands. Most people will not.
There’re highly-effective Forex trading strategy for beginners.
Thank you for this...I totally agree! I'm a realtor and so many people think I should also sell insurance, travel, solar panels, credit repair 🤦 I just want to tell them to leave me alone!
I completely agree, for example I did insurance for 15 years now and since my insurance business is doing very well now, I start investing in real estate. Thanks Patrick for great advice. I listen most of the videos
Thank you for your thoughts, I too, believe in specializing first.
One of the best episodes in Valuetainment. It carries a message that goes against many things that are being written by self help authors but it proves why they're not ENTIRELY right.
Love the video. Thank you Patrick
I love your channel. I try and watch everyday/new video when I am not working on school work/working/running family business... you're great. Thank you.
WOOOWWWWW! You know what it feels like? It feels like I asked you a question and you gave me a private 10 minutes answer. I guess I'm trying to say that this video was for me. I need to watch this video every morning before going to work. Thank you so much!
Agreed. Specialize in one industry and one business.
I believe having multiple streams of income depends on your desires, your goals, and your skillsets. If you're good at real estate, multiple streams of income are basically going to be multiple income properties that one will own, such as multiple single family houses, apartment buildings, or income-generating commercial properties. You're not going to find a real estate investor doing side hustles with Uber/Lyft, or becoming a social media maven. Likewise, if you are a serial entrepreneur, you are probably going to start a business, bring that up to great profitability, sell that, or leverage the profits to start or buy another successful business, and once you have obtained enough money to the point where you don't need to work anymore for money, you become a venture capitalist and help fund other businesses like Warren Buffett, Peter Thiel, Marc Andressen, or all of those guys on Shark Tank. Yet even those people usually specialize in a particular business field like technology, energy, finance, or health care.
I think the big myth about multiple streams of income is that they are a vehicle to obtain great wealth when in reality it is a way to preserve wealth once you have already obtained wealth via a "single egg basket", such as through great stock investments, real estate, or your own business.
I think for me the fear is that I have limited time so I want to set as many fishing rods out as reasonably possible in hopes that one will catch. I want to build them simultaneously so they all have time to compound over time.
Great advice.Too many of us try to overreach into too many projects in the beginning and never build a good enough foundation that can translate to other businesses.
ONE OF THE BEST VIDEO. CLEARED AND CONVINCED MY APPROACH .. THANKS .
Great video! Love the realism here
Thank you Pat!! This is golden!
No way, Igor, hi!:)
Great analogy about arguing politics because this topic can become heated quickly. Love Valuetainment! #1 source for entrepreneur advice, so glad i found this about a year ago!
I wish I came across valuetainment earlier than now, I wouldn't have made a lot of mistake earlier the past 10 years of my life, thanks Pat for the great values you keep giving us constantly. great content, great team, do keep up the good work.
This video provides me with so much value right now! Great message Pat! Thank you!
Wow there couldn't be a better way to explain this. I always tell people around my age that "Jack of all trades is a master of none", at least at the early stages like you just confirmed. Its the same as not being able to serve 2 or more masters, one or more has to give. Thanks for this great content! Love this channel, I've been here right from its inception.
Digi Dels the cryptogirl Yep. Yep. In a way loyalty and commitment have been side tracked for being the jack of all trades. Ask a doctor who is dominating his field if he has time for option 1.
Correct
Hey Pat awesome video!
I’m sure this has been asked before but I haven’t seen it in a video yet, not sure if I missed it but figured I would ask.
There has recently been the debate in my head between going into business on your passion and others say no.
Both opinions coming from credible sources so I just want your take on it.
Much love brother thanks for the channel it helps a lot
Simply Great.. i do read a lot and watch entrepreneurs but i do not gain any knowledge from them since what they are saying is pretty simple but Valuetainment and patrick always allow me to learn more.. Keep up these good videos!
Awesome vid...
Finally I found the answer to my question I had been thinking. Thank you. Pls keep posting.
this is not a content, this is pure gold! Congrats man
Notification squad here, still feeling depressed about the fact that I couldn't meet you in India because I was a 1000 miles away.
same
Same problem....!!
Frei Lezjawa lol
Luffy senpai
I attended his session at IITB.
Always excellent content! I’m all in on multiple income streams. The only way to go. Times have changed and wealth changes with it.
Quentin Styger I absolutely did. After specializing for 22 years in my field, I am now about income diversification. It’s the way to go. New Life, more time, more excitement, and better money. Pat is wildly successful at what he does. Not everyone makes tens of millions of dollars at what they specialize in. Lol. He is doing well, and so am I!!
