A simple question…
Monday, December 17th, 2007 - 11:26 am
I’m curious how you would answer the below question - please click the comment link below and tell me your thoughts after you decide.
THE QUESTION: Which option would you chose?
OPTION ONE: You can have FOUR separate 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?
I’ll give you my answer and why I think I’m right in the newsletter tomorrow, but for now I want to hear your thoughts.
The way you answer this question reveals a lot about how prepared you are for opportunities that come your way in life.
In light of your answer consider the brand new opportunity my friend John Thornhill is giving us with his “Seven Day Resale Rights Blueprint” video course.
Please let me know which of the two options you would chose and why by clicking the comment button below.
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.
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
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!
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.
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.
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.
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.
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.
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
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.
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
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
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!!
I’d go for the 4 separate streams of income
totaling 4K
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.
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
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.
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.
6000
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.
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.
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.
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
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.
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…
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.
(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
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.
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.
I would chose option one.
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
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.
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?
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?
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.
OPTION TWO
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.
I would choose option No. 1 because, it
will guarantee money is coming in from
four (4) Programs.
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!
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
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.
A no brainer!!! Option 1, the fully automated £4k.
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
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.
option 1 of course!!
#2
i would take the first option.
my reasoning is that, sooner or later, the four web sites will outperform the 1 website
i would take the first option. my reasoning being that the four websites will outperform the one website
i would take the first option. my reasoning being that, the four web sites will start to out perform the one web site
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
I would choose the four automated website businesses. No time required for them so I could focus on building more.
Number one, of course, because in this crazy world of computer and the internet something can go wrong with one stream of income even though it initially produces more than one stream. I would consider this a ‘no-brainer’.
Cheers, — Arthur
I definitely would rather have the $4000 with the four different sources coming in than having to depend on one. It tells me that if I have 4 sources that I can either increase the number of income sources or increase the amount in the four sources i have.
I would pick the first one. Even at two hours a day working on situation 2, that is 60 hours per month. I can earn more in that 60 hours than the $2,000.00 difference between situation 1 and situation 2. Automated income although smaller, makes far more sense to me.
I would choose option one as many streams make a river.If one of my streams dried up then i would still have others flowing. If i had chosen option two and my stream had dried up i would be left with nothing
I would chose option 1 even though it is currently producing less money. If you have four income streams and lose one you have only lost 25% of your income. Now you find one or more replacements and you can easily recover. With option 2 if you lose that stream (it stops producing) then you are out of business until you can build up another stream. Multiples are always better than one. Skip
My first response was to choose the 4k scheme because the income stream was from various sources and made it less likely your income could drop to zero for one contingency … but that’s not very entrepreneurial is it?
Once the 4k scheme is setup and automated then why not do the 6k scheme to?
The 4 automated income streams. Multiple streams of income are much better than one stream of income. Automation is always better than manual, even if less money is made today. One has to look at the future and future income from the multiple sources. Can those 4 income streams be leveraged to produce more money and still be automated? That is what we all are looking for - working smarter, not harder.
Thanks for the emails and the blog.
Dear Jim, I would choose option 1, then devote the houre I would have spent attending to option 2, to develop further automated income streams. Kindest regards - Ian Duncan
I would choose the four Automated income streams. If I would have to spead a few hours each day on one income stream that makes $6k a month, why not build four more income streams that are Automated with the time and effort I would be saving. If one income stream dries up I would still have have more working for me!
On the surface option 2 would be the obvious choice because (1) it generates a larger income than option 1; and (2) it only requires a few hrs a day. However, I’d be making this from only one income stream. If anything were to go awry and the monthly income from it dropped or stopped, I’d be up the proverbial creek. Therefore, my choice would be option 1. With 4 consisten streams of income, I’d be in a better position to weather any downturns. Also, each income stream is automated — so my time requirement (to contnue generating my income) is most likely minimal. I would also think option 1 would provide me an opportunity to duplicate 1 or more streams (because they’re automated) and boost my monthly income.
Well, here’s my take.
I would choose Option #1 …
The reason for this is that if those income streams are “Automated”; this leads to me to believe it requires a small time investment. And if this Option allows you to do $4k/ month, then duplicating what’s already producing that result would mean more income with just a little more effort.
yes, Option #2 lists that you would make $6k/month but also requires a few hours of “daily” attention. Why not duplicate that which takes little effort, even if on the surface it produces less income, but can be set up once and have the Automation do its thing. Just double, triple, quadruple, or more, what’s already working by utilizing and automated system.
Do this, and do it right and watch your income explode.
There ya have it … my humble offering.
While the second option is immediately more appealing, if something were to happen to that stream, you have nothing.
I would prefer to have option number one for the long haul.
Hi Jim
In my opinion - the 4 separate smaller income streams are more secure than one source.
As Dan Kennedy often says - the worst number in business is 1, it’s just too high risk to rely on a solitary income stream.
