there’s been a great debate by people on
both sides you know authors experts
business coaches that’ll say listen you
know the way you become rich is got our
multiple streams of income it’s better
to have a thousand dollars of income
coming from ten different places then
ten thousand coming from one place stop
putting all your eggs into one basket
and then there’s another side that says
no no these guys have no clue what
they’re telling they’ve never really
built a real business the way you really
make money is by you go all in into one
business so who’s right by the way this
is almost like a presidential debate
Republicans debating you know Democrats
or vice versa it is so big and
everyone’s convincing both sides are
very convincing in today’s video I’m
gonna redefine what the word multiple
streams of income means kind of like
this you know you ask somebody and say
what is a leader really means somebody
leader says well leader to me is
somebody that works hard and in some
ways I know leader is this we’re gonna
define what the word multiple streams of
income really means that host phrase and
then you get to make a decision for
yourself on what ways the way to go and
I’ll give you my opinion this is what
because I have strong opinions about
this so having said that if you got any
questions thoughts comments comment on
the bottom on what we’re talking about
here today if you haven’t yet subscribe
to the channel click on the sub button
and join the notification squad to watch
the rest of the 600 videos that we have
about business entrepreneurship all the
other things so let me get right into it
there’s a man out there you know today
they say Jeff Bezos the richest man in
the world hundred ten billion dollars
ahead of Bill Gates he just passed him
up after all these years he’s a first
guy that’s passed my let cetera et
cetera
there was a man back in a day says name
was Andrew Carnegie you’ve heard a lot
about rockefeller you’ve heard a lot
about JP Morgan Chase you’ve heard a lot
about all these other names the richest
man that ever lived in America was a man
named Andrew Carnegie
he sold his business back in the 1900s
for four hundred and some million
dollars which in today’s dollars
according to Wikipedia his net worth
today would be over four hundred and
thirty billion dollars four times richer
than the second richest man in the world
which happens to be Jeff Bezos he
said put all your eggs in one basket
just make sure you watch over your
basket now this is the richest man in
the world ever in America say something
like that maybe there is something that
we need to process and say why would a
guy like this I put all your eggs in one
basket while all these experts and
authors and consultants are saying no no
no you should diversify everything you
have right okay stay with me here three
different definitions of multiple
streams of income one guy says you
should have income coming from seven
different sources another person says
multiple streams of income to me means I
have a job I make money off my stocks
bonds real estate dividends and I have a
side hustle that I run and that’s how I
make my multiple streams of income great
number three is I run a business I have
employees
I have sales I have investors and I
never ever want to have 50% of my
revenues come from one client or one
agent or one realtor or one executive
because the 50% only comes from one
client one customer one account if that
person leaves me I lose 50% of my
top-line revenue it’s best I diversify
because I spread my risk by having many
different sources of income
bringing top-line revenue to one
business so you have three different
translations they all somebody could say
this is all multiple streams of income
Patrick isn’t it well yeah of course it
is so the question comes back to and
here’s what the question is should I do
this one should I do this one or should
I do this one cuz right now there’s a
lot of business coaches online that’ll
tell you this is the way to go this is
what you need to be doing you ought to
be going out there making money this way
but they’ve never really built a
business they’ve never really raised
capital they’ve never really sold the
business they’ve never really had a big
victory and yet they’re wanting to be a
business coach to to show you how to go
up and do all this other stuff now I
don’t have a problem with that there’s a
lot of different ways to make money in
America and to each his own you can go
out to make money the way you want to
make it your own value tainment
you’re watching value tainment on value
tainment my goal is to show you how to
build a real business that increases
value and it grows and puts you in the
biggest position to make high valuation
for yourself hi x-factor for yourself so
now when you look at these three things
this is what you ought to be thinking
about this guy does he generalize or
does he special
the one that’s got seven different
businesses he’s generalizing this one’s
right in the middle
this one is specializing you know what
people pay the most money people who
specialize those who specialize make the
most money
those who generalize typically are
always generalizing into a new thing let
