BUSINESS: STREAMS OF INCOME

Hello I'm George, and this is worth your read.

"To be really wealthy, you need to have multiple streams of income", these words have been resounded and emphasized on, in almost every business meeting, gathering or conference, but then it is rarely explained. Yes, no doubt we need multiple streams of income to be wealthy, but first we need to understand this statement.

There is a thin line between multiple streams of income, and multiple struggles to gain income. Let's take an instance:
A programmer who works from 4am -7am, then gets dressed and goes to a secondary school, where he/she, also works as a teacher, and closes by 3pm, then he/she gets into his/her car, and use it to run a taxi till 9pm, before he/she gets back home finally by 10pm. This type of work cycle is a typical example of multiple struggles of income, because for the money to come from the other channels (programming and cab driving) he/she still has to be present, hence he/she works round the clock and barely has time to rest, the day illness strikes, there would be little or no income till recovery.

But a Programmer who works from 4am-11am, has Investments in real estate, Crypto, a startup business, and has a car which he/she put up for taxi, and the driver remits to him/her on a weekly or monthly basis, this Programmer has multiple streams of income, because apart from the programming, every-other channel works independent of his presence, and he is practically free from 11am to do what he wants till he decides to work again.

I'm sure this instance has clearly differentiated between multiple streams of income and multiple struggles to gain income. For clarity sake, in multiple streams of income, there is a major source of income, and others become complimentary, and even when the complimentary sources, start giving out higher income, the major source is still existent. But in multiple struggles to gain income, every source is a major source, because they are not independent of your presence/effort.

Having said this, so many persons make the mistake of wanting to do/learn some many things at the same time, in a bid to have the "multiple streams of income", but then most of them ends up tired, exhausted and turn to jacks of all trades, master of none, when the right format is to build that singular big brand, and from it grow other branches of income. Let us look at it this way, it is like planting a seed(Main stream income)and grooming it till it becomes a tree and producing other branches(complimentary incomes) and fruits, compared to what many of us do, which is planting different seeds, and trying to groom and grow all the trees at once, most times it becomes so exhausting and many give up, and then these plants die, and we get nothing or almost nothing at the end. Let us take some examples :
Jeff Bezos

Generally known for Amazon. Does he have other Investments?, definitely!,
Do you know about them?, No
Is he still wealthy?, Of course Yes!

Mark Zuckerberg

Generally known for facebook and social media apps. Does he have other Investments?, Definitely!,
Do you know about them?, No
Is he still wealthy?, definitely

Elon Musk

Aliko Dangote

Lauren Powell Jobs

Julia Koch

Femi Otedola

Alice Walton

Tony Elumelu

Warren Buffett

... and the list goes on

These men and women are known worldwide for a specific business, or field of business, but then they have multiple Investments in many corners of the world.
Hence, build that brand, grow that business, be known for it, master it, even if it's not your passion, turn it to be, and when you start receiving profits, invest in other ventures. Starve yourself for a short time, the enjoyment that comes with your business hitting the limelight, make the sacrifice and invest 50-70% of your business returns in other ventures. yes it is risky, but you stand to loose nothing if it goes south, because your primary business would still be running properly, and you stand to gain much more than you can imagine once the Investments start bringing in returns.
Before you make any financial decision, do your proper research, ask questions, weigh options, and most importantly take action.

PS: From the day you were conceived, risks ensued, till you were born, and even till now. If you are scared of taking calculated risks, know that you’re also taking a risk playing it safe, so also is doing nothing a risk(the biggest risk). Risks are what differentiates Men from boys, and Women from girls.

Cheers