Cheers - Andy
www.GuitarArbitrage.com
This was a hard one to answer, but I decided on the $6K+ option. The reason I give this answer is because at this moment, I’m not even making $1K per month (doing a J-O-B) and when I work, it’s about 6-7 hours per day. I don’t know what you mean when you say “a few” hours per day, but I’m guessing 3-5, and that’s definitely a fair exchange. From less than $1K per month with 6-7 hours of work per day to $6K+ with no more than 5 hours of work per day? Seems like a good deal to me!
No brainer. I will take 4 separate automated income streams for $4,000 any day over the single stream that requires daily work.
You never know when one stream will dry up, and automated / passive income is always better than one that requires constant care.
I believe that I would choose the 4 income streams with the idea that if I lose one I’ll still have 3. And I believe that I can build the 4 to eventually out produce the 1.
Just my thinking. Do not put all of your eggs in one basket. If you drop the basket you may not have any.
Justin
“Assume you have two options and must pick one.
OPTION 1: You can have FOUR separate AUTOMATED income streams
that each produce $1K per month consistently. Total $4k/month
OPTION 2: 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?”
My answer:
Assumption is the mother of all screw-ups, plus no valid reason for only being able to choose one option is given. With that in mind, I reject the instructions preceding the two options.
Therefore, I choose both, which gives me 10k a month income.
Jim,
I would pick option 2. For $2000+/month it would be worth a few hours work per day.
Option 1 is probably safer though.
If one business fails you have 3 others to fall back on.
Good question.
Greg
www.forexfr.com
I’d have to say that I would prefer option #1. Multiple streams of income is the key to long term success…Yes, I’ve been paying attention! LOL The fact that these businesses are fully automated is extremely appealing to me, and IMO, worth the $2000 per month cut. I look at this way…if one of those streams of income, for whatever reason, disappears…I’m only out $1000 per month and still have $3000 coming in. If the $6k per month gig dries up…your out $6k and have nothing to fall back on!
Best Regards,
Jennifer Maddox
I would think spreading your risk always makes more sense…so, I would go for the 4 diverse income streams. The caveat however, would be that you were able to focus adequately to get them going! Sometimes that is hardest part.
i would choose option 1,better to have 4 income steams paying you $1000 each than 1 income stream paying $6000.reason if 1 of the 4 suddenly stopped producing income you would still receive income from the other 3 where as if option 2 stopped you would have nothing.you also have the potential to develope the other 4 income streams for higher returns.
I would certainly choose option 1 so as to leave me more time to do other things. Also, if one stream failed I would still have the others to continue with, but with Option 2 if things went badly I would be in trouble.
I would choose 4 streams at $1000 each to handle up and downs, kinda like diversity in a stock portfolio.
At first I was going to say option 2 but after reading the two options again, I would select option 1 for two reasons: 1, this income stream is automated which means I would presumably not have to do anything, and 2, it is more diversified. I’d rather have 4 income streams instead of 1 (in case one stream “died” on me).
I would choose option one. The reasons are: 1) all my income won’t come from one source that could dry up at any time for one reason or another.
2)It would be easier to increase income streams from $1000 to $3000 per month than it would be to raise an income stream from $6000 per month to $10,000 per month.
Option 1. If one fails 3 are still working.
Hi Jim,
I think option 1 is best (because it’s automated, you can add MORE just like it and double your income, triple your income, etc) even though currently it doesn’t make as much as option 2… it has more potential.
The less time you have to spend working your business, the more time you have to market and promote it (and create more!).
Joyous Holidays,
Donna
Hi Jim,
I would choose option 1.
You say option one is consistent and automated therefore if one of the income streams does happen to fall I will have the other three to support me. I could also build more of the same.
Although option 2 does produce more monthly income if that income does fall I will be stuck. Also, it is not automated.
My belief is to create multiple streams of consistent income that is fully automated. To maximize I would choose niche markets that are closely linked and link the web pages accordingly in order to benefit from better search engine rankings. This can be done in various ways.
I wonder if I am right!
Cheers Jim
Brian
UK
number 2
Hey Jim,
I would choose the four income streams because (a) I could easily build the income from each by implementing your strategies (esp the My Silent Team ones); (b) I’m insulated if one of them goes sour (aka Google Slap).
I would do the 4 separate Automated income streams.
Very little to no time spent on the system.
If something happens to one system,you still
have income coming from the other systems.
Don’t put all your eggs in one basket?
Jim, I choose option 1. Automated income streams would beat out option 2 with the “few hours of daily attention” every time. That would give you time to start MORE automated streams. I haven’t started yet, but I loved your book and I am fired up!
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)
four maintenance free steams is the way to go.
I will launch before the New Year strikes. I am very excited. It is hard to sleep with all of the possibilities popping up.
I would choose option 1 because, if I could build four income streams that were consistent, then I think that I would be able to duplicate them many more times to acheive the earnings that I desire!
