A simple question…

Posted by in inspiration | 345 comments

I’m curious how you would answer the below question – please click the comment link and tell me your thoughts after you decide.

THE QUESTION: Which option would you chose?

OPTION ONE: You can have FOUR separate 100% AUTOMATED income streams that each produce $1K per month consistently. (Total $4k/month)

OPTION TWO: You can have ONE income stream that requires a few hours of daily attention and produces $6K or more per month. (Total $6K/month)

What’s your choice?

The way you answer this question reveals a lot about how prepared you are for opportunities that come your way in life. This is especially true online.

Please let me know which of the two options you would choose and why. Click the comment button at the top of this blog post to join the conversation.

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  • Doug Renz

    I think I would chose option 1. Why? Because if one of the income streams stopped working or failed, and the other 3 kept working, then I would still be making income.

    I also could create a new income stream or as many multiple income streams. It's the saying "never put all your eggs in one basket" idea. this would be prudent and a safe way to generate passive income.

  • http://jordansamazingtoys.com Jordan

    Hi Jim. Given your mastery of this 'game' of online marketing success, I think you would pick Option one, purely because of the diversity – In case competition gets too thick, or regulations prohibit, one income stream, you can rely on the other 3. Right?

    -Jordan

    JordansAmazingToys.com

  • Tim

    I would choose the 4 automated sites. Firstly, all your eggs are not in one basket. If one stream stops producing, you still have three others. For another reason, the 4 sites are consistent. But most importantly, they are automated, so you can reproduce something like them over and over again!

    The one that requires a few hours per day can only be replicated once or twice and still requires a lot of work!

  • http://www.generalstorebargainshere.com Kirby Wanden

    Option 1. Having more than one income stream means you should always have income. One income stream could end quickly for whatever reason thereby leaving you with nothing. At least having more than one income stream would allow you to maintain income and replace, improve, etc., any of the faultering income streams.

  • Janet

    I'd chose the four separate income streams because if one failed then I'd still have 3, whereas if I choose the other one and it fails I have nothing.

  • Joe Rose

    OPTION 1: Multiple steams are more stable than one steam. Option 2 can stop producing and you have nothing. (Do I win??) Ok, I know it wasn't a contest. Joe.

  • Laura

    My option would be multiple streams of income. Option (1), if one did not produce, I would have the other 3 to fall back on etc.

  • http://none Mary Ann

    I pick the four income streams. There is a better potential for growth and to increase your income. Also, I don't think its a good idea to depend on only one source of income. If it dries up, your just out of luck.

  • http://yoursmartkitchen.com Terry

    Interesting question. However, I would not address this as an either or issue. So I would start by setting up the 4 income streams that are 'fully' automated and when they appear to be most self sufficient, I would start the second option of building a site that takes a bit of time but may have more long term potential for greated income.

    terry

  • James

    Option One. If one of the streams goes bad you still have three others to work with and develop and they are "automatic". If option two goes bad you have nothing coming in and would need to start over.

  • chris

    I choose option 1, because I would rather spend the 90 hours I would not be devoting to option 2 towards developing more Option A's

  • http://www.GoldCoinCollecting.com Shelle

    Hi Jim,

    I would rather have the 4 consistant income streams. I feel that if I could get 4 consistant automated streams of $1K per month going, I could keep adding more automated streams and surpass the "few hours a day" for $6K scenario. Automated income leaves my time open to pursue other projects.

    Shelle

  • Quinton

    Option One. The reason I chose Option #1 is because you do the work once and continue to receive income month after month automatically. Also, you can implement another automatic income stream to increase your income. The key word to me is Automatic!!

  • http://www.arielmarine.com Leo

    I'd go for the 4 separate streams of income

    totaling 4K

  • Nick

    I would choose Option 1 (one) because you don't have all your eggs in ONE BASKET. So if something happens to one or two of your streams you still have two to fall back on until you can get the other streams tweaked or create new ones.

  • http://soontobeup Larry O'Connell

    I would take OPTION ONE, because I feel that

    having FOUR separate AUTOMATED income streams is better than one. Reason? The second option with just one income stream could "dry up" and then you have nothing. If one or two go bad in the first option, you still have income coming in while you "brainstrom" other ideas. That's just my thoughts from 40 years of self-enployment

    P.S the only unanswered question is how much time do you need to spend on option one?