me give you a story here Jack Ma a few
months ago not even a few months ago a
few weeks ago he was asked by this one
guy that was interview masters forum big
he’s in Jack oh my gosh he knows
everything this guy’s Alibaba he’s he’s
brilliant the guy asked him a question
so what do you think about Bitcoin
he’s got starts answering Jack mob and
he says well let me tell you my opinions
about Bitcoin I disagree in that the one
minute into his answer here’s what he
does he says look I can be very honest
with you I don’t know enough about
Bitcoin to give you an educated opinion
about Bitcoin Jack Ma yes Jack Ma
understands I don’t specialize Bitcoin
why am I gonna act like I know
everything about Bitcoin he put it on
the interviewer and the interviews like
wow the 47 billion dollar man doesn’t
know about Bitcoin who would you rather
be the interviewer that’s sitting there
like how does this guy not know anything
about Bitcoin I know more about Bitcoin
would you rather be the 16 year old kid
that says I know way more about
blockchain and Bitcoin and this guy does
would you rather be the 27 year old
that’d just about ripple I know more
about Bitcoin and Jack Ma or be Jack Ma
I mean that to me is a no-brainer Jack
Ma doesn’t need to know about Bitcoin to
be what 47 billion dollars because this
goal in life is not to generalize he’s
gonna life is to specialize and you
believe it or not admire those who
specialize but majority of the populace
get solved by the people who generalize
just remember that he might challenge to
you you followed by a tainment
whether you like this or not I’m giving
you what I’m thinking about here’s what
it is let all these guys go out there
and generalize let them go out there and
do 50 different businesses let him go
out and one day talk about this another
day talk about that another they talk
about this and by the way I’m not
telling you not to be well-read I’m all
about reading I’m all about educating
yourself I’m all about you going out to
getting the information so you kind of
know to make an educated decision and be
able to have an educated conversation
with you out a bar or networking
you need to know that but I’m
specifically talking about streams of
income not conversation starters so this
is my challenge let everybody do what
they do for you decide when you’re going
to put yourself out there to have
multiple streams of income now watch
this is gonna be a contradiction to what
I’m saying to you I’m not telling you
this doesn’t make sense but at what
point here’s what I mean
we bought a hotel recently Crowne Plaza
for 36 million dollars I bought it with
a couple of the investors that I’m
working with about 36 million dollar
hotel Crowne Plaza great we bought this
place why did I buy this place here’s
how I make the decision decision on
why’d wanna buy this place my business
is what I do with insurance and PHP and
by attainment right this is what I’m
doing I said how much time is gonna need
from me none you’re just a money guy no
problem what are we looking at here’s
what we’re looking at this is what we
own this with the dividends we get
perfect here you go resources now I do
it at a very later stage of my career to
additional having multiple streams of
income because I’m sitting on a lot of
cash today then you do it not the other
way around I am so glad I didn’t buy
into this multiple streams of income
idea here to just make twenty two
thousand dollars a month
and imagine if I would have just done
that to I’ve missed out on the hundreds
of millions of dollars that are made big
difference because I chose to listen to
a guy like Carnegie who decided to
specialize I’m by the way some of you
guys will come back and say but Pat I
know a lot of rich people that say you
should have multiple streams of income
yes but at what stage of their career
when they’re first getting started
there’s no way in the world they may say
that when they’re 42 after they’ve
already made a lot of money they have to
do that yes they have to do that that’s
like you asking a question how do I
become a good grandpa and you don’t even
have any kids yet first go have kids
first go find a girlfriend first go find
a husband first go find a wife then make
some babies and then be concerned about
how to become a grandpa but number one
specialize number one and if you truly
hear me out each has a risk because you
can go out and put all your eggs into
one basket and specialize in one
industry and this industry could change
and you’re gonna lose but my bet on you
is if you put your money on specializing
overgeneralizing I am willing to bet on
you eight out of ten times you’re gonna
win
together generalizes for the two times
that these guys win let them win I’m not
worried about these guys winning on that
side just know when you decide to have
different sources invest into this
business investor that business invest
into this business do that way later on
while your focus on specializing in one
business one industry later on you’ll
have plenty of opportunities generalize
anyways questions thoughts comments
comment below again if you haven’t
subscribed to the channel yet click on
the subscribe button and join a
notification squad take everybody bye-bye
