00:00.120 --> 00:03.090 Oz Konar: Hey everyone, Oz Konar here. In this video, I'm going 00:03.090 --> 00:06.570 to talk to you about what's wrong with the concept of 00:06.810 --> 00:10.620 multiple streams of income. I'm sure you've heard this phrase 00:10.620 --> 00:15.660 before, you got to have multiple streams of income to grow and to 00:15.660 --> 00:18.750 be wealthy and to make a lot of money, you can't just rely on 00:18.750 --> 00:21.600 one source of income. And we're going to dispel some of the 00:21.600 --> 00:25.260 myths about this concept. And why honestly, it's keeping a lot 00:25.260 --> 00:29.940 of people broke. And, of course, more importantly, how to fix the 00:29.940 --> 00:33.510 understanding around multiple streams of income. So you know, 00:33.510 --> 00:38.460 actually how to make it work to your advantage. So getting 00:38.460 --> 00:42.630 started, let's talk about the definition of this by textbook 00:42.630 --> 00:47.040 definition, multiple streams of income, pretty much, you know, 00:47.040 --> 00:51.150 you make all the money that you need to make when you're laying 00:51.150 --> 00:55.350 by the beach with your laptop, and money just rolls in through 00:55.560 --> 00:59.640 passive income sources or money from all over the place from 00:59.640 --> 01:02.910 other sources. And you have to do little to no work, right, 01:02.910 --> 01:06.180 that's like the extreme, you know, too good to be true 01:06.180 --> 01:11.610 example of multiple streams of income, the more moderate 01:12.060 --> 01:16.320 definition of that is that, hey, you have probably have a job or 01:16.320 --> 01:19.950 your primary source of income, you need to have something else 01:19.980 --> 01:24.780 or more sources of income, not just one, but multiple to fall 01:24.780 --> 01:28.260 back to in case something happens to that main stream of 01:28.290 --> 01:31.650 income. So a lot of people believe that and they suggest 01:31.650 --> 01:33.960 that you have different businesses going different 01:33.960 --> 01:37.500 opportunities. Well, that's a problematic definition, almost 01:37.500 --> 01:41.670 like a mutated definition of the real thing, the belief that if 01:41.670 --> 01:44.790 you look at this graph here, and this is a time and money graph, 01:45.000 --> 01:50.610 as time goes by, your income will go up. That's a very 01:50.640 --> 01:54.360 generous assumption, very optimistic assumption. But it 01:54.360 --> 01:57.420 rarely works. That way. I'm going to explain to you why that 01:57.420 --> 02:01.320 is the case. So you believe in this graph to keep going up 02:01.320 --> 02:06.450 enough as you add more revenue sources, and the most common 02:06.450 --> 02:10.590 ones is the passive income. So cold real estate, right? Buy 02:10.590 --> 02:13.830 some real estate, and the rental income will be passive, you 02:13.830 --> 02:17.430 won't have to work any more hours in your life. That's one 02:17.430 --> 02:21.390 thing. The other could be the stock market, or cryptocurrency 02:21.390 --> 02:26.820 or like an online business, or it could be it could be another 02:26.820 --> 02:30.510 type of real estate, it could be Amazon store and whatnot. So it 02:30.510 --> 02:35.100 goes on and on and on, right. But the problem with this model, 02:35.100 --> 02:39.090 the main problem is all of this requires some level of 02:39.120 --> 02:44.760 expertise, you can't just start things and somehow magically 02:44.760 --> 02:48.780 have them give you the income that you need. So there are a 02:48.780 --> 02:52.260 couple of obvious problems with this one. The first one is, 02:52.410 --> 02:56.430 you're just assuming that all of them will make you money. But 02:56.460 --> 03:00.600 one thing we know about money is that requires expertise in a 03:00.600 --> 03:04.410 certain area for you to make a lot of money. And if you look at 03:04.410 --> 03:08.370 historically and all the public figures, they're like business 03:08.400 --> 03:13.740 magnates of people, initially, they were experts in one area 03:13.800 --> 03:17.070 only. They built their expertise, they went really, 03:17.070 --> 03:21.120 really deep, and became