The Framework to Create Multiple Streams of Income
Hello. Tim here.
We're moving to Denver. It's official. The lease is signed. Let's. Fucking. Go!
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This week's issue is brought to you by Writing to Riches.
1. The Framework to Create Multiple Streams of Income
I heard someone say "there's no such thing as passive income." This is true. At the very least, all income requires maintenance.
However, I believe this person is missing a crucial point.
What most people don't understand about passive income is this.
Just because income needs to be continuously worked for, doesn't mean it needs to be continuously worked for by you. Yes, it's totally possible to generate multiple income streams that require minimal work on your part. No one says you can't have other people make money for you. This is what the rich teach their kids.
You have to develop a new way of thinking.
Here's the framework.
Step 1 - Become an Authority
This is the step most people get wrong.
If you want to get paid, you need to be able to solve difficult problems. Most people want to jump on Twitter and make esoteric statements and turn that into a business.
It doesn't work that way. You need to be an expert at something or you need to partner with someone who is an expert. Then you need to build authority in that industry.
Step 2 - Create Distribution
You need a list.
You have multiple tools at your disposal, but without an email list, you will never have true ownership of your income.
Step 3 - Productize Yourself
What is the value you bring to the world? Do you provide a service? Do you educate? Are you able to present a solution to a difficult problem?
How can you take your skill and turn it into a product with minimal cost of replication?
Step 4 - Generate Leverage
There are 4 types of leverage.
- Code
- Media
- Capital
- Labor
If you understand leverage, you understand how to duplicate yourself at infinite scale.
Step 5 - Automate Your Monetization
Learn how to automate your sales process. By creating a definitive and predictable conversion rate of sales, the income will generate itself automatically.
Step 6 - Repeat
It's possible. You can do it. Your problem isn't your work ethic or intelligence, your problem is your ignorance to building systems and processes at scale.
2. How To Avoid Getting Burned By AI-Gen Content Creation
On this week’s episode, Ethan and I explore writing, humor, and how to avoid getting burned by the explosion of AI-generated content.
Click here to listen to the episode and check out the full show notes.
3. How Donald Spann Bootstrapped from $0 to Millions
October 24th 2022
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Donald is a buddy of mine. He's not the kind of guy who cares about a Twitter following. I was thrilled to see him write this thread on what it takes to make millions with no funding.
These are the kinds of threads I love.
This isn't about finding an easy hack, or about "product market fit" (I still have no idea what that means).
For guys like Donald, it's simply a matter of figuring it out.
I've written a lot about the personality traits of the successful, and it's never what people think. Successful people don't have to be charming, or brilliant, or charismatic.
They are conscientious.
This basically means "they figure shit out."
Donald's thread oozes conscientiousness.
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4. Writing to Riches
Charles Miller is a writer who has leveraged his content into over 180,000 followers and a $250k+ per year solopreneur business.
His writing, social media marketing, and freelancing course bundle gives you:
- A simple, repeatable, 8-Step System that lets anyone write anything.
- A 73-minute course on the foundations of writing and persuasion with an accompanying 100-page PDF.
- A 45-minute course on personal branding and social media marketing with an accompanying 100-page PDF.
- A 45-minute course on freelancing with an accompanying 100-page PDF.
- Analysis of 25 pieces of copywriting.
- Analysis of 130 viral social media posts.
- With all those combined, the perfect toolkit for writing better, building social media pages, getting clients, and/or building your career.
- Free updates/additions forever.
- A guaranteed positive ROI.
Him and I have spoken a few times, and I know he’s 100% legit.
If you’re interested in earning online as a writer, click this link to check out his program.
5. A Social Media Following Isn't a Good Way to Build a Business ... Do This Instead
Almost none of the successful people I surround myself with care about social media, at least not in the way that you would expect.
True entrepreneurs take a different approach. Sure, there are exceptions to the rule, but this framework is a much better predictor of success than a social media following.
Click here to watch the video.
6. This Isn't a Shitcoin or Even a Memestock. It's $Meta
It's crazy to think that Facebook, the social network that started it all, could be the first of the tech giants to see a fall from grace.
"Meta shared its 2022 Q3 earnings today and, as expected, performance left a lot to be desired. Advertising revenue came in at $27.2 billion, down roughly 4% year-over-year." - (Source: Search Engine Land)
Now, let's pause for a second and recognize that "$27.2 billion in revenue" and "a lot to be desired" we're both written in the same sentence.
What in the actual fuck?
That's enough money to end homelessness. Facebook is one of the most cash flowing companies in the history of the world.
The stock is re-correcting itself because retail and tech investors got used to living at 0% interest rates and no one in the last 10 years remembered that the typical market correction is a 34% drop.
The big bet on "metaverse" could certainly backfire, but damn ... I personally think people are underestimating $Meta and Zuck.
Now, I sold my Facebook stock the second they made the Meta announcement, so my words and my actions or contradictory. But I wouldn't be surprised if Facebook is still standing strong 10 years from now.
Also, this might have something to do with it.
October 25th 2022
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7. Email Autoresponders: Meet the Lazy Marketers Best Friend
Most email autoresponders aren’t all that good, because most of them are about the marketer.
Your email autoresponder sequence needs to be about the reader.
The autoresponder’s most important function is to take people who are curious about what you do and turn them into raving fans.
That means an autoresponder needs your best content — the kind of content that makes readers glad every time they click through.
It doesn’t have to be funny, witty, charming, or poetically written.
But it has to be damned useful.
If your autoresponder solves problems, you can automate your sales.
8. Fireside Chat with Me
This was hands down my favorite interview I've ever done.
I don't know what it was about Allie and how she asked questions, but it was such a great convo and a truly enjoyable chat.
I think Allie was the best interviewers I ever spoke to.
Also, my glasses are crooked.
9. Hard Work Doesn't Pay
This is a fascinating chart.
However, it's very misleading.
Our society absolutely rewards hard work. What you're seeing in the chart above is the difference between people who use their hard work to create leverage and those who don't.
If you want to get rich, you need leverage.
This is my message to you.
10. The Final Thought - "A Beginners Mind."
When I flew out to Denver a few weeks ago, I was having a hard day. I got on the plane and pulled out my surface to start working. Something inside of me told me not to, and I had this urge to do nothing except sit there.
About 40 minutes into my "doing nothing", I realized that it was the first time in months, probably years, that I had no wifi, no internet, and no notifications of any kind.
During the three hour flight, I simply let my mind go to wherever it wanted to go. It was like a brain cleanse. I didn't force anything or judge myself. I simply let my thoughts be what they would be.
The moment had a big impact on me. My thoughts and my anxiety had been running away from me. This moment reminded me of the importance of living a simple life.
Since then, I've simplified many aspects of my life.
I've been taking this approach of simplification and applying it to my work as well. I've become aware at how much I over complicate things that don't need to be complicated.
It's a sort of "experts disease." It means that you learn something and when you master it, you start to add sophistication to a process that doesn't need it.
There are endless ways I've over complicated my work in the last 10 years. But I've made the commitment to return to a beginners mind.
I'm focused on the fundamentals and nothing else.
I will write a post about it shortly because I'm shocked at how much easier it is to succeed when you don't try to get fancy. The fundamentals are the true building blocks of success.
I'll keep sharing.
Love you guys. Talk to you next week.
Tim