both sides you know authors experts
business coaches that’ll say listen you
know the way you become rich is got our
multiple streams of income it’s better
to have a thousand dollars of income
coming from ten different places then
ten thousand coming from one place stop
putting all your eggs into one basket
and then there’s another side that says
no no these guys have no clue what
they’re telling they’ve never really
built a real business the way you really
make money is by you go all in into one
business so who’s right by the way this
is almost like a presidential debate
Republicans debating you know Democrats
or vice versa it is so big and
everyone’s convincing both sides are
very convincing in today’s video I’m
gonna redefine what the word multiple
streams of income means kind of like
this you know you ask somebody and say
what is a leader really means somebody
leader says well leader to me is
somebody that works hard and in some
ways I know leader is this we’re gonna
define what the word multiple streams of
income really means that host phrase and
then you get to make a decision for
yourself on what ways the way to go and
I’ll give you my opinion this is what
because I have strong opinions about
this so having said that if you got any
questions thoughts comments comment on
the bottom on what we’re talking about
here today if you haven’t yet subscribe
to the channel click on the sub button
and join the notification squad to watch
the rest of the 600 videos that we have
about business entrepreneurship all the
other things so let me get right into it
there’s a man out there you know today
they say Jeff Bezos the richest man in
the world hundred ten billion dollars
ahead of Bill Gates he just passed him
up after all these years he’s a first
guy that’s passed my let cetera et
cetera
there was a man back in a day says name
was Andrew Carnegie you’ve heard a lot
about rockefeller you’ve heard a lot
about JP Morgan Chase you’ve heard a lot
about all these other names the richest
man that ever lived in America was a man
named Andrew Carnegie
he sold his business back in the 1900s
for four hundred and some million
dollars which in today’s dollars
according to Wikipedia his net worth
today would be over four hundred and
thirty billion dollars four times richer
than the second richest man in the world
which happens to be Jeff Bezos he
said put all your eggs in one basket
just make sure you watch over your
basket now this is the richest man in
the world ever in America say something
like that maybe there is something that
we need to process and say why would a
guy like this I put all your eggs in one
basket while all these experts and
authors and consultants are saying no no
no you should diversify everything you
have right okay stay with me here three
different definitions of multiple
streams of income one guy says you
should have income coming from seven
different sources another person says
multiple streams of income to me means I
have a job I make money off my stocks
bonds real estate dividends and I have a
side hustle that I run and that’s how I
make my multiple streams of income great
number three is I run a business I have
employees
I have sales I have investors and I
never ever want to have 50% of my
revenues come from one client or one
agent or one realtor or one executive
because the 50% only comes from one
client one customer one account if that
person leaves me I lose 50% of my
top-line revenue it’s best I diversify
because I spread my risk by having many
different sources of income
bringing top-line revenue to one
business so you have three different
translations they all somebody could say
this is all multiple streams of income
Patrick isn’t it well yeah of course it
is so the question comes back to and
here’s what the question is should I do
this one should I do this one or should
I do this one cuz right now there’s a
lot of business coaches online that’ll
tell you this is the way to go this is
what you need to be doing you ought to
be going out there making money this way
but they’ve never really built a
business they’ve never really raised
capital they’ve never really sold the
business they’ve never really had a big
victory and yet they’re wanting to be a
business coach to to show you how to go
up and do all this other stuff now I
don’t have a problem with that there’s a
lot of different ways to make money in
America and to each his own you can go
out to make money the way you want to
make it your own value tainment
you’re watching value tainment on value
tainment my goal is to show you how to
build a real business that increases
value and it grows and puts you in the
biggest position to make high valuation
for yourself hi x-factor for yourself so
now when you look at these three things
this is what you ought to be thinking
about this guy does he generalize or
does he special
the one that’s got seven different
businesses he’s generalizing this one’s
right in the middle
this one is specializing you know what
people pay the most money people who
specialize those who specialize make the
most money
those who generalize typically are
always generalizing into a new thing let
me give you a story here Jack Ma a few
months ago not even a few months ago a
