Episode 84: Scarcity of attention: Re-evaluating multiple streams of income

In this week’s podcast episode, Vangile talks about the importance of creating multiple streams of income and shares her experience of launching an AirBnB to cover legal fees in one of her companies. 

She explores the concept of scarcity of attention and emphasizes the need for focus and undivided attention in growing a successful stream of income.

She shares her experiences with creating multiple streams of income in different industries and the challenges she experienced because of limitations of attention and resources that come with managing multiple streams of income. 

She also emphasizes the importance of deep work and mastery when building multiple streams of income. She shares her own experience of gradually adding new income streams once they had mastered the initial one. 

This is another eye-opening podcast episode.

Tune in!

 

During this episode, you will learn about:

00:00: Introduction

03:56: Talking about being in Koh Phangan, Thailand and launching an Airbnb

08:43: Challenges and anxieties of launching the Airbnb

11:45: Re-evaluating multiple streams of income and lessons learned

14:41: Discussing the failure of having multiple companies simultaneously

17:51: The misconception that more is always better and the importance of focus

19:44: Lessons learned from managing multiple streams of income

24:24: Evaluating different potential streams

27:27: Scarcity of attention, decision-making fatigue, and resource allocation

31:03: Maximizing profitability and quality in each income stream

35:25: The importance of mastering one stream of income

39:58: Hiring assistants and expanding the team as the business grows

45:26: Trade-offs and considerations when pursuing multiple streams of income

48:11: Invitation to the Next Level You Mastermind program: wealthy-money.com/mastermind

Notable Quotes 

• "Reevaluating multiple streams of income is crucial to ensure their effectiveness and to adapt to changing circumstances."
• "Sometimes less is more... it's so counter-intuitive that actually when I started wealthy money one of the first things I did was I cut back on all my streams of income."
• “Focusing on one stream of income allows for better customer service, improved team management, and the development of a strong company culture”
• "Once I mastered that first stream of income, boy did everything just start to become easier." 
• “If you are running five different companies in five different Industries then chances are you cannot give all of those companies your undivided attention and that focus is key in growing a stream of income."

Additional money resources:

Money Magic course: https://www.wealthy-money.com/moneymagic 

Bank Account Challenge: https://wealthy-money.com/bankaccount 

Wealthy Money Mastermind: https://www.wealthy-money.com/mastermind

7 Day Tapping into Ancestral Money Wisdom Training: https://wealthy-money.com/training

Next Level You Journal: wealthy-money.com/joournal

Let’s connect on Instagram: https://www.instagram.com/vangilemakwakwa/