the world class at the thing that 03:21.120 --> 03:25.890 accumulated a lot of wealth. Then they started diversifying, 03:26.070 --> 03:29.490 not when they were broke, and they just wanted to spread their 03:29.490 --> 03:32.910 time really thin. Because when you're broke, you have 03:32.940 --> 03:36.870 limitations. One limitation is the financial limitation. The 03:36.870 --> 03:40.350 second limitation is probably you have time restraints and 03:40.350 --> 03:42.870 limitations, right? Because you don't have enough money and you 03:43.020 --> 03:45.930 you're probably working really hard at that job or something 03:45.930 --> 03:48.900 else. So you have very little limited time to yourself. And 03:48.900 --> 03:51.540 the limitations on the mindset. You just don't know how to think 03:51.540 --> 03:55.050 like an wealthy person, you don't have the resources you 03:55.050 --> 03:58.140 don't have you don't know the people that would be influencing 03:58.140 --> 04:00.690 your decision, you're not following the right people. So 04:00.690 --> 04:03.720 when you have those limitations, then on top of that, you're 04:03.720 --> 04:07.500 spreading those limited resources, resources across 10 04:07.500 --> 04:11.550 different things, five, six doesn't really matter areas that 04:11.550 --> 04:14.700 you don't really have any expertise on. So you're not 04:14.700 --> 04:19.380 really going deep, you're going as wide as possible. One thing 04:19.380 --> 04:23.370 we know about the Marketplace market in general market pays 04:23.370 --> 04:29.610 you if you become a specialist, think about your general MD 04:29.790 --> 04:33.930 versus your heart surgeon, your heart surgeon usually makes four 04:33.930 --> 04:38.280 to five times more money than your general general practice, 04:38.280 --> 04:42.180 Doctor. Same thing with your general family dentists versus 04:42.180 --> 04:45.360 an endodontist and some other specialty dentist that just 04:45.360 --> 04:49.350 works the same way in business as well. Look, look at people 04:49.350 --> 04:53.010 around you that that are shown as role models in business and 04:53.010 --> 04:55.740 look how they started their business, right? Look at Jeff 04:55.740 --> 05:00.090 Bezos. He started out selling books online. Then once he 05:00.090 --> 05:03.270 started, once he became the king, and that he started adding 05:03.270 --> 05:08.820 more complexity within the same realm, within still online 05:08.820 --> 05:13.530 marketplace, right, so that's exactly how wealth is built, you 05:13.530 --> 05:18.000 focus on one thing, which is the another circle, right? There's 05:18.000 --> 05:22.080 another circle that shows you how the rich people do it, they 05:22.650 --> 05:27.090 give their time, if you look at the growth chart of Apple, 05:27.300 --> 05:32.340 Amazon Tesla and any company, it starts kind of slow as if 05:32.340 --> 05:36.030 nothing is happening. And then it skyrockets. 05:36.330 --> 05:42.030 That doesn't mean they have 100 sources of streams of income, 05:42.030 --> 05:45.930 different shapes, or mechanics, usually one business model, that 05:45.930 --> 05:51.990 they skyrocket because they go really deep, versus these really 05:52.740 --> 05:59.220 slim arrows here. You're staying at the surface level, and you're 05:59.220 --> 06:02.460 gonna get paid at the surface level is definitely not a good 06:02.460 --> 06:08.160 idea. There is no way and this, let's say this is Amazon, right. 06:09.180 --> 06:18.090 And this is one of your sources of income, selling books. This 06:18.090 --> 06:23.370 is Amazon, back then. And you're your own little Amazon. But 06:23.370 --> 06:26.820 you're not focused on this alone, you're focused on all the 06:26.820 --> 06:31.890 other things. Whereas Jeff Bezos is going all the way in this 06:31.920 --> 06:36.750 industry for total domination, your chances of competing with 06:36.750 --> 06:42.030 Amazon or Jeff Bezos, even back in the day is slim to none. 06:42.210 --> 06:45.600 Because when you think about it, your attention will this was 06:45.600 --> 06:49.950 your attention span, or the time that you have this is t, right. 