Latest / Earn Your Leisure / Mastering Multiple Streams of Income: Derrick Faulcon's Blueprint for Success

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Mastering Multiple Streams of Income: Derrick Faulcon's Blueprint for Success · Earn Your Leisure

• 0:01
  Speaker 1: Earners.
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  Speaker 2: What's up.
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  Speaker 3: You ever walk into a small business and everything just
• 0:04
  Speaker 3: works like The checkout is fast, the receipts are digital,
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  Speaker 3: tipping is a breeze, and you're out the door before
• 0:11
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• 1:01
  Speaker 3: don't hesitate. Let's Square handle the back end so you
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  Speaker 3: can keep pushing your vision forward. This episode is brought
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  Speaker 3: to you by P and C Bank, a lot of
• 1:12
  Speaker 3: people think podcasts about work are boring, and sure they
• 1:16
  Speaker 3: definitely can be, but understanding of professional's routine shows us
• 1:20
  Speaker 3: how they achieve their success little by little, day after day.
• 1:24
  Speaker 3: It's like banking with P and C Bank. It might
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  Speaker 3: seem boring to save, plan and make calculated decisions with
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  Speaker 3: your bank, but keeping your money boring is what helps
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• 1:51
  Speaker 2: You spoke about the seven streams. I want to talk
• 1:53
  Speaker 2: about that your series, your docu series that you're working on,
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  Speaker 2: but also what's your thesis on seven streams of income?
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  Speaker 2: Because you broke it down the first time. People here
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  Speaker 2: seven streams and it's confusing and everybody has different ideas
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  Speaker 2: of what's seven streams of income? But from your personal perspective,
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  Speaker 2: how did you get seven streams and what's your viewpoint
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  Speaker 2: on that whole seven stream straate.
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  Speaker 1: Definitely, I think the goal is to take one thing
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  Speaker 1: and matched it at one thing and then find services
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  Speaker 1: and products that are a byproduct of that one thing.
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  Speaker 1: So like for example, like I'm gonna talk about my streams,
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  Speaker 1: and we started with a donut shot, which was the
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  Speaker 1: first stream, which we focused on the three essays saving
• 2:38
  Speaker 1: plus sacrifice eqal scaling. That allowed us to now stay
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  Speaker 1: down in stack. You see all the assets saving plus
• 2:44
  Speaker 1: sacrifice equal scaling, and you stay down in stack until
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  Speaker 1: you save sacrifice and you scale.
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  Speaker 2: Right.
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  Speaker 1: So we had the one shot and we just saved.
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  Speaker 1: I drove a Mini Cooper. I drove a Mini Cooper.
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  Speaker 1: I lived in a studio apartment. And then I got
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  Speaker 1: another shot, and then we just and then we got
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  Speaker 1: a truck, and then we just saved. And then I
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  Speaker 1: got another truck. I mean, you know, then I got
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  Speaker 1: another shop, and then I got another shop. So that's
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  Speaker 1: five shops. But two of the shops that I got
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  Speaker 1: I own and they have residential units. So that's the
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  Speaker 1: seven streams, right. So it was really this mindset of
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  Speaker 1: how can I take this one ability that I have
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  Speaker 1: not be distracted we're doing other things, not try to
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  Speaker 1: become a DJA or sell heir on the side. Now
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  Speaker 1: I try to sell bundles of body wraps. Just focus
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  Speaker 1: on the donuts, get seven streams. And if those seven
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  Speaker 1: things could just make me one thousand dollars a week,
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  Speaker 1: that's two million dollars a year. That was it for me.
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  Speaker 1: If I made two million dollars a year, I know
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  Speaker 1: I could easily live in a two million dollar house.
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  Speaker 1: I know I could easily afford a four million dollar
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  Speaker 1: house with a mortgage. So I comped my life out
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  Speaker 1: by saying, if I can just take this and get there,
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  Speaker 1: So like, think about that one lady who got that salon,
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  Speaker 1: who making three thousand a week, and how goal is
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  Speaker 1: nine thousand. Just get two more salons. Don't try to
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  Speaker 1: be a DJ on the side, and don't start selling
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  Speaker 1: dinner place. Get you more salons. It might take you longer.
