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Multiple streams of income is a myth taught by "rich" people 🥊
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Hi Reader, My FYP features a lot of bad business advice. I can't stand seeing videos about how you can create $3,000 in side hustle income from dropshipping or copywriting. Become a forex trader overnight—laughable. One piece of advice that does sound smart, but is mostly hollow: "Get yourself multiple streams of income. It's the path to wealth." If you're going to read anything this week:Do you know what it takes to spin up multiple streams of income? How many people do you think actually get wealthy from it? The answer...probably far fewer than you'd think. There's a giant issue with trying to create multiple streams of income. Your focus gets split. There aren't many people that are excellent at their side hustles. No shade. IMHO, it's not the path you should obsess over. Outside of working for big corporate, building a business is the only feasible path to wealth. Risk taking isn't for everyone. If you're comfortable with betting on yourself, you're in the right place. I want you ignore all the fast money advice you see. Ignore the tax strategies from the "wealthy" guy being interviewed outside of his country club in a Ferrari. Ignore the investing schemes. Ignore the Instagram ads trying to sell you a course on writing conversion-driving copy. Instead, make one decision. How are you going to add value to the world? Hint: There's only two ways.
Crazy, right? It's that simple. I love startups because they force intense focus. You have to be an expert at the problem you're solving. You have to be an expert on the customer you're solving the problem for. It's like getting a master's or PhD. You get deep knowledge. Rest assured. When you have created value by solving a big problem for your customers. You will be rewarded. After that, you can diversify. Let your money work for you by investing in other asset classes. This is where multiple streams of income makes sense. Besides, do you know why people are asked to do TED Talks or speak at big conferences? Because they're f*cking great at a specific thing. Being undeniable unlocks doors and opportunity. Today's advice: If you're doing too much; STOP. Focus on the activity you believe will bring you the most return on your investment and energy. Cut the rest. If you're looking for motivation, read 10x Is Easier Than 2x. That's it. You're on your way. If you want to save time:Get Wappalyzer: If you're looking to get an edge on competitors, you need to sharpen your spy craft. There are plenty of free tactics. I use this free tool to check out the tech stack for any website. For instance, this is a list of tools Supergoop appears to be using on their website. If you pay more you can do more. The free plan is perfect for my purposes. If you want to save money:Try Balsamiq: I haven't used this yet, but will soon. It's hard to give your designer or agency enough direction with only a mood board. Adobe is expensive and can be difficult for first-time users. Figma is a learning curve as well. And, you can't always find examples of what you want to build on the internet. Balsamiq is a wireframing tool. Low-fidelity, high-impact. They say it's loved by founders, that's us! There's 30-day trial so you don't have to commit. The cheapest plan is $9/month and gives plenty of value. ​ I can't wait to reveal what I'm working on. Do you have any guesses? See you next week. All my best, |
Marketing, startups and hot takes.
Trying to grow a small business? Looking to scale a startup? Subscribe for access to weekly newsletters with tips and tricks for growing your business. Real talk. Successes and failures. No marketing hacks. No magic bullets. No cap. 🚀 I help businesses grow. 🚀 Join a community of founders, entrepreneurs, and marketers.
Hi Reader, Annoying fact: We love a playbook. A blueprint for how to replicate success. It's not that we are against hard work. What's tough is the uncertainty. We can hire an influencer and get no sales. We can create a ton of content and get no engagement. Our goal is to smooth out that ride without losing a bunch of cash and time. Today, let's look at a brand and take a stab at helping it grow. First, I want to give credit. Andrea Bosoni runs the newsletter Zero to Marketing, where once a...
Hi Reader, Over lunch, I asked a new friend about his approach to his branding agency. Their website is ideal; I'm jealous. With an agency named Off-Menu, the goal is to cook up relatable but different. Relatability is slept on even though it's a key ingredient to brand success. Relatability is engagement. If you're going to read anything this week: What does it mean to be relatable? It's the art of connecting with others on a personal level. Our brands are capable of making these...
Hi Reader, Brands have pressed paused on the growth-at-all-cost era. We're still running some paid ads, but we've scaled back. Now, we're focusing our energy on holistic brand building. Organic growth is back in style. Slow and steady wins the race. As the content schedules ramp, try to remember to stay true and stand on business. If you're going to read anything this week: It's easy to get swept up in trying to achieve a side quest instead of the mission. Brands want to go viral; they want...