few weeks ago he was asked by this one
guy that was interview masters forum big
he’s in Jack oh my gosh he knows
everything this guy’s Alibaba he’s he’s
brilliant the guy asked him a question
so what do you think about Bitcoin
he’s got starts answering Jack mob and
he says well let me tell you my opinions
about Bitcoin I disagree in that the one
minute into his answer here’s what he
does he says look I can be very honest
with you I don’t know enough about
Bitcoin to give you an educated opinion
about Bitcoin Jack Ma yes Jack Ma
understands I don’t specialize Bitcoin
why am I gonna act like I know
everything about Bitcoin he put it on
the interviewer and the interviews like
wow the 47 billion dollar man doesn’t
know about Bitcoin who would you rather
be the interviewer that’s sitting there
like how does this guy not know anything
about Bitcoin I know more about Bitcoin
would you rather be the 16 year old kid
that says I know way more about
blockchain and Bitcoin and this guy does
would you rather be the 27 year old
that’d just about ripple I know more
about Bitcoin and Jack Ma or be Jack Ma
I mean that to me is a no-brainer Jack
Ma doesn’t need to know about Bitcoin to
be what 47 billion dollars because this
goal in life is not to generalize he’s
gonna life is to specialize and you
believe it or not admire those who
specialize but majority of the populace
get solved by the people who generalize
just remember that he might challenge to
you you followed by a tainment
whether you like this or not I’m giving
you what I’m thinking about here’s what
it is let all these guys go out there
and generalize let them go out there and
do 50 different businesses let him go
out and one day talk about this another
day talk about that another they talk
about this and by the way I’m not
telling you not to be well-read I’m all
about reading I’m all about educating
yourself I’m all about you going out to
getting the information so you kind of
know to make an educated decision and be
able to have an educated conversation
with you out a bar or networking
you need to know that but I’m
specifically talking about streams of
income not conversation starters so this
is my challenge let everybody do what
they do for you decide when you’re going
to put yourself out there to have
multiple streams of income now watch
this is gonna be a contradiction to what
I’m saying to you I’m not telling you
this doesn’t make sense but at what
point here’s what I mean
we bought a hotel recently Crowne Plaza
for 36 million dollars I bought it with
a couple of the investors that I’m
working with about 36 million dollar
hotel Crowne Plaza great we bought this
place why did I buy this place here’s
how I make the decision decision on
why’d wanna buy this place my business
is what I do with insurance and PHP and
by attainment right this is what I’m
doing I said how much time is gonna need
from me none you’re just a money guy no
problem what are we looking at here’s
what we’re looking at this is what we
own this with the dividends we get
perfect here you go resources now I do
it at a very later stage of my career to
additional having multiple streams of
income because I’m sitting on a lot of
cash today then you do it not the other
way around I am so glad I didn’t buy
into this multiple streams of income
idea here to just make twenty two
thousand dollars a month
and imagine if I would have just done
that to I’ve missed out on the hundreds
of millions of dollars that are made big
difference because I chose to listen to
a guy like Carnegie who decided to
specialize I’m by the way some of you
guys will come back and say but Pat I
know a lot of rich people that say you
should have multiple streams of income
yes but at what stage of their career
when they’re first getting started
there’s no way in the world they may say
that when they’re 42 after they’ve
already made a lot of money they have to
do that yes they have to do that that’s
like you asking a question how do I
become a good grandpa and you don’t even
have any kids yet first go have kids
first go find a girlfriend first go find
a husband first go find a wife then make
some babies and then be concerned about
how to become a grandpa but number one
specialize number one and if you truly
hear me out each has a risk because you
can go out and put all your eggs into
one basket and specialize in one
industry and this industry could change
and you’re gonna lose but my bet on you
is if you put your money on specializing
overgeneralizing I am willing to bet on
you eight out of ten times you’re gonna
win
together generalizes for the two times
that these guys win let them win I’m not
worried about these guys winning on that
side just know when you decide to have
different sources invest into this
business investor that business invest
into this business do that way later on
while your focus on specializing in one
business one industry later on you’ll
have plenty of opportunities generalize
anyways questions thoughts comments
comment below again if you haven’t
subscribed to the channel yet click on
the subscribe button and join a
notification squad take everybody bye-bye
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