06:50.100 --> 06:54.210 So you have certain amount of time per day. And some of that 06:54.210 --> 06:56.970 time has already taken away from you, if you're sleeping eight 06:56.970 --> 07:01.110 hours, well the eight hours is gone, if you already have a job, 07:01.110 --> 07:04.620 and what's your commute time, if that's 10 hours, that's pretty 07:04.620 --> 07:12.300 much 18 hours. That's your job, sleep. So the big bulk of the 07:12.300 --> 07:19.500 time already, that's changed jobs of sleep is already gone. 07:19.560 --> 07:23.580 So if it is 18 hours of the day is gone, you only have six hours 07:23.580 --> 07:28.440 left to you, six hours, and you know, probably two hours of that 07:28.440 --> 07:33.090 will be spent with eating food and spending time like taking 07:33.090 --> 07:38.220 care of your necessities, then you're down to four hours. The 07:38.220 --> 07:42.930 problem with how most people use those four hours is that they 07:42.930 --> 07:49.920 take that and split it across different things. So you have no 07:49.920 --> 07:56.250 focus at all. You spend this time on four or five different 07:56.250 --> 08:00.330 things, and thinking that you're building multiple streams of 08:00.330 --> 08:06.690 income, and we barely spent an hour a day on the very thing 08:06.900 --> 08:10.200 that supposedly will give you will save your future and will 08:10.200 --> 08:13.710 build your wealth, you're only giving that important. So just 08:13.710 --> 08:17.310 one hour a day and expecting it to generate income at some 08:17.310 --> 08:20.460 point, right? That's the problem. And I've learned this 08:20.460 --> 08:26.550 the hard way because I bought into this reality, myself, when 08:26.550 --> 08:30.180 I was totally broke. I always had this mentality of following 08:30.390 --> 08:33.810 wealthy people and trying to understand how they got to where 08:33.810 --> 08:37.890 they got to right. And I read biographies. And one of the ones 08:37.890 --> 08:41.460 that I admired was the biography of Sir Richard Branson. It's a 08:41.460 --> 08:46.410 British business magnate who owns 400 businesses. And that 08:46.410 --> 08:50.160 was like a lightbulb moment for me. And I said, wow, if if this 08:50.160 --> 08:54.120 guy, own 400 businesses, and that's how he built his wealth, 08:54.300 --> 08:56.850 then I should do the same thing. There's nothing wrong with me 08:56.850 --> 08:59.670 owning multiple businesses. At the time, I didn't know any new 08:59.670 --> 09:03.030 businesses, I just had a full one full time job. Then I looked 09:03.030 --> 09:07.020 at another role model, which is Tony Robbins, back then he had I 09:07.020 --> 09:09.990 think, 13 or 14 different businesses. Now he has a lot 09:09.990 --> 09:13.320 more. But that's I'm talking about, like, a decade ago. And I 09:13.320 --> 09:16.590 said, Well, it's just kind of, you know, it's like a self 09:16.590 --> 09:20.220 fulfilling prophecy. I look at these two and say, alright I 09:20.250 --> 09:21.060 prove my point. I 09:21.060 --> 09:24.000 think I have a valid argument here that I gotta have more 09:24.000 --> 09:27.030 businesses. So I go start one that started like a marketing 09:27.030 --> 09:29.820 agency. Then I started another one with a friend of mine. And 09:29.820 --> 09:32.430 we provide coaching services to small businesses. I started a 09:32.430 --> 09:36.060 third one, which is totally different with another partner. 09:36.180 --> 09:39.720 We're manufacturing mini campers and trailers, which is like 09:39.750 --> 09:42.660 totally different than anything. And the fourth one is a real 09:42.660 --> 09:45.900 estate investment firm buying rental properties, like I'm 09:45.900 --> 09:49.200 following this exact model, only to find out that I'm putting in 09:49.200 --> 09:53.760 more than 80, 90 hours a week. I am still not making money, and 09:53.760 --> 09:57.210 I'm very miserable because I'm spreading what I don't have 09:57.240 --> 10:01.440 right so I don't have the money. I don't have the time, I don't 10:01.440 --> 10:05.940 have the mental resources, the mindset of a business owner, and 10:05.940 --> 10:10.830 I totally misunderstood how like someone