A simple question…

Posted by in inspiration | 346 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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  • angelina

    Jim your book is fine and I am sure work which you did was very hard but you did and I send you a bid thanks.

    I think that both options are good just for me because I only try to begin. I am reading

    choosing of another people and I see that my prefer option would be first. We will see.

    the best regards

  • http://Weight-Loss-Food.info Chris

    4 Income streams on auto pilot for sure.

    Why work a few hours a day maintaining one 6k stream when you can use that time to develop an endless torrent of additional streams which, when added to the 4k, will surpass 6k in no time.

  • Stephen Ellis

    The 4 income streams would get my vote. The reason is that all 4 streams can be developed to produce greater revenue as apposed to 1 stream.

  • Pong

    Option 1: I'm too old. A few hours of daily attention is too hard for me. However, if I were young, I would still choose this option. Who would want to work a few hours daily if he could choose not to? All in all, I must admit that I'm a lazy bone.

  • http://none Robert

    I would pick option one because I am lazy and would want to take time off while it is working. I could then come back refreshed and set up new automated income streams

  • Pick

    NO# 2, More $ thankyou

  • http://www.myworkingrealtor.com George

    As I see it there is no right or wrong answer. It’s about what do I want to spend my time doing? For me at 77 years young, I’d pick # 1 option so I’d have time to spend with grand kids, play golf, water ski, travel and not worry if they cut out the yearly cost of living raise in social security.
    I might even spend some time building four more income streams or have some fun going to yard sales looking for collectables to list on ebay!

  • Margaret

    Hi Jim,

    Option one for me it sounds good.

  • Witold

    Hi Jim ,

    Easy answer ,1 . Read some answers and all pick 1 . Cheers

  • Don West

    I too think I would prefer to have multiple streams of income.Lose one of them, and at least you would still have a means of earning an income.

  • http://www.fletcher.uk.net Martyn

    Option 1 would be the safer choice by spreading the risk. But as a risk taker I would be tempted to run option 2 purely for the additional income. That additional income could fund other ventures which in turn may produce more income streams. My take would be based on how reliable each income stream is, something which isn't mentioned in the question, but then, the fact that the option states that you can only have ONE 6k income stream suggests that as anything in life, it may not be infinate or even 'consistent' as in option 1. But then again, even through all this reasoning, one always looks to have 'multiple' income streams; Which brings us back to option 1.

    Phew! Time for a drink.

  • Barbara

    I would have to say multiple streams of income. Why because, I like the idea of always being prepared. I believe that you have to always have a backup plan, not just for online business, but for anything in life. If plan a business doesn't workout, than there is plan b business, plan c and d…then you start looking at why plan a didn't work out with marketing research and either tweak plan a or abandon it and start from scratch. Really look at all the angles and see why the other businesses where a success and then retool. As we all know winners never quit, and quitters never win.

  • George

    Option 1 for reasons given above

  • Janet

    I am going with the majority, I think that number #1 option is the best, for the multiple streams of income, if one should fail, would be much easier to pick up another one, or even just add on other streams if would like to.

  • Robertino

    This is so easy.

    You asked to make a choice, then it's option #1 : Multiple income streams.

    Reasons : the risk is spread, consistently = autopilot = handsfree = worthy of rinse and repeat (at least to me).

    If I would not have to make a choice, then it's option #1 : Multiple income streams.

    Reasons : the risk is spread, consistently = autopilot = handsfree = worthy of rinse and repeat (at least to me).

    Why would I setup something which requires a few hours of daily attention ?

    The few hours of daily attention would be better spent rinsing and repeating option #1.

    Sjeez, I'm lazy. :)

  • stan

    option 2 why because it takes less time to work on making you 12,000 in two months with the other option you get same results but in three months i know wot your thinking if one fail s the other three are still bringing in income stream true but with less time to work on option 2 it would give you more time to work on other income streams if one of the income streams dont bring in income then the other 3 bring in 3ooo but if i loose 50percent of option 2 i still bring in same income as option 1 with less time working on it stan the man

  • Snow

    I would take option one first,then try option two later.

  • http://rustyandtawnysnook.com Rusty

    Option two all i have is time to work on this

  • Fritz Klantschi

    I would choose option 1. I would have diversity in case one income stream failed. Furthermore, instead of spending time to maintain option 2's income stream, I can use that time to create more automated income streams.

  • http://www.Earn1KaDayNow.com Graeme Hawley

    Why not have both! If the 4 income streams are automated that means I have plenty of time to work on other projects including a business like the second example. Graeme

  • http://www.blogger.com/popculturemaven harlan

    I would have to say option 1.

    Contrary to the advice that Robert Kiyosaki and Donald Trump are giving out (especially in the book they wrote together), putting all your eggs in one basket is not good. Even Robert Allen acknowledges that.

    YOU have as many as possible. If one falters, the others pick up the slack. Always have more than 1. Sometimes certain months may be slower than others