I’m Back: Determined, Not Defeated!
Read time: About 3 minutes!
If you have been following my journey, you know that 2 year ago I set a goal to create 30 streams of passive income before turning 30. Well today is my BIG 3-0 which means my time’s up!
Looking back, I now realize what a huge undertaking this was.
Nevertheless, I am glad I set this goal because it set me on a path I would have otherwise never opted for.
So, as I reflect on the past two years, on the surface I see mistakes, struggles, risks, losses, pain, uncertainty, anxiety and defeat.
But when I take a closer look I realize how much I have grown- as a person and as a businessman.
While writing this post, my mom happened to be watching a video that fit perfect with my current situation.
“It doesn’t matter how far your rise, at some point, you’re bound to stumble.” – Oprah Winfrey.
Here’s a few lessons that I’ve learned so far;
- 30 different streams of income is a bit much to manage
- Mitigating losses is a skill that must be learned
- Thorough research will eliminate or minimize your risks
- Losses are part of business, hell part of life
- Going through pain births strength and purpose
- Uncertainty should never be a reason for indecision
- Anxiety can be eliminated or minimized with preparation
- Although this goal “failed”, I’m too determined to be defeated
Nothing revolutionary here, but the growth drawn from experiencing this firsthand has been tremendous.
Plus, I’ve listened to enough Kanye songs to know that “N-now th-that that don’t kill me, can only make me stronger” (Ah ah ah, I need you right now…)
So What Now?
I have come to the sound conclusion that 30 different streams of income is almost impossible to manage. You spread yourself too thin and it’s almost impossible to keep your sanity.
Each stream of income is a separate
business entity child which demands attention from you and will suck the life out of you if you’re not careful.
So after thinking things through and reevaluating (recalculating as Oprah calls it), I have come up with a different strategy that will still keep me on my path of creating 30 streams of passive income without having to keep up with 30 completely different businesses entities.
My New Approach – Base 6
Moving forward, my 30 streams efforts will be focused on only 6 main categories (base 6) out of which I’ll replicate (scale) each as needed to create my 30 streams of passive income.
The main advantage of this approach is that I can focus my efforts on only 6 core businesses and leverage the success I get from each to replicate and scale up- rinse and repeat style.
Simple enough, nah?
My purpose for embarking on this journey 2 years ago was to achieve freedom. What I engage in moving forward has to eventually be able to afford me that said freedom.
I used the criteria below to narrow down the 6 different categories to invest my time and money in;
- Something I am passionate about
- Requires less than 7hrs per week to manage
- Can be turned into a system – hence be scaled
- Can be outsourced
- Has a proven (profitable) track record
- Cashflow positive
- Can leverage existing knowledge
In my next blog post, I’ll get into more details about the 6 categories I’ll focus on and my plan of execution.
I feel more humbled and driven than ever!
I want to look back at this moment a few years from now and be proud that I made this decision. As always, it’s a pleasure to share my journey with you- your support and accountability keeps me going.
I’m too determined to be defeated!