Sounds like you did watch the video :)
I wish you all the best. :) Your excitement is contageous.
Great points Pat. I've been looking into passive income and working on developing it. So far I have a UA-cam channel and I have started writing kindle ebooks. I will now choose to Specialize and refine these streams to make the most possible passive income I can get out of them before spreading further.
Love this video, this advice is more golden than gold, one of the best lessons I ever got!! It makes me think about myself, my stregnth and the path to walk.. and that in the mere middle of the night.. I guess I gotta find my flipflops and go for a walk alongside the beach now to put everything in immediate action!
*Jack of all trades = Master of none*
bryce e yet often times better than master of one. It applies to entrepreneurs, but not fully to this video's topic.
Not true.
He said at a certain point of success it's feasible but not in the beginning
You don't need to master much when you delegate. Only thing you need to master is how to pick the right people. You can't be master of 7 things, but you CAN master ONE thing and hire 6 masters. ;)
but why elon musk have Multiple Streams of Income like paypal and tesla and space x
Well the way Grant Cardone puts it is figuring out one stream of income, and only after that expanding to others, but to never abandon the first stream, so pretty much in agreement with what you seem to be saying. I think the key for specialization especially for the polymathematical or dynamic types is to revolve the various disciplines you've mastered around one central mission, making the cause the focus and everything else as supports to that zenith. In other words, leadership is the ultimate specialty.
Right. There has to be a skill and a trade before multiple sources of profit.
Sharif Sourour leadership cannot be a specialty. He is talking about an industry and a business. You can be a kindergarden leader or a leader in the software industry. Choose one.
Did you consult the dictionary for that one? LOL Of course leadership can happen in any field that goes without saying! However just because you or your peers are in a specialized field does not make you a leader, yet positioning yourself as the leader, whether through excellence, vision or conviction, is a specialty that can apply to any industry!
Sharif Sourour I dont know. I just dont see leadership in general. I mean its always mostly in some sort of industry. I dont think Steve Jobs would be a great military leader and I also dont think somebedy like Patrick would be a great political leader.
It depends on what kind of leadership. Usually leadership comes from at least one of two major things; execution and vision. Executive leaders lead through excelling in their specialty, while visionary leaders lead by selling their vision to those around them. In the first case, you are right, one cannot be a leader in execution in one field and stay a leader in execution in another, without starting anew. However when it comes to the visionary style leader, the bigger picture may be able to incorporate numerous industries and specialties.
For example an executive leader is like a Gary V who puts execution above selling, he'll even be willing to lose some sales in the short term to execute better in the longterm, to ensure product quality. A more visionary leader is like a Grant Cardone who focuses on selling you his vision of empowering people to rise above the middle class, focusing more on selling you the idea, than the product. That's for marketing but in tech it's like Jeff Bezos who focused more on execution for the customer, while an Elon Musk focuses more on the overall vision.
As you can see, though Bezos has eventually been able to branch out, he's taken a one-at-a-time approach, since that is best for execution. When you look at Elon Musk though, he has launched multiple things at once in multiple specialties, but he does so while revolving around a singular vision of a better future. So while Bezos is more policy based and procedural (satisfy the customer), Elon Musk is more goal-oriented and coordinating multiple things (make a better world).
Of course both end up being both in the end, but it is undeniable that though the executive leaders can eventually branch out into other fields (as Bezos ended up doing) they're more focused on the process and accomplishing things one at a time, however visionary leaders can take on multiple projects at once for the one end goal and this is more of an approach that focuses on little accomplishments in multiple fields that support each other, eventually building a working and interconnect eco-system around that singular mission. In the end it ends up being the same, in that top leaders can manage multiple companies for different industries, it's just that one style is to expand out of one industry, where as the other style is to revolve it around brand leadership, based on a mission.
Another great video of the day!
Mathew 12:25
"Every house divided shall not stand."
This guy is so inspiring. Thank you for your time and videos. And, you’re right about mastering your craft. I really admire the life insurance business. Do I hear a bit of an east coast accent? Love it 😍
I think to a certain degree that diversification can be good at the very beginning and at a later stage as you said. In this case I'm mainly talking about the people who may make ebooks or other streams that can become passive quickly. This could, no guarantees, could get you some extra cash for investing in the main goal and then it falls by the wayside. But, I think this could mainly apply to those in their 20s and maybe early 30s. I have seen people gain great benefit from something like that in the beginning, but only those who dont stop and rest on their laurels. It can be good for an initial boost that allows you to maintain crystal clear focus on the main goal since you may get to a point where that side income covers your basic bills. Other then that it is a little idiotic to waste time on 40 different things. My uncle is an orthodontist. Paid off his ridiculous student loans within the first 2 years. Same with his wife, my aunt, who is a dentist. Specialization is key in the long run. Sure, you can put money into rental properties, commerical or residential, so long as you can buy and then hand off all the work to someone else and watch the checks come in.
when you are not making an income, you must surrender to some out comes.