like Tony Robbins or Sir 10:10.830 --> 10:14.790 Richard Branson, Branson got rich totally missed the concept 10:14.910 --> 10:18.630 based on like a glimpse on what I thought I caught, and it kind 10:18.630 --> 10:22.560 of broke me down. And I always have mentors, like one of my 10:22.560 --> 10:25.680 mentors, when I kind of open up to him, I said, I can't take 10:25.680 --> 10:28.650 this anymore, like this model is not working. He said, let's do 10:28.650 --> 10:31.800 this, why don't you take a piece of paper, and you know, split it 10:31.800 --> 10:35.850 in four, and put each of the companies name. And below that 10:35.880 --> 10:39.510 just put down how many hours you're spending on each company. 10:39.690 --> 10:42.780 And all the way at the end, like just make a list of all the 10:42.780 --> 10:45.630 tasks that you're doing for each company. And all the way at the 10:45.630 --> 10:50.340 end, put $1 amount that that company is bringing you. When I 10:50.340 --> 10:53.190 did that it was like him day and night difference. So what I 10:53.190 --> 10:56.700 thought I was doing versus the reality, three of the companies 10:56.700 --> 11:00.600 were not making any money to me, while they were consuming the 11:00.600 --> 11:04.740 most amount of time, only one company that I don't really even 11:04.770 --> 11:09.330 spend a lot of time on building was allowing me to generate 11:09.360 --> 11:12.360 income generously while I was putting the least amount of 11:12.360 --> 11:15.870 time. So that was a wake up call for me because that was a 11:15.930 --> 11:19.380 paradigm shift for me because I believe in this model. And I 11:19.380 --> 11:21.990 said I'll make it successful because all my role models make 11:21.990 --> 11:25.020 it successful, right. But that was a problem. So then I got rid 11:25.020 --> 11:27.990 of literally within three months, I got rid of all the 11:27.990 --> 11:33.930 other three businesses left but one. And within two years, going 11:33.930 --> 11:37.740 deep into it, we made our first million, right like two years 11:37.740 --> 11:40.950 into it, we're looking at this business spending time into into 11:40.950 --> 11:45.360 it, but it was just too spread out. That's the problem. Like I 11:45.360 --> 11:49.470 wanted to dispel some myths about the multiple streams of 11:49.470 --> 11:52.740 income, because it's been touted as like the best way to build 11:52.770 --> 11:57.150 wealth, it's really not the case, when you do not have any 11:57.150 --> 12:00.450 streams of income, any solid streams of income. 12:00.450 --> 12:05.280 So the best thing you can do you should do is pick one area and 12:05.310 --> 12:09.840 get become the best at it. That's the only way to build 12:09.930 --> 12:14.100 real wealth. Because a lot of times what people a lot of 12:14.100 --> 12:17.970 people who have the bright shiny object syndrome, they hide 12:17.970 --> 12:22.020 behind this concept of multiple streams of income. And I was one 12:22.020 --> 12:24.450 of them, all right you ask them, they say well, I'm an 12:24.450 --> 12:27.030 entrepreneur, I own multiple companies, I own multiple 12:27.030 --> 12:30.450 businesses, all because you know, on each business I want to 12:30.450 --> 12:33.210 generate I'm generating certain amount of income. So it gives me 12:33.210 --> 12:36.240 the financial security, it gives me the financial blanket. And 12:36.240 --> 12:39.300 even when I'm not working, it's building wealth. That's another 12:39.300 --> 12:43.410 way of saying I have this bright shiny object syndrome, that when 12:43.410 --> 12:46.800 things get hard, I switch businesses and jump onto the 12:46.800 --> 12:50.490 next shiny thing. That's exactly what happens, right? How many of 12:50.490 --> 12:53.730 you bought some workout machine that was supposed to give you 12:54.090 --> 12:58.380 the six pack or make you lose weight. But when the going got 12:58.380 --> 13:01.680 tough like that you actually had to wake up every morning and 13:01.680 --> 13:04.740 spend half an hour on that machine. What happened, you stop 13:04.740 --> 13:07.920 using it until you found a new machine that's supposed to be 