The average millionaire has 7 streams of income: Should That Be Your Goal Right Now?
Thomas Kopelman
Financial Planner Helping 30-50 year old Business Owners and Those With Equity Comp Build Wealth ??. Co-Founder at AllStreet Wealth. Head of Community at Wealth.com
“The average millionaire has 7 streams of income.”
Let's face it, we've all heard this quote a million times. And, while I believe this is well-intentioned advice, it sends millennials in the wrong direction.
Your goal should not be to develop as many income streams as possible when you are young, and here's why.
If you follow this route, you'll need to learn about investing, real estate, being a property manager, side hustles, selling, managing a business, etc. while also trying to manage your main job and becoming better at that. Because you are trying to do so much at once, you'll only be able to commit a small amount of time to each area. You know what usually happens after that? You're not going to become GREAT at any one of them. You will be an average investor, average landlord and property finder, average business owner, and average at your job. That is never the goal.
It's a better idea to concentrate on one thing at a time and master it. Unless you plan to transform your side hustle into your full-time work, your main focus should probably be on the business you own or the job you have.
This is the best technique because spending so much time improving your skills in one area will typically result in you making the most money in the long run. After that, you can go ahead and add in other income streams. It’s just something you shouldn't do right away. Develop expertise in one field, increase your revenue there, and then branch out into other areas.
That is the best career advice I can provide! Make a name for yourself by excelling in one area. Specialize early!
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This Month On The Long Game and By Treyton DeVore
I did not hit on it much, but I am sure many here have been a little panicked this week. That feeling is totally fair. Just don't let that feeling dictate decisions you know aren't right!
If you are having a hard time coming up with a plan, sticking with it, etc. and need some help with your finances, we are to help.?Book a free first meeting here.?
- Thomas Kopelman
Director of Operations
2 年Not just millennials. . . As a Gen Zer, this hit home!
Financial Planner for Physician Assistants/Associates | PA-C Spouse
2 年Great points... I agree with you, there is only so much time in the day and your best off focusing your time on a few areas where you can have the most impact. If you give average effort to a bunch of different areas of your business/life, you're going to get average results. Focus on what's most important, and give extraordinary effort. Extraordinary results will follow.
Pro Golfer | Formerly @ Carrier (Automated Logic)
2 年“There are only four kinds of business: tourism, food service, railroads, and sales. And hospitals slash manufacturing. And air travel.”~Michael Scott