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  Speaker 1: We vastly underestimate what we can accomplish in the long run,
• 4:08
  Speaker 1: but we always overestimate what we can accomplish in the
• 4:10
  Speaker 1: short run. My marathon been going on six years. I've
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  Speaker 1: been doing it. I started ten years ago. But I
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  Speaker 1: got it though. See that's where I'm at with it.
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  Speaker 1: I got it. I'm not in a position where I
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  Speaker 1: got a bunch of debt out on awe, A bunch
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  Speaker 1: of people, and I could control it. So any given moment,
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  Speaker 1: I could activate the seven streams, and as long as
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  Speaker 1: I now maintain it, which is a different mindset, I
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  Speaker 1: can always have the option to perpetuate it. But what
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  Speaker 1: we got to understand is Black people is that yo, listen,
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  Speaker 1: sit down and focus on maintenance. Got people who want
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  Speaker 1: to do a podcast, they want DJ and they want
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  Speaker 1: to do hair. Figure out the DJ in first, whatever's
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  Speaker 1: going to make you the most money. Then I always
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  Speaker 1: tell another person this, once you get over the good look,
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  Speaker 1: you get some good money, right, stop focusing on everything
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  Speaker 1: that you specifically passionate about. Focus on what's going to
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  Speaker 1: bring that number in. That's what white folks do. They
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  Speaker 1: not passionate about owning three thousand buildings. Trust me, they
• 5:01
  Speaker 1: know that that port fully won't get them what they
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  Speaker 1: want out of life. So it's about giving it everything
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  Speaker 1: you got and it'll give you everything you want.
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  Speaker 2: And then also, so when you came first time, you
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  Speaker 2: talked about even having multiple streams off of one business. Yeah,
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  Speaker 2: so it's like as far as the restaurant, you could
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  Speaker 2: cater you can have your eads, you can have a
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  Speaker 2: cooking show.
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  Speaker 1: So let me break down the substreams that I got.
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  Speaker 1: So this is this is how my industry works.
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  Speaker 4: Right.
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  Speaker 1: Typically, when you see a donut shop, you think, and
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  Speaker 1: they make the most money from a person walking in
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  Speaker 1: and buying a donut, not me. We get our money
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  Speaker 1: from brand collaborations day at the top, because we can
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  Speaker 1: be our natural selves and the company will give you
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  Speaker 1: a bag. Right And after brand collaboration, we got what
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  Speaker 1: we call corporate pickup and drop off, where a company
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  Speaker 1: can call us and they can establish a weekly catering,
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  Speaker 1: not an annual catering, but a weekly catering, so it's
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  Speaker 1: like a subscription package. After the catering, we also got
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  Speaker 1: the truck. With the truck, events we got we could
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  Speaker 1: do private events, so we could also pull up with
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  Speaker 1: the truck and do street venting. After the truck events,
• 5:56
  Speaker 1: we got people walking in the store. Then we still
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  Speaker 1: got the seven st where we educate people about all
• 6:01
  Speaker 1: the things that we've done. And then on top of that,
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  Speaker 1: we got digital product that we can ship that's six
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  Speaker 1: strings within one string. So now it's just it's a
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  Speaker 1: domino effect, and I'm telling you it don't bring I
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  Speaker 1: don't make a lot of money off of each stream.
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  Speaker 1: I make a little off of each stream. I might
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  Speaker 1: get one cater in a week, but that's one thousand dollars.
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  Speaker 1: People might come into the store this weekend, but that's
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  Speaker 1: three thousand dollars. I might get a brand that called
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  Speaker 1: me and give me ten thousand dollars. And what I
• 6:26
  Speaker 1: do is I can bind all of that, and I
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  Speaker 1: cumulate wealth and I stay in my life.
• 6:30
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