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Focus on Only One Thing
Many very successful, rich people make a lot of money through multiple streams of income. For instance, they may own a business and a lot of rental properties; they may own a huge business and lots of rental properties. While this is very good and these people can become very rich, they can still yet break through to another level.
If you want to advance a step further, you'll need to combine your sources of income. Why? Before we can answer this question, we must look at timetable for growing these fortunes from the beginning.
These streams of income resemble snowballs. They started as nothing but loose snow, and they were packed together by the hands of the business owner into a ball shape. The owner would then push the snowball along the ground; if he did not push it every step of the way, it would not move. Eventually, however, as the snowball picked up snow, it would also pick up momentum. Soon, the ball would be rolling down the hill by itself.
Contrary to popular belief, the ball rolling on its own often requires more attention than ever before. The owner must steer the ball so it does not roll off course.
This is a problem when there are two balls; you cannot give both your full attention. Thus, if your real estate business is taking off, you cannot focus on the business, and vice versa. You will need to sell one of them off and put the money into the other so that you can fully focus on the other. Instead of running into this problem, you could have combined the two sources earlier on.
Ray Kroc, the founder of McDonalds, was a genius who did this. Many people do not realize that he owned two companies, a restaurant business and a real estate business. Many who own real estate will buy a piece of property, and a tenant will pay that person for the use of their property. However, what Ray Kroc did, as a part of his franchising, was have the tenant pay for the property and pay him rent.
Because he combined his snowballs, he was able to acquire property that paid him for free. Any work that is done grows both businesses at the same time, rather than only one.
You must combine the snowballs. You must focus your efforts.
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