The Multiple Income Stream Framework
Hello. Tim here.
I want you to know how grateful I am for you. The fact that so many people read my thoughts each week is a dream come true.
Thank you.
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1. The Multiple Income Stream Framework
I went viral this week. I published a tweet and woke up the next morning with almost 5000 likes. The tweet generated a few hundred newsletter signups, and as such, I got a few dozen emails asking me advice on creating multiple income streams.
So here's the breakdown.
Step 1 - Build a cash flowing company (or even keep your job)
The concept most of you misunderstand is you think that all income streams are equal.
They are not.
In almost every case, there is a "golden goose" of cashflow that makes everything else possible.
It's very rare that people can successfully build more than one company at a time. What happens is you slowly generate excess cash flow through a single source, and rather than letting that money sit in a bank account, you put that money to work.
For me, that cashflow comes from Stodzy. Stodzy is the linchpin. Without it, I wouldn't have had the ability to invest in other places.
It doesn't matter if you're an entrepreneur or if you want to stay at your job. Either option is fine, what's important is that you protect your cashflow.
Step 2 - Buy assets
As you've heard me say many times before, an asset is anything that puts money in your bank account.
The first asset I bought was $1000 worth of Starbucks stock. Seeing my first dividend payment was an "ah-ha" moment for me. You put your money in assets that create more money for you.
Assets could be ...
- stocks
- equity in companies
- IP
- rental properties
- etc ...
Step 3 - Keep ratcheting up
I've been obsessed with entrepreneurship my whole life, so I've been able to build a portfolio worth millions. However, it didn't happen all at once. I've kept my eye on the prize and I always treated my money as a mechanism to purchase assets. I save up to buy companies, because I care about that much more than I care about buying watches.
Once you build momentum, keep going. The compounding is what matters.
Step 4 - Get rich
All rich people laugh at silly slogans like "to get rich you need to create value."
No - to get rich you need to create leverage.
How can you apply your time and resources in a way to create a return many times over on the initial investment?
With enough time, you can generate leverage so that you are quite literally making money every second of the day.
It's a simple concept. The reason most of you can't do it is because you have no impulse control and you have no patience.
But for those of you who want to play this game, there is nothing but opportunity in front of you.
2. The Psychology of Marketing
On this week’s episode, Ethan talks to newsletter expert, Abhishek Shah, founder of the Psychology of Marketing Newsletter and Newsletters 101.
They talk about how he went from working at Beehiv to building his marketing newsletter. Abhishek also discusses his monetization strategies and tech stack for his newsletter.
Click here to listen on iTunes and click here to listen on Spotify.
3. Blackstone's Panic is Your Opportunity
December 1st 2022
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Great twitter thread by Genevieve.
In a nutshell, Blackstone is an elite and exclusive real estate fund. They're massive. But, they called a redemption limit because too many investors are trying to pull their money out at once.
Nothing is black and white, but this is a strong signal that real estate is about to go POP!
Now look, I get no pleasure in knowing that people are suffering, and the next year is likely to cause financial pressure for millions of people. But, if you're like me, you see this as an opportunity to potentially gobble up a property (or 5) at a discounted rate.
Home prices will (I think*) plummet. Homes will stay on the market longer and people will be pressured to sell because they need to liquidate.
If building a portfolio of real estate rentals is of interest to you, then you should be paying close attention.
Click here to read the full thread.
P.S. - As of Jan 1 this year, I will have my first rental property.
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4. Looking for a new way to boost your annual income?
5. Hormozi is Wrong
Hormozi argues against morning routines.
He's wrong.
I fully admit that I am one of those Twitter bros who takes cold showers, lifts weights, drinks water, and journals in the morning.
But really, these morning habits are the baseline for my productivity.
Hormozi is dead wrong about this.
6. We Bought a Company
Ethan and I bought a SaaS company. The company is called PlzDM.Me.
Many of you have been following our public brainstorm session on how we can monetize the podcast without littering it with ads. Well, I had the idea to buy a company and use the podcast as a way to promote it.
So we will be advertising ourselves in a much more natural format.
In addition to the podcast, I will share the journey in this section of the newsletter.
This week, I will give a quick brainstorm on pricing.
After reading this amazing breakdown from Nathan, I think I will have 3 pricing tiers.
Tier 1 - You get one link in the automation, and a second link to a branded Plzdm.Me link.
Tier 2 - You get 3 links.
Tier 3 - You get three links and a bunch of pre made templates to help your automations close more deals.
I realize this might be a bit foreign to you since I haven't even explained the product yet, but you should see this start to unfold pretty quickly.
7. Five Keys to Content Marketing Mastery in 2023
Does content marketing mastery mean you’re the best all around?
The best copywriter, the best graphic designer, the best blogger?
And what does it take to be the best?
The off-the-cuff answer is 10,000 hours, popularized by the great Malcolm Gladwell book Outliers. That’s what you need to become a renowned concert violinist, a brilliant mathematician, a chess grandmaster, a Pulitzer-winning novelist.
But what if there was more to it? What if putting in the hours wasn't the whole story?
There are more efficient methods to master content marketing in 2023.
8. This Is a Potential Epidemic
Call your friends and ask them to hang out!!!!!!
Twitter friends can't hug you. The Metaverse is no place to fulfil your most basic human needs.
I am so serious about this.
9. How to Go Viral on Twitter
I finalized a deal this week and without thinking about it, opened up Twitter and published this tweet.
My most viral tweet ever required no thought, no planning, and no intention. I didn't even know it was happening until I looked at my computer the next day.
The results of this tweet are significant. I generated more than 400 newsletter subscribers from it. Many of you are reading this newsletter for the first time due to the aforementioned tweet.
If you want to build a following, the trick is to publish as much content as you can.
No one knows what will happen. No one knows what ideas will resonate.
So keep putting yourself out there and don't think about it too much.
Be urgent with your actions and patient with your results.
10. Final Thought - "This Too Shall Pass"
The last month has been very uncomfortable.
We have been living in an empty house as all of our belongings are currently in a shipping container being sent to our new home in Denver.
We have two kids under 2.
I've been working my ass off for this Copyblogger Academy launch (launches today actually, click here for the special price).
And to make matters worse, my big dumb sister gave me strep throat last week when I was in Philly.
It's been uncomfortable, but as always, I've done my best to take it one day at a time and stay in the moment.
It's moments like these when my sobriety always helps me.
It is through my sobriety that I learned a very helpful slogan.
"This too shall pass."
It's important to always remember that nothing is forever. If you're feeling great, remember that "this too shall pass."
If you're going through tough times, remember that "this too shall pass."
I'm not here offering you life guidance because believe me, I am flawed like the rest of you.
What I do have is a set of tools that have always helped me in moments of stress and uncertainty.
Nothing is forever and the time will pass regardless of how much you appreciate it or not. So you might as well do your best to enjoy the ride.
Love you guys.
Talk to you next week.
Tim.