Multiple Stream Of Income
March 9, 2007 | By admin |
Multiple Stream Of Income or MSI, sounds pretty good but how to actually make it happen in reality? These days people talk about diversification of income source. Well maybe if it were invest programs you can diversify. But when it comes to building an income-producing source, its a different ball game all together.
Have you tried doing multiple income-producing projects simultaneously? It rarely works. Experience tell us that what usually happens is not a single project gets finish - period.
However MSI can be achieve by focusing on one project at a time untill completion - achieve what you want out of it. Then move onto the next project and do the same. So over time you’ld have MSI achieved.
In MLM.com, currently there is an article by Mark Yarnell that talks about this, and in his experience, its one of the traits of the Ultra-Rich Network Marketers.
Since featured articles is only for a week, for the benefit of the readers, I’m quoting it here:
Related Posts:Yarnell’s Law 632 By Mark Yarnell
For twenty-two years I’ve had an absolute blast in Network Marketing. In addition to making much more money than I ever needed, traveling the world and living every single one of my dreams, I’d have to say that the greatest joy has been interviewing so many great men and women. As an author I’ve been privileged to visit with many industry giants most of whom have never entered the public limelight. Content to fly their own jets and pilot their own yachts, most really successful people in our industry never write books or create training materials. In fact, most Networkers would probably be shocked to discover how many million-dollar-a-month earners there are who treasure their anonymity. I’ve met many.
Most leaders who rise to the very pinnacle of our industry have radically different strategies for success but they all seem to share one philosophy. I call it Yarnell’s Law 632 because my dad taught it to me many years ago and it seems to be a common practice among the ultra rich. Obviously my dad taught me something that great people always knew. It’s easy to remember because it’s six words followed by three, followed by two…hence 632.
Do one thing at a time,
Do it right,
Finish it.I’m amazed by the number of people who think our industry is so simple that they can do two or three deals simultaneously. That’s not what any of the ultra-rich Networkers believe. I’ve never met any million-dollar earners who do several companies at the same time although people “pitching” multiple streams of income imply that such people are out there. Where? I guess it’s possible, but the big leaders I’ve met do one deal only.
The next fact I’ve noticed about the ultra-rich Networkers is that they do this business right. Until they hit comfort zones of huge passive residual income, they focus exclusively on the only two things we are paid to do: recruiting and retailing. In other words, they do it right. If money is your goal, do what you’re paid to do. I’ve never heard of any MLM company that paid people to browse the web, watch TV., answer cell phones, talk to distributors from other companies, complain to their upline, fly around delivering speeches, train their people, review competitive comp plans or chat with cyber pals. And I sure haven’t met any big money Networkers who achieved radical wealth through any of those activities.
The final thing that became obvious to me about all those winners was that they finished their business. Most have been with the same company for decades and wouldn’t ever consider jumping into a new deal. As one lady from Mary Kay told me; “There is no bestseller called Quit And Grow Rich.” I thought that was well put. My friends and I made millions because no matter what people said to convince us otherwise, we always refused to quit. I retired once but after a couple of boring years I decided to go back to work. Back in the golden years of last century before greedy corporate leaders and their barely-literate Washington puppets planned and launched the current middle-class extinction, everyone had the luxury of jumping from deal to deal as if prosperity was our divine birthright. For those who haven’t yet read Armed Madhouse by Greg Palast and Think by Michael R. LeGault, (of course that’s most people given the fact that only 5% of all Americans read one book a year), may I be so forward as to prepare you for an interesting fact? True, we are in the greatest industry on the planet, but none of us can afford to ignore the economic tsunami now looming off-shore. We no longer have the pleasure of acting like our profession is a cute little part-time venture. Those who do one thing at a time, do it right and finish it, will be fine. Those who don’t will soon be on food stamps. When I decided to create my final books and CD’s http://HolyGrailNetworkMarketing.com it was because I knew my colleagues and associates only had 10 years to succeed in our industry. When I saw Detroit go from over one million union-wage autoworkers to over one million people on food stamps in a decade, I realized just how quickly the middle class can be phased out.
Believe it or not I’ve always been an incurable optimist and I still am. But it’s time to stop pretending that wealth is just one free power leg, another list of prospects, or click of the mouse away. There are no magic lists of opportunity seekers or genealogy reports sprinkled with fairy dust that will magically transport you to passive residual heaven.
The reality is simple but hard from some people to swallow. To get to the big money people are going to have to do one company, retail and recruit, and not quit until they hit the ball out of the park. The good news is…there’s still time. Take it from me. At 57 I’ve already made a big enough pile of money to run out the clock in style. I don’t have to waste my time convincing anybody to do anything because I don’t have a dog in this fight. Most people aren’t about to invest $149 in my quarterly books and CD’s Holy Grail training and I know that. Why would anybody want to invest the price of a latte each day just to learn how to earn $300,000 a month? Duh. But for twenty-two years I’ve had a blast and at the very least I owe the people in this industry one simple thing: the truth. So here it is; Do one thing at a time, do it right, finish it.
Sometimes when young people call me for advice, and many do, I’m tempted to agree with them when they compliment me on how difficult it must have been to succeed back in the old days of MLM. They talk about how unimaginably difficult it must have been before computers, cell phones, faxes and text messaging. What a joke. Back then we were never interrupted by technology toys.
Just last week a young, aggressive Networker called me because he just couldn’t figure out how to make big, big money. He spent the first ten minutes explaining his strategies while I listened calmly. When he was finished I decided not to embarrass him by pointing out that he had just wasted both our time discussing what doesn’t work. We already knew his system didn’t work or he wouldn’t have called. Why he didn’t just ask me to describe what does work is baffling. I gave him four simple strategies for creating a huge warm market and he was speechless. It was as if I had just given him the “keys to the kingdom.” I actually thought he was going to cry. He thanked me profusely and then asked me a very predictable question: “Should I keep doing what my upline taught me along with this new strategy?” I said, “No Jeff. Because what you’ve been doing doesn’t work.” He gasped at such a wise comment, thanked me again, and hung up.
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Mark Yarnell is an accomplished author, motivational speaker and international business person. He is the co-founder and writer of The Holy Grail of Network Marketing, an international training and development organization focussed on helping entrepreneurs succeed in Network Marketing through timely, proven strategies and concepts.
Mark is the recipient of the coveted American Dream Award as an outstanding entrepreneur. With eighteen years of applied Network Marketing experience, he built a successful international distribution organization of more than 300,000 marketing representatives in 21 countries.
Mark has delivered presentations and speeches throughout North America, Europe and Asia and has authored and published several bestselling books, including Self-Wealth, Your First Year in Network Marketing and his most recent book Your Best Year in Network Marketing.
As a respected advocate of the distribution industry, Mark was the first and only person from networking to serve as Contributing Editor to Success Magazine, having contributed numerous articles to the well-known publication. Yarnell and Dr. Charles King of Harvard University created the first certification course in Network Marketing taught at the University of Illinois, Chicago and in Seoul, Korea since 1993.
Mark has been honored and recognized internationally with numerous awards in the industry, including the American Dream Award, Leadership Award, Distributor of the Year Award, and was named The Greatest Networker In the World. Mark has been indoctrinated into the Network Marketing Hall of Fame.
Mark has founded and supported a variety of charitable organizations. He founded both The Eagles, a literary and self-help organization for penitentiary inmates and the School of Sobriety, the only free treatment program in Nevada for alcoholics and addicts. His charitable work earned him the Nevada Philanthropist of the Year Award from the Washington Times.
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