Multiple streams of income...
Let me tell you guys a story of a man (let's name him John) who was running a public company in Dallas, and was having lunch with a billionaire friend (Let's name him Sam) of his, who was also an investor in his company.
Sam was in his 80's and made his money in Oil and Gas.
Sam told John when he was a young guy, he leased some rights to some land to drill in Oklahoma. No one was around at the time, and he had raised some money from investors and started to drill on a "new" oil patch.
They drilled way deeper than they originally thought, and almost went broke, but before the money ran out, they hit oil!
In the next few weeks, as they were getting pumps set, and before the oil could flow, a company came in, with leases, all around Sam and started setting to drill 10+ new wells.
The guy came over to Sam, and said they were going to put him out of business because they were going to get all the oil before he could, and proceeded to drill 10+ wells.
The thing is, Sam knew how deep the wells needed to be. The new guy did not - he only knew what was on the original survey.
So, the new guy started 10+ wells, drilling at the same time - thinking he would make 10X (no offence Cardone) the money if he got it done faster.
Because it took longer, and had to go deeper than he originally thought, the new guy suddenly went broke drilling too many wells - oh well, who could've guessed, right?!
In a meanwhile, Sam already had money pumping out of the ground with his one well.
When the drills of a new guy started going bankrupt, Sam went and purchased each one, and STARTED DRILLING ONE AT A TIME until it hit oil, and could produce money, then he drilled the next one, until he had 3 wells producing.
Suddenly he had 3 incomes that could afford 2 well drills at a time.
Over the next little while, Sam drilled all the other wells, and had income from all of the wells.
Same explained John how he viewed the whole thing:
"When you have 1 solid income, you realize how hard it was to get that 1 to work really well - to actually produce income. It was alot harder than it looked and only you understand that. Other people think its easy, and hence the reason so many fail, behind you. They just dont have the understanding how hard it really is."
All Sam's income was from pouring money down a single hole. Drilling deeper and deeper into his industry to gain knowledge, insight, experience. He paid for his education in that 1 hole.
And ONLY after getting that 1 thing to produce enough income, could he take advantage of growth, and expansion. And he did so because there is always someone else who has failed around you, trying to do the same thing, but in the wrong way.
Sam drilled a 6 inch hole a mile deep,
instead of 6 holes 6 inches deep, and a mile wide.
That was the most pivotal lesson Sam got.
Sam needed to drill deep because at the end of his drill, was a pump that only needed a little effort (by comparison) to produce alot of money, where as drilling was alot of effort upfront with no money produced.
Sam said the guy who did 10+ wells around him, saw the easy money, without the effort, and thought he could duplicate it times 10 with less effort - not realizing how hard it really was. And when the new guy failed, all his investment had to be sold at pennies on the dollar, because he didnt have 1 well producing.
So, when you go into a business - drill deep first! First work to get your business producing real solid income. Then expand into other businesses, other opportunities.
And have several people who help you trim the shiny objects that come up from time to time. so you can keep that from getting out of control. Stay focused. Once that income happens, you can then add other income streams.
Drilling 2 or more wells at the same time is a recipe for disaster MOST of the time. Hedging your bets on 2 or more incomes, is like betting on neither working.
Dont be the 10x without 1 income.
Drill 1 good one. Then expand. When people say millionaires have 7 incomes?
They all started with 1 and increased from there.
John currently has 7 different businesses:
1. An Online Company
2. An Advertising Event Planning Company
3. A Hospice
4. Several Assisted Living properties
5. A Real Estate Company
6. A Restaurant
7. And a Commercial Property Company
it took John 4 years to build the 1 and 2 years to add all the rest. Its been a total of 5 years.
Let me tell you guys a story of a man (let's name him John) who was running a public company in Dallas, and was having lunch with a billionaire friend (Let's name him Sam) of his, who was also an investor in his company.
Sam was in his 80's and made his money in Oil and Gas.
Sam told John when he was a young guy, he leased some rights to some land to drill in Oklahoma. No one was around at the time, and he had raised some money from investors and started to drill on a "new" oil patch.
They drilled way deeper than they originally thought, and almost went broke, but before the money ran out, they hit oil!
In the next few weeks, as they were getting pumps set, and before the oil could flow, a company came in, with leases, all around Sam and started setting to drill 10+ new wells.
The guy came over to Sam, and said they were going to put him out of business because they were going to get all the oil before he could, and proceeded to drill 10+ wells.
The thing is, Sam knew how deep the wells needed to be. The new guy did not - he only knew what was on the original survey.
So, the new guy started 10+ wells, drilling at the same time - thinking he would make 10X (no offence Cardone) the money if he got it done faster.
Because it took longer, and had to go deeper than he originally thought, the new guy suddenly went broke drilling too many wells - oh well, who could've guessed, right?!
In a meanwhile, Sam already had money pumping out of the ground with his one well.
When the drills of a new guy started going bankrupt, Sam went and purchased each one, and STARTED DRILLING ONE AT A TIME until it hit oil, and could produce money, then he drilled the next one, until he had 3 wells producing.
Suddenly he had 3 incomes that could afford 2 well drills at a time.
Over the next little while, Sam drilled all the other wells, and had income from all of the wells.
Same explained John how he viewed the whole thing:
"When you have 1 solid income, you realize how hard it was to get that 1 to work really well - to actually produce income. It was alot harder than it looked and only you understand that. Other people think its easy, and hence the reason so many fail, behind you. They just dont have the understanding how hard it really is."
All Sam's income was from pouring money down a single hole. Drilling deeper and deeper into his industry to gain knowledge, insight, experience. He paid for his education in that 1 hole.
And ONLY after getting that 1 thing to produce enough income, could he take advantage of growth, and expansion. And he did so because there is always someone else who has failed around you, trying to do the same thing, but in the wrong way.
Sam drilled a 6 inch hole a mile deep,
instead of 6 holes 6 inches deep, and a mile wide.
That was the most pivotal lesson Sam got.
Sam needed to drill deep because at the end of his drill, was a pump that only needed a little effort (by comparison) to produce alot of money, where as drilling was alot of effort upfront with no money produced.
Sam said the guy who did 10+ wells around him, saw the easy money, without the effort, and thought he could duplicate it times 10 with less effort - not realizing how hard it really was. And when the new guy failed, all his investment had to be sold at pennies on the dollar, because he didnt have 1 well producing.
So, when you go into a business - drill deep first! First work to get your business producing real solid income. Then expand into other businesses, other opportunities.
And have several people who help you trim the shiny objects that come up from time to time. so you can keep that from getting out of control. Stay focused. Once that income happens, you can then add other income streams.
Drilling 2 or more wells at the same time is a recipe for disaster MOST of the time. Hedging your bets on 2 or more incomes, is like betting on neither working.
Dont be the 10x without 1 income.
Drill 1 good one. Then expand. When people say millionaires have 7 incomes?
They all started with 1 and increased from there.
John currently has 7 different businesses:
1. An Online Company
2. An Advertising Event Planning Company
3. A Hospice
4. Several Assisted Living properties
5. A Real Estate Company
6. A Restaurant
7. And a Commercial Property Company
it took John 4 years to build the 1 and 2 years to add all the rest. Its been a total of 5 years.
***Drill Deeper. Not Wider. Wide will happen***
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