13:07.920 --> 13:11.250 solving all your problems, and you got that one. And you know a 13:11.250 --> 13:14.040 lot of people end up with a home gym that they're not really 13:14.040 --> 13:17.070 using. And they're not looking great, because they're not 13:17.070 --> 13:19.950 utilizing what they paid for. This is the same thing. Like we 13:19.950 --> 13:23.340 got to face the reality. Most people who believe who bind to 13:23.340 --> 13:27.060 this model, they just they just jumped one from one thing to 13:27.060 --> 13:31.200 another, because they cannot deal with the reality of you 13:31.200 --> 13:33.990 doing the hard work, you got to do the hard work to grow a 13:33.990 --> 13:39.300 business, right? So does this does this make this entire model 13:39.300 --> 13:43.020 obsolete? Absolutely not, multiple streams of income is a 13:43.020 --> 13:46.110 reality, you got to take advantage of when you take 13:46.110 --> 13:49.620 advantage of it. When you have this one thing working. And it's 13:49.620 --> 13:52.950 bringing you income, it's bringing you massive income. And 13:52.950 --> 13:56.670 you're building wealth through this right. So this thing, if I 13:56.670 --> 14:01.650 can, right, is building income and building a lot of it. So 14:01.650 --> 14:06.180 you're building cash reserves. At that point, the good thing is 14:06.180 --> 14:09.510 for you to look at other business models that can be for 14:09.510 --> 14:12.540 example, buying real estate properties and have them bring 14:12.540 --> 14:17.070 you residual income or monthly income by other businesses start 14:17.070 --> 14:20.490 another business. But even then, when you look at the wealthy, 14:20.610 --> 14:24.150 they don't do it that way. Right. They create multiple 14:24.150 --> 14:28.590 streams of income within this realm that they have expertise 14:28.590 --> 14:32.520 on. And they look at the subcategories of this. So it's 14:32.520 --> 14:37.830 not totally separate. This model is wrong. It is within the 14:37.830 --> 14:41.910 industry that they're in, they look at different areas where 14:41.910 --> 14:46.680 they can generate money, generate more revenue, right? So 14:46.740 --> 14:51.750 they become they get better and better at what they do. Okay, so 14:51.750 --> 14:54.210 we can still look at the Amazon model. We still have the 14:54.270 --> 14:58.560 amazon.com but the become everything store right? And it's 14:58.560 --> 15:02.250 still hidden. Go ahead To start a real estate company, he stayed 15:02.250 --> 15:05.400 within that model, he just added more products grew the company. 15:05.760 --> 15:09.240 That's why it's really important to understand which definition 15:09.300 --> 15:13.470 of multiple streams of income you are following. Because 15:13.470 --> 15:16.260 you're following the wrong one, it's not going to lead you to 15:16.260 --> 15:20.070 anywhere, it's going to eat up your resources. So for example, 15:20.100 --> 15:23.580 for those of you who know what I do, we train people on how to 15:23.580 --> 15:27.210 become business loan brokers, where you can generate six, 15:27.210 --> 15:31.350 seven figure income. So it's not just some generic platform where 15:31.350 --> 15:35.880 you make money online, it's very specific, that allows you to go 15:35.880 --> 15:40.440 deep, which pretty much you're helping people, businesses get 15:40.440 --> 15:41.820 access to funding. 15:41.940 --> 15:45.667 But within that platform, you have access to multiple products 15:45.727 --> 15:49.215 from like, providing personal loans, providing real estate 15:49.275 --> 15:52.702 based loans, if you have investors who are looking to get 15:52.762 --> 15:56.250 funding for their real estate projects, you'll learn about 15:56.310 --> 16:00.218 that credit based loans and, you know, for businesses impacted by 16:00.278 --> 16:03.705 what's going on, if they're impacted by the pandemic, you 16:03.766 --> 16:07.493 have pandemic based loans. So anyone who's not getting funding 16:07.554 --> 16:11.402 through a traditional banks, we have 10, plus products that they 16:11.462 --> 16:14.829 can use, each one of them gives you the option to create 