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It takes massive focused effort to create assets that generate a stream of income. Eighty-Four percent of the self-made millionaires in my Rich Habits Study created three assets, with each asset generating a stream of income. Thirty-nine percent had four income-generating assets and 27% had five income-generating assets.
Each income-generating asset took approximately five years of intense, massive effort to create. The self-made millionaires did not try to create multiple income-generating assets simultaneously. They knew a little secret to building wealth – you must focus intently on creating one income-generating asset at a time.
What’s so profound about this little wealth-building secret?
Building income-generating assets is impossible if your focus is scattered, meaning you are trying to create multiple streams of income at the same time.
Scattered Focus is wasted time.
Scattered Focus creates weak assets and weak assets create weak streams of income.
Scattered Focus creates exponential problems – too many obstacles/problems for the mind to solve simultaneously.
Scattered Focus causes missed opportunities – you must be focused daily on growing one income stream in order to see opportunities that present themselves.
Scattered Focus creates mediocrity with respect to your knowledge or skills – you must be completely and totally emerged/obsessed with the task of building an income-generation asset, in order to learn what works and what doesn’t work. That learning grows your knowledge/skills, which can then be applied increating additional income-generating assets.
The good news is that you can create income-generating assets on a part-time basis. In order to do so, however, you must isolate 1-3 hours each and every day and focus intensely on building that singular income-generating asset. Creating income-generating assets is a process and that process is transferableto the creation of additional income-generating assets.
Tom Corley is an accountant, financial planner, public speaker, and author of the books “Effort-Less Wealth: Smart Money Habits At Every Stage of Your Life” and “RichKids: How to Raise Our Children to Be Happy and Successful in Life“. Corley’s work has appeared on CNN, USA Today, The Huffington Post, SUCCESS Magazine, and many other media outlets and podcasts in the U.S. and 27 other countries. Tom is a frequent contributor to Business Insider and CNBC.