    Larry

  • http://stores.ebay.com/bronwens-boutique Annlouise Harris

    My answer to this would #1. To have 4 streams of income coming in, although less than just one, would be fabulous. If one went away or stopped producing there would be three others to supplement while I found another one to take that place. Also, there might be times that one of those 4 would produce more than $1000 each month.

  • Eli Hersberger

    That's an easy one for me. Gotta be option 1. An automated business or businesses is my ultimate goal. It will allow me to achieve more dreamlines, like traveling the world. "The Four-Hour Workweek," along with your newsletter is where I've begun. Hopefully in 6-12 months, I'll be where you and Mr. Ferris are, successful New Rich entrepreneurs! Thanks for all your advice in the past and to come.

  • robert

    6000

  • http://www.AwesomeAuctionDeals.com Rick Perry

    I like option #1 because it is both automated and consistent. It would leave you free to pursue other income opportunities and it's also good to Not put all of your eggs in one basket to coin a phrase. If option #2 requires DAILY attention, then it sounds like a job, and if it requires attention 7 days per week, then it sounds like a pain.

  • http://www.jwmorehouse.com Jack Morehouse

    I would choose:

    OPTION ONE: You can have FOUR separate AUTOMATED income streams that each produce $1K per month consistently. (Total $4k/month)

    The reasons: First of all there are 4 separate income streams. If one of them goes bust, you still have the income from the other 3.

    Secondly, they are automated which means I would have time to work on other projects and create additional income streams.

  • http://Noneyet Mitchell Maloney

    Jim,

    I believe to m the obvious answer is to have 4 automatic income streams so that your time and effort can be spent on creating more income streams. But what do I know? I've been reading your advise for four years and have still not gotten off my "assets" (as Loral Langemeier puts it) to do anything not because of lack of assistance from you and others like Tim Knox, Derrick Gehl, John Thornhill and others.

    Some day?????? God willing, yes.

  • http://stores.ebay.com/Samanthas-Gems_W0QQssPageNameZl2QQtZkm Cheryl (NurseyC2)

    I would pick the $6 thousand a month with a few hours everday to work on it. I would like to keep my hands in my business so I know first hand what is going on and to keep it just a little personal.

    I am about that little "personal" touch.

    Thank you,

    NurseyC2

  • http://windycitydetectors.com Ron Shore

    I would prefer 4 individual sites.

    If ones goes away I still have 3, if I selected 1 and that goes away I have none.

  • http://www.pvier.nl Robert t Jong (NL)

    I would certainly opt for the 4 AUTOMATED streams, for that would leave met free to chose how to spend my time and eventually generate even more AUTOMATED income-streams…

  • http://simpleprofitebooks.com Simple Profit

    This is Easy you for sure want to the FOUR separate AUTOMATED income streams that each produce $1K per month consistently. (Total $4k/month).

    I mean you can always grow and add more sites but if your one 6K a month site goes away your totally out!

    Always have multiple streams and never depend on one thing, I know there are always exceptions but this is the internet and what you get can always be taken away just as fast.

  • http://organicstuff4ru.com Jane Waters

    (the website that never goes anywhere…) ;)

    My choice would be 4 separate streams. Yes, the income monthly is lower, but if one fails, you have the other three to fall back on. And if one fails, you can figure out why and hopefully revive it. Probably NOT the "correct" answer is it? Or IS there a correct answer? is this a test?? :)

    Jane

  • http://www.1kadayonlineprofits.com Don

    My first impression is having multiple streams of income automatically would be the most perferable to me.

    If you have 1 stream of income and it stops, you have nothing.

  • http://stores.ebay.com/midwest-sunrooms-and-additions Don Somers

    I would go with the four option due to no maintenance and with 4, you should be reaching a broader range and more diverse customer base and who says it is going to stay at $1,000 a month.

  • Alan

    I would chose option one.