I would choose option 1 with 4 income streams you increase your odds for success by 400+% and you will have time to seek and start other streams.
this is a no brainer! option 1 is the only option
Automation
The correct answer is option one AND two. If option one is automated you set that one up first and get the 4kpm. Then you’ve got the time to put in a couple of hours a day for the 6kpm. Tada - 10k a month! Now that’s what I’d call a ‘no brainer’.
Hey Jim,
To me this is a “no brainer”… I would take option 1 in a heartbeat. Personally I would much rather have a business that was diversified with four separate, independent automated income streams that required none of my time as opposed to being reliant on one income stream even if it earned 50% more. In the 13 years that I’ve been a full time Internet Marketer I’ve often seen businesses with just one income stream become completely devastated by just one single event out of the business owner’s control. When you are diversified the sudden closure of one stream is a set back but it is not the end of your business.
Now here’s what I would do though… I’d take those few hours of daily attention from option two and work to either improve the four income streams or to create new ones. With just a little bit of effort you could do more split tests to improve conversion, find new advertising opportunities, get more links, write more articles, find more JV partners, etc. By either improving the four slightly or creating two new ones you’d have that same $6K/month and everything would be hands-off automated, giving you even more time to improve and create.
Keep up the great work Jim. Your honesty and integrity comes through in every thing you do… something missing from most in our industry.
I would choose option 1. For several reasons:-
a) Automated streams require less time than the second option. This would in theory, give one an opportunity to develope other automated streams.
b) Safety in numbers. If one stream is ceasing to be as profitable, there is still income from the other ones.
c) If one were doing something that was very time consuming, and seemed to be doing well, in the long term could be catastrophic if it failed in the future. One would have found it hard to devote any energy to develope other streams. You could be high and dry for a while! with no money!
Ever collect eggs on a farm?
Putting them in one basket is exactly what happens - then you guard that basket like crazy! “Automatic” income? Set it and forget it? Never Happens. Since there will be work to be done anyway, I’d go for the Xtra $2K of Option 2.
Best of Success,
Stephan
Jim,
There’s an old saying that states a bird in the hand is worth two in the bush. In this senario the 4 consent streams of income spreads your income load. It allows you to have a stready stream of income which allows for income changes that develop during any given month. After you have strability of income flow you can always develop that large income stream you dream about. However; your bread and butter will always be the consent income producer. That pays the bills, and keeps you in business. I wish I had 12 to 15 small income streams that are each in different markets, each producing $1,000 to $7,500 dollars per month in income. If 20% of the markets produced 5,000 per month, and 50% producted 1,000 per month you can see the type of income you would generate. The trick is to do your homework and market study on the products you wish to sell. I look for high profit low cost, low handling products to sell. Information is great, also product you can purchase and sell with at least 400% profit are also good items for sell.
I would choose option 1. Simply because there are 4 income streams, it is automated and it appears not to be as labour intensive as the second option. (I could be wrong on that last one, but it reads bluntly like you will spend time setting up and then a little time maintaining).
It seems logical to me….!!!
I would choose option 1:
1) Steady automated income streams sounds like fire and forget money to me
2) Multiple streams should weather bumps and thumps better
Option 1…4 automated is the way to go.
It’s best to have many income avenues rather than just one.
Option 1…multilple streams is smarter if you have the choice…one quits and you still have the others going…I’ve been in business for 31 years selling over the telephone…I’ve just started invetigating the internet and I’m very excited, but my experience is when a big customer stops buying you notice it…when an average customer stops buying it’s hardly noticable…Option 1 is my choice.
I would choose option #1. Having 4 automated income streams would give me some capital and time to go on to pursue other streams of income and even if one would go belly up I’d still have 3 others to keep me going.
This is kinda fun to scan the answers. I’m 100% with Option 1. You said automated and I believe you. $4K/month for doing nothing? Bring it on…
I definitely would choose 4 automated and consistent separate streams of income because: 1) They’re automated…next to no input needed! 2) 4 separate streams…I’ve always felt you need to diversify…as the market mood changes you don’t have to rely on just one income source! 3) I like to fill my time with the things that are important to me….PLAYTIME! Automation is COOL! Never heard any man on his death bed say: ” Gee, I wish I had spent more time at the office!”
Option 2 as I like to “work a few hours a day” on something and keep up to date with the ever changing internet strategies and I can always duplicate and automate as the business strategy proves worthwhile.
I would chose option 1, the four automated websites that produce $1000 per month.
If you have four websites that are producing $1000 per month on a consistent basis, you could build additional websites using the same pattern, and create more streams of automated income.
Jim,
I seem to be in the minority here - I would choose Option 2 - for me, I’m at my best when I can concentrate on one thing and not be “putting out fires” trying to run 3 or 4 different businesses. Better to do one thing extremely well rather than a barely adequate job on numerous projects requiring different skill sets. I fear those 3 or 4 income streams would turn into one in the end as I neglected the other 3. Also, I wonder how “automated” these income streams would really turn out to be.