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152: The ‘Multiple Streams of Income’ Trap No One Warned You About · Harder Than Life

• 0:07
  I'm Kelly Siegel and this is Harder Than Life, a podcast about self-love, self-awareness, business and health. We tell outrageous stories and boil everything down to simple, practical advice you can start using today. Let's get living. Welcome back to the Harder Than Life podcast. It's your boy, Kelly Siegel. And today we're blowing the lid off of one of the most repeated, misunderstood and frankly, lazy...
• 0:36
  buzz phrases out there. I want multiple streams of income. Yeah. So does everyone else. But let me ask you, have you even mastered one yet? If you're spread across five streams and none are flowing, you're not diversified. You're drowning. Let's get into it. First of all, let me also run and say that this month we're doing a bunch of business podcasts because I want to share our
• 1:00
  growth strategies, I'm trying to shortcut you to the front end, I have messed up several times in my IT company, bad business relationships, bad romantic partners, too much bruise,
• 1:15
  Wrong customers, and I'm gonna give it to you guys straight, free on these Thursday solo podcasts. So the truth about multiple streams of income, we've all heard it. Hell, we've all said it at some point. I'm building multiple income streams. I want passive income. I don't want to rely on one job, one client, one business.
• 1:36
  Sounds sexy, right? Until you realize that if you can't build one profitable, sustainable, repeatable income stream, then adding four more just multiplies your chaos, not your cash. I call this delusional diversification.
• 1:54
  People want 10 different things paying them so they don't have to rely on anything. But in reality, that's code for, I don't wanna do the work. And that, my friends, is scarcity and fear wearing a disguise. There's an old football analogy that if you have two quarterbacks, you don't have one. I believe if you have two sources of income and neither one is popping, you have none. So let's talk about
• 2:22
  foundation, which is the, is first mindset. Let me give it to you straight.
• 2:28
  If your first business, your first stream, your main thing isn't locked in, adding more will only make things worse. You don't diversify confusion, you scale clarity. At National Technology Management, my IT cybersecurity firm, we didn't launch new services until our managed IT platform was locked and loaded, stable, predictable, and scalable. Full vulnerability. When I didn't wanna look in the mirror,
• 2:58
  I would launch a new product because I was scared. So we had a product called Safe Secure and it became reliable and systemized. Once it became reliable and systemized, then we layered in the coaching, the book, the sales, the podcasting, merchandise, and massive cybersecurity. So I'm just kind of talking broadly across both platforms because I do have multiple sources of income, but it wasn't until National Technology Management
• 3:28
  was fully operational on its own that I decided to launch the Heart of the Life brand. And it was really because it was my passion. And remember, most of this stuff is going to, most of the proceeds are gonna go to charity. So I only launched the second revenue stream after the one feeding everybody was steady with confidence. So there's a passive income myth. Passive income is the lie people use to justify the avoidance of doing the work.
• 3:59
  Hate to break it to you guys, it's true. It's the lie people use to justify their avoidance of doing the work. There's no such thing as set it and forget it and that money actually lasts. There's always a catch. Real estate, you're a landlord and there is lots of, what's the word I'm looking for? Lots of risk. Stocks, volatile and you need cash to invest and you know what you're doing. Courses, you better sell them
• 4:27
  or they'll collect digital dust. Affiliate links, you're marketing or you're invisible. I hate to break it to you, but every passive stream starts with very active input, even with the heart of life coaching. You think that just runs itself? Nope, we build systems, a team, a platform, and a brand. And it took years and it still work every darn day. You know how many times I launched and pulled back, launched and pulled back? All you see is the final result.
• 4:57
  That's why failure is always feedback, always fail forward and fail fast.
• 5:03
  It's the people that give up that are the failures, not the people that keep trying. If you want income while you're asleep, cool, work like hell while you're awake. That is the secret, people. There is nothing that you're just gonna fly out there and all of a sudden money's gonna come running in, especially when you've never done it before in your life. Let's talk about focus. Scattered focus equals scattered results. Let me tell you the truth.
• 5:29
  that I've lived. You can't scale when you're scattered. The last podcast was we talked about documenting all standard operating procedures. I've tried to do it with just pure grit. I tried being everywhere at once, selling tech, coaching people, building real estate, investing in startups, writing books. I was spread like butter on toast, thin and ineffective. I literally burned out.
• 5:58
  And I have unlimited energy. Take it from my mistakes, my loves. I'm telling you, I've made every mistake. The breakthrough came when I was focused. You guys remember what focus stands for? I don't think I've ever told you this. Follow one course until success. So the breakthrough came when I was focused, when I picked one thing to be world-class at.
• 6:20
  IT and cybersecurity. Once that machine ran smooth and predictable, then the other streams could thrive. And I just simplified that so easy. We literally have been in business almost 30 years. It took until I broke every single thing down and had systems and processes that I could say, hmm. And even when I first started the harder than life stuff, to create the personal brand, to bring these amazing content to you,
• 6:49
  I did take away from NTM's growth and sales. And I wish I could go back and plug that hole faster. As I said, it had to run smooth and predictable. And then the other income stream could thrive. But until then, they were distractions dressed up as opportunities. So ask yourself, are you building an empire or just playing entrepreneur hopscotch?
• 7:14
  I love that. Hopefully you're getting something out of this. This is good stuff, guys. I prepared really well for this, and I'm sharing it all with you. You got a masterclass.
• 7:23
  So what secure revenue really means? Let's reframe the goal. You don't want streams of revenue. You want reliable, repeatable, scalable income built on the value you provide, problems you solve, systems you own, relationships you've earned. You want a business model, not a hustle map. Everybody runs out of energy at some point.