Gotta love Patrick! Solid content as always. 🤙👍
I love the vignetting done in the editing of the video to make the viewer focus emphasizing that we need to specialize really fits the theme the video. Great touch 👌
multiple streams of income has definitely worked for me. The more you put yourself out there the more opportunities u create for yourself 🤔
Quentin Styger quit clowning. Not everyone sees the same return from specializing in their field. Get real and stop trolling. Unless you specialize in that, but what returns do you see? Bad Karma
Quentin Styger Because everyone who specializes in their field make hundreds of millions right ?
I can't disagree with anyone of you because you all have valid points. No I'm not a multi millionaire but I am in my mid 20's on my way to having a net worth of 1 million. If I limited my self to one thing I don't think I would be close right now . Everyone has pave their own path. So to each your own ! Thanks for all your opinions guys !
The more you put yourself out there, the more oppprtunities you create for yourself... I agree entirely.
I am in finance and a money manager. I can say with certainty that this "investing" kid doesnt know anything solid in finance from watching a few of his videos just now. I can also say that in finance, you need to specialize. It requires specialization even more than any other fields. When you get your CFA charter, you come talk to me. But you wont ever, because you refuse to specialize and an exam like that will show you that you know absolutely nothing. You will somehow convince yourself that you are better than it. Right? Very pathetic.
To be honest, i dont want to be the richest man in history. I strive for freedom and comfort.
I think in the end we all do. I think people think being rich will accomplish that which is not the case.
Yes mate, all of us
@@89DrFunk Money will buy you freedom, so it's better to aim to get rich than to stay poor either way.
The freedom. That's it.
True Do you see what he’s saying tho. I would hate to be the richest guy in the world because of the anxiety that must come with it. Being the local wealthy millionaire who owns all the local businesses is the dream for me and I’d imagine many others
Great advice Pat.
That being said, if someone is unsure which business path to follow, I might argue is that to be person 1 is a good starting point, then refine, refine, refine till youngo through 2 to 3......
Absolutely bang on Patrick. Focus is the key and once you achieve success in solving a particular problem of the industry then you can move on solve the other one . Jumping on many problems together just because you want to create back ups or generate multiple streams is strategically and practically not right. Focus keeps the passion alive and make you more intense especially to fight your competitors and you win one day while others leave the battle.
Both sides makes money i would say. but i respect patricks opnion
Both ideas work, but the person who has multiple streams of income is safer.
Yes. The risk factor is what separates the financially safe from the financially wealthy.
You didn't understand what he's saying. Rewatch the video and understand
Yup. The wealthiest people in the world don't have only one source of income. They have money coming from everywhere, even Jeff Besos.
@@bostonredsox1407 did you watch the whole video?
He's saying specialize at first, until money is made to start with, then when enough is made initially, then use that to start investing into other streams for safety
I should watch your videos more frequently.. I share your passion.
So glad I clicked on this video.
Thanks man
Best video so far this year..great explanation. Thanks. 👍
The Highlander principle: "There can be only one." Specialize.
Im a real estate agent and a real estate investor. Am I specializing or generalizing, im confused. HELP
Specialize. It’s one industry. You fall under the category 3 of multiple streams of income.
Jean Brousseau specializing
If it's working for you it doesn't matter how you label it. Just keep doing it and if you want more, find out a way to make more.
You just validated what I also believe to be is true. “Specializing”.
Thank you PBD :)
Well I just started in the Ecommerce business, my store is a general store, and after watching this video I am thinking to make a niche store where I specialise In one product and focuse on that, thx Patrick for the info good luck
Im a #VALUTAINER
Salma Tash yesss 🙌🏾🙌🏾
Its #VALUETAINER
Buddha said the same thing 👍
Absolutely! Specificialize is better than generalized because the first mention you can focus your business specially when you are in a small kind of business , thanks sir it makes me clarify ,what next to do of my plan to be
One of the best videos ever on valuetainment. Specialize over Generalise. 🙌
I can't decide to which I incline, but I probably won't consider the words of a business man (No matter how great he was) from 100, 150 years ago
You train well, and yet you don't keep on asking us to attend overpriced seminars like other coaches! Liking it.
Thanks Pat! Now i know what is going on and what i really need to do. Thanks for highlighting my mistake.
Excellent content. Brings me the clarity i need at this point.