Secrets Revealed - Multiple Streams of Income
March 5, 2007 2:47am CST
It never cease to amaze me how people will take the easy way out and bury themselves or their morals. Let me see, where do I start... First and foremost, majority of the public got no financial education. I doubt they know much about inflation and other factors. Then there is this concept of multiple streams of income, splitting your time, energy and focus over a few businesses at the sametime. The arguement is diversification is to hedge against risk. But... diversification is really protection against ignorance, it makes no sense if you know what you are doing. Besides, the world is flat, if you are not the best in your field, you will be easily replaced. Any business system that is good or excellent now, will be replaced in a whim. The speed of evolution has caused system lifespan to go shorter and shorter. If your business does not evolve it dies. Welcome to the Amazon Jungle. If you study the successful stories of those listed in the Fortune 500, you will know. Multiple source of income strategy is used by almost all of them only AFTER they are successful with their core business. Focus on one, keep your core in the top 10% range. What do you think, does it make sense? I got no track record to show you, but I am sure people like Donald Trump, Robert Kiyosaki, Bill Gates, Ray Croc etc speaks for themselves.
5 Mar 07
If one lacks FOCUS on anything one does, then failure is bound to happen. I wholly agree on focusing and strenghtening ones core business as well as the need to diversify when the time is right. Taking too much at the same time weakens ones focus and resources thereby reducing ones effectiveness.
5 Mar 07
Successful guy has unique character which would not be written clearly even in the books he wrote himself. How about the distance in the personal level between a man earning 1 billion dollars per year and the one who earn 10,000 dollars per year? In childhood, I don't think the distance is long. But now I begin to think the distance may be (1 billion/10,000=100,000) times so long.
5 Mar 07
Successful people have unique characters, they are all the same type of principals. Although they might not have written in the books, there are still other ways to learn about it. The only distance between 1 trillion, 1 billion and 1 million is merely one thought.