• 7:50
  At National Technology Management, my aforementioned IT cybersecurity company, that's our safe, secure, per user pricing. It's built for consistency. The model years in the making. It's now automated and aligned to clients' needs. That's what creates security. You don't get secure income from gambling on six ideas. You get it from one machine that you refine until it's bulletproof.
• 8:16
  That aforementioned per user pricing sounds so easy. When we finally got everybody on board to do, to say, yes, this is the direction we should take the company, it took me one year to come up with it.
• 8:31
  And then trying to implement it took another year. So it's always gonna take longer, it's always gonna be harder, and that's why people say, I want multiple avenues of revenue, because they think it's gonna be easier. It's not. You cannot build from a shaky foundation. You ask me, how do I build one stream that lasts? First of all, go back and listen to the last podcast. Implement a system, pick the people and the processes,
• 9:00
  that will propel you forward. Measure, measure, measure everything. So let's get into these action steps. Write this down. Step one, pick your one
• 9:13
  Revenue stream, one, and it usually is what you're really good at. I remember there was a time I got the crazy idea to get in the insurance business. I am an IT guy. I am in sales. I knew nothing about insurance. I went all over, and then I realized this is crazy. All I was really doing was running for myself. So pick the one offer, one product or service that solves a real problem and can be systemized.
• 9:39
  Pick the one thing that you're really passionate about, you love, and it solves a problem and can be systemized. Step two, you guessed it. Systematize it. Document it. Train your team. Build your sales process. Get repeatable results. I have a newsflash for you people.
• 10:00
  This also includes social media. I hear a lot of people, mine doesn't sell on social. Everything sells on social. People buy from who they like. So I'll do a podcast at another time, another solo episode about how to leverage personal brand to grow your main profitable stream of income. Step three, stack predictability. Focus on retention, referrals,
• 10:28
  reoccurring revenue. Guys, this reoccurring revenue is so important because it means that there can be months where you're not selling and you're still in good standing. That's how we got through the pandemic. My company is built on reoccurring revenue. So is the Heart of the Life Nation. It makes it a little bit hard to make a lot of money really fast, but once you get it going, ooh, so.
• 10:52
  Stack predictability, focus on retention referrals, reoccurring revenue, and don't add complexity, add consistency. Prove it works without you. Again, the previous podcast I talk about if you are the bottleneck and your company won't run without you, you still have a job. You are not an owner, you are still an employee. So prove it works without you. If you can't walk away from it for 30 days and have it grow,
• 11:21
  You don't have a business. You own a burnout. Funny story. Burnout when I was younger was meant you smoked a lot of weed. And I just, I wrote that in there and it made me laugh. So step five, then, and only then add a second stream. Let the success of stream one fund and feed the next.
• 11:46
  Don't build five wells. Drill one deep enough to hit water. Coming to the end, so hopefully you're taking lots of notes. Maybe you've rewound. Any of this stuff, guys, you can DM me on this, and I'll drill into this. I have books. I've read hundreds of books on this.
• 12:04
  I'm telling you, I went 20 years of never adopting this stuff. It wasn't until I adopted this that I grew massively. As a person, as a leader, as a businessman, as a human, it's really nice to be able to go home at night and not be completely burned out. When I was building the company through grit and gravel, I was a stress ball. I wasn't fun to be around. So when did diversify? Diversify.
• 12:30
  And there's a caveat to this, the right way. When should I diversify and how do I do it the right way? Let me be clear. I'm not against multiple income streams. I've got them.
• 12:42
  but I built them on a rock, not on shifting sand. So here's when you do it. When your first stream is stable and automated. When it aligns with your core brand or values. When you have a team and or systems that let you scale. When it doesn't distract, it enhance, again.
• 13:06
  Stable and automated. Aligns with your core brand and values. You have systems in places and enhances what you're already doing.
• 13:13
  So I'll give you an example. Heart of the Life is an extension of national technology management. It's not a separate beast. The coaching, the speaking, the books, they'll all point back to optimization of the mindset, the security, your business, and your physicality, which all help you grow. That's how you do it. Stacked, not scattered. My final rant.
• 13:39
  I'm going to say something that might sting. If you're chasing passive income because you don't want to work, you're not chasing freedom, you're chasing fantasy. Stop looking for the magic bullet. Stop trying to skip the work. Stop falling for Instagram gurus with fake jets and whiteboards. Instead, build one thing that works, master it, systemize it, scale it.
• 14:07
  Multiple revenue streams, like everything else in this world are earned.
• 14:14
  Not dreamed up. Hopefully you found value in this, Heart of the Life Nation. I love you too much to let you fall deep into the trap of lazy thinking. There is no shortcut, there's only focus, consistency, and grit. And don't forget our trusty old friend, accountability. Accountability always feels like an attack when people aren't ready to change their ways.
• 14:39
  That's how I know when I've got a culture issue and or the people problem. So you're not looking for passive income. You're looking for powerful impact that pays. So build it, show up every day. And when it flows, then you multiply.
• 14:57
  Keep in mind, everything works as long as you work it. Till next time, I'm Kelly Siegel. This is Harder Than Life. And remember, stop chasing streams. Start building your river. Be harder than life.
• 15:14
  Please rate and share this podcast. I'm active on all social platforms and love to hear from my Segal supporters. Each and every episode is sponsored by my company, National Technology Management, the easiest and best IT company to do business with, delivering peace of mind with technology every day, even simplifying cybersecurity. Visit TrustNTM.com for more info. Until next week, be harder than life.