I Had 9 Income Streams and I Was broke
Summary
- I thought having multiple income streams was the way to rich, but I was actually poor.
- I spread myself thin over nine streams in my 20s, thinking I was following wealthy people's footsteps.
- Later, I learned wealthy individuals become rich by focusing on one thing first.
- Once they build wealth, then they diversify their income.
- Focus on excelling at one thing before branching out to ensure success.
- Don't make the error of confusing the order like I did; wealth comes from depth, not spread.
Video
How To Take Action
I would suggest focusing on one thing you're really good at to build wealth. Here's a simple action plan to help you get started:
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Find Your One Thing: Look at what you're passionate about and where you have the most skills. This should be the main thing you focus on.
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Go All In: Put all your efforts into this one area. Cut out distractions and say no to other projects that don't help you grow in this one thing.
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Learn and Improve: Always keep learning how to get better at your one thing. This could be through books, courses, or mentors. Remember, this doesn't have to cost a lot. There are plenty of free resources online.
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Be Patient: Wealth doesn't come overnight. It's okay if it takes time to see results. Stick with it and don't spread yourself too thin.
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Diversify Later: Once you've built wealth in your one thing, then you can think about other income streams. But don't rush this part. Make sure your first success is solid.
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Review Your Progress: Every so often, check how you're doing. Are you getting closer to your goal? If not, find out why and adjust your plan.
Remember, wealth comes from depth, not spread. Get really good at one thing first, then you can think about spreading out.
Quotes by Alex Hormozi
"when I was in my early 20s I had nine income streams and I was poor"
– Alex Hormozi
"because I was spreading myself between nine different things because I thought that I had to have lots of income streams"
– Alex Hormozi
"because that's what rich people did"
– Alex Hormozi
"rich people have many income streams after they made all their wealth with one"
– Alex Hormozi
"go all in on one thing build their wealth and then diversify that wealth into many things later"
– Alex Hormozi
Full Transcript
when I was in my early 20s I had nine income streams and I was poor and the reason I was poor was because I was spreading myself between nine different things because I thought that I had to have lots of income streams because that's what rich people did but it turns out that rich people have many income streams after they made all their wealth with one and so they go all in on one thing build their wealth and then diversify that wealth into many things later and so I was messing up the order don't make the same mistake I did
