Jeremy

I know I have been pretty silent lately, aside from getting mixed up in the various hot threads or debates on PAL. But I figured I should make a blog post about what has been on my mind lately...and actually always.

The topic is creating multiple streams of income. This is such an important concept for every affiliate or entrepreneur to understand. Throughout your career, money will come and go. Some deals will be good for a while and then disappear. Sadly, I have had plenty of those experiences in life. The key however is having multiple sources of income to draw off of.

As affiliates and internet marketers, we are in a unique position where we are given this opportunity. I know it's tough when you're busting your ass on one website and seeing dismal results. Of course you have to keep working that project. But always be thinking about the next thing, or what comes next.
Over my career as an entrepreneur I have been very blessed. But I can honestly say that I have had more failures than I have had successes. Luckily the successes have always covered the failures. (Welcome to the life of an entrepreneur with no regards for money ).

However I have always had my hands in in many different pots, if you will. The older I get, the more I am realizing that this is the key to being ultra successful. I often read back over some of my old posts, and I ran across this today. It is traits of millionaires I know. I thought it would be a good thing to share since I am slacking and haven't been blogging lately.

Enjoy! (Some of you may remember this original post)

1. It’s better to have small equity in several things than big equity in one thing - This really comes down to diversification. You should never put all your eggs in one basket. The key to building wealth is being able to absorb the losses or failures with the big successes. If you’re diversified, one failure should never hurt your overall business.

2. Never spend your own money when there is venture capital or investors waiting in the wings - All the true millionaires I know have at one point leveraged other peoples money or utilized venture capital at some point to build their wealth. Think about it for a second, it makes sense. And it makes even more sense as an investor or VC when you can simply leverage your money on a great idea to give you a nice return for doing no work.

3. Surround yourself with, or hire other brilliant people who can make money for you - Very few of the multi-millionaires I know have done it as a one man show. Most have hired other successful people and simply pay them a salary or a % to make more money for themselves. If you’re “working for the man”, and generating a ton of revenue, then you may understand what I am talking about unfortunately. Most millionaires also are literally making money while they sleep courtesy of someone else’s work.

4. Leverage your existing money to make you more money - There is a truth to the saying that your first million is the hardest. Once you have millions of dollars you can diversify and spread it out to make you even more money. Hence you become one of the people in #2 making money while doing nothing, and growing your wealth just because you have the money to invest.

5. More Money, More Problems (sometimes) - Having multiple streams of income and businesses really creates a lot of chaos in your life. Although it may sound like fun to have your hands in multiple things, every day is a new day of dealing with “issues”. Although the money is great, living this type of lifestyle will never be a 9-5 job. If you want to be a millionaire you have to be willing to put in the hours and deal with all the daily annoyances that comes along with running multiple businesses.