16:14.889 --> 16:18.497 multiple streams of income, while you're going deep into the 16:18.557 --> 16:22.465 same industry. So you can create a mastery, that's the difference 16:22.525 --> 16:25.832 within becoming a generalist trying to be everything to 16:25.892 --> 16:29.440 everybody, like, you know, jack of all trades and master of 16:29.500 --> 16:32.927 none, right? The good old saying, versus choosing an area 16:32.987 --> 16:36.835 becoming an expert in that area. And digging, going going deeper 16:36.896 --> 16:40.804 and deeper into it. But multiple products, it's like looking at a 16:40.864 --> 16:44.712 very strong tree, or you look at the roots of a 20 year old tree 16:44.772 --> 16:48.380 big are really, really wide. But they all come from the same 16:48.440 --> 16:52.048 base, right? This is the same thing. So hopefully this makes 16:52.108 --> 16:55.595 sense. This is the only model that's going to allow you to 16:55.655 --> 16:59.143 take take advantage of this graph right here. As time goes 16:59.203 --> 17:02.690 by your expertise will get deeper and deeper, you're going 17:02.750 --> 17:06.418 to grow your client base, and you're going to make a lot more 17:06.478 --> 17:09.785 money. If I look at my community, I see people who just 17:09.845 --> 17:12.912 give themselves into the industry always make money 17:12.972 --> 17:16.639 faster. And higher amounts. And longevity is key, right? They 17:16.700 --> 17:20.127 have repeat income coming through. Whereas if somebody is 17:20.187 --> 17:23.795 starting this business today, and they jump, they want to go 17:23.855 --> 17:27.402 try some I don't know like ecommerce business, they want to 17:27.462 --> 17:30.829 look at no money down real estate business, they want to 17:30.890 --> 17:34.437 sign up to 10 other courses and trainings, their chances of 17:34.497 --> 17:38.165 being successful is very low. And don't forget that this is a 17:38.225 --> 17:41.412 self fulfilling prophecy. There's this whole feedback 17:41.472 --> 17:45.019 mechanism. When you fail at something, your mind, your mind 17:45.080 --> 17:48.928 gives you the feedback that oh, this is not really working. When 17:48.988 --> 17:52.475 you're starting something new. That feedback kind of stays 17:52.535 --> 17:56.383 there kind of you know, reminds you Oh, the last thing you tried 17:56.444 --> 17:59.991 didn't work. And then if you repeat this same process, this 18:00.051 --> 18:03.839 vicious cycle, then you fail at that one too, then now you have 18:03.899 --> 18:07.567 a pattern and in your mind you say you say to yoursel, well I 18:07.627 --> 18:11.475 tried all the business, you know trainings out there, I tried to 18:11.535 --> 18:15.083 set up so many businesses and none of them work. Really, do 18:15.143 --> 18:18.931 you buy that yourself, you know that that's really not the case 18:18.991 --> 18:22.719 you haven't given your all to it. I want to be a little blonde 18:22.779 --> 18:26.687 here because it's really, really important when you look at these 18:26.748 --> 18:30.115 models don't hide behind the veil of multiple streams of 18:30.175 --> 18:33.602 income. While your problem is the bright shiny object you 18:33.662 --> 18:37.330 can't you kind of quick when things get tough. So if you want 18:37.390 --> 18:40.877 to really see if you're serious about quitting your job or 18:40.938 --> 18:44.365 building a real business, well you got to have the mental 18:44.425 --> 18:48.273 toughness to stay with one thing and grow that thing to the sky. 18:48.333 --> 18:51.881 Hopefully this was helpful so if you like videos like this, 18:51.941 --> 18:55.428 please like and subscribe and comment below the video. And 18:55.488 --> 18:59.216 also in the description I put a link to a free training on how 18:59.276 --> 19:02.944 to build a business like this as a business loan broker, when 19:03.004 --> 19:06.491 it's you know, you can totally check it out. It's about an 19:06.552 --> 19:10.279 hour. So give yourself plenty of time for you to decide if you 19:10.340 --> 19:13.586 want to be a part of this lucrative industry. Alright, 19:13.647 --> 19:15.030 take care now. Bye bye.