  • Larry O'Connell

    I would choose option one because four separate income streams is better than one. Option two could "dry up". Then you have to start over quick. In option one you may see one or two go sour but you still have something going for you while you "brainstrom" other ideas.

    The only unanswered question is how much time do you have to spend on option one? These are just my thoughts from 40 years of self employment.

    Larry

  • Cindy

    I would choose the 4 streams of income over a single stream because I would have more diversity and the time freedom to develop more streams.

  • http://www.sendoutcards.com/freetrialoffer scott

    My vote is for #1. Though option #2 is more money, I would prefer to have multiple sources of income. It's the same concept of not investing all your money in a single company. What happens when that company goes belly up?

  • http://JustPrintableCoupons.com Paul

    Option 1 is the best. Option 2 sounds better for the moment, but what if it dries up. Then you have nothing. Option 1 keeps going, even if one of them stops producing. Plus, what's to stop you at 4 streams. Where if you just pick the one stream, chances are you won't branch out to create more. So where do I sign up for the 4 streams that each produce $1K/Month?

  • http://www.qulitycollarstore.com Hirsh Marantz

    Obvioously, if I have 4k/month with no time spent, I have more time to generate additional streams of income. This assumes that the 6k or more isn't significantly more, and the few hours per day is 3 to 4 hours.

  • Jeff

    OPTION TWO

  • http://www.qulitycollarstore.com Hirsh Marantz

    Obviously, if I have 4k/month with no time spent, I have more time to generate additional streams of income. This assumes that the 6k or more isn't significantly more, and the few hours per day is 3 to 4 hours.

  • http://None Wallace Simmons

    I would choose option No. 1 because, it

    will guarantee money is coming in from

    four (4) Programs.

  • http://stores.ebay.com/Out-of-the-Appalachian-Woods Bonnie Cranmer

    Well Jim, I'm ready to do the work for more money. There's lots to learn and things change so fast so participating in my own success, keeping a hands on policy with my business, I believe, keeps the mind active and the bank account growing. Eager to hear your thoughts on this ;^) Thanks!

  • http://www.eyeforwalleye.com Michelle

    I would have to go with option 1 as I do not always have a few hours per day to attend to a income stream!

    Michelle

  • Leslie Franklin

    Of the two options that you present, I would choose Option 1 for the following reason:

    I would prefer 4 automated income streams that CONSISTANTLY produce $1K each rather than One Income Stream that requires a few hours of daily attention. The number of hours spent each day for a possible $2k more does not seem the best use of my time. A few hours per day can add up to 21 or more hours per week. Thats significant. I believe I can put that time to better use.

  • Ronan

    A no brainer!!! Option 1, the fully automated £4k.

  • Rachel

    Hi Jim,

    Thanks for asking this question. Whereas it might seem tempting to go for choice #2, the $6k a month income for a few hours work, I would definitely choose the 4 automated incomes at $1k a month each. I would do this because if one of my income streams dried up I would still have 3 others. I believe that putting all my eggs in one basket constitutes a potential risk, as if I lose that one big income stream, I would lose me entire income.

    Sincerely,

    Rachel

  • Kevin

    Right now, since I am working full time and have a full plate of activities (chaufering the kids around), I would need to choose the first option. However, once I establish a viable work form home business, I would then like to switch to the second option, if that were possible.

  • http://www.nextbook.nl marijke

    option 1 of course!!

  • http://lotionsbydesign.com Roger Williams

    #2

  • http://NA james

    i would take the first option.

    my reasoning is that, sooner or later, the four web sites will outperform the 1 website

  • http://NA james

    i would take the first option. my reasoning being that the four websites will outperform the one website

  • james

    i would take the first option. my reasoning being that, the four web sites will start to out perform the one web site

  • http://www.focusonguitar.com paul watson

    Before I started really absorbing what you and your illustrious marketing friends have said Jim, I would have said take the one stream with the most money. But for the 6K stream to be worth the work it would have to earn me a lot more than 2K extra for roughly 2 weeks work per month.

    So I would go for the 4K a month on auto pilot. This is a long way away for me at the moment though as I am just starting out. My site is a BANS site and I have only made a miniscule amount up to now. Thankyou for all your inspiration Jim.

    Best wishes

    Paul

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