The lie that is also true.
The lie that is also true.
I am lucky enough to have the world-renowned entrepreneur, businessman, and podcaster Ed Mylett as one of my coaches. The reason I choose to coach with him is that he has real and honest experience.
Ed has a saying that I love, and I thought would make a brilliant lesson for us all today, he calls it ‘the lie that is also true’.
The lie being that all successful people have multiple streams of income. The reason this is a lie, is because successful people did not initially make all their money and success from multiple streams. In fact, they focused, developed, and grew ONE profitable business first.
Only once they have the strong singular and successful business do they develop multiple streams of income.
This is because once the main thing is set up, systematic, and profitable. Now you can take the profits to invest elsewhere, diversity and create strong multiple streams.
Why do I bring this up?
Because I see the chiropractic profession believing the lie, being like the magpie to a shiny object and chasing new venture and the glory of multiple streams of income. Failing to take the time to make their practice solid and profitable.
So, what I thought I would do today is a little bit more entrepreneurial and make clear the difference in diversifying investments and creating multiple streams of income.
As a chiropractor it is easy to attain high profit margins and run a successful practice and business. It is also easy to fall prey to the hype in the profession and personal development space to try new things and set up multiple streams. However, this pulls your energy away from the main thing, your practice, the thing that without you would not have the money to invest.
I see this all the time with clients when they come to me frustrated that their practice income and profits are going up and down, and so often when we discuss it, it is due to the shiny objects. Most notably crypto and property. Taking focus off your practice to learn and invest your time and money in crypto or hunt for property. This leaves your practice slowing and suffering. And trying to do other ventures before really securing a solid, systematic, and profitable practice.
Unfortunately, you do not notice this instantly, as you’ve heard me mention before, there is 3-month delay phenomena that means your lack of action in your practice will hit you like a tonne of bricks in 3 months, giving the illusion before that, that things are going well.
So, let’s think how we can actually take advantage of your profits, diversify and create long term wealth?
1. Systems.
You can not even entertain the thought of setting up another business be it property or crypto without having every single part of your practice systematised. To the point it can run for a period of time without you.
2. Pay the professionals.
While you have good income, do not give up your time, accept help, invest in people as well as assets. What I mean by this is accept part of your investments funds is for the people who will manage it. Pay deal finders and property companies to manage your property. Pay someone to invest your money in stocks or crypto.
3. Diversity.
When you invest your profits from the practice, don’t throw all your eggs in one basket. Have a pension, buy crypto, buy property. Invest in all areas to strengthen against market fluctuations and play the long game here.
So those a few tips, but the most important of all. Invest in you.
Do not get conned into starting multiple businesses until you have your systems and personal development down. Trust me I have made all the mistakes mentioned here and until I invested in myself, got the right team in place, I was struggling.
Now I have multiple streams, solid systems, experienced coaches, and a team to help.
Enjoy the process.
With love,
Tom
P.S. I coach a very select few One-on-One clients. If you think you are ready to really systematise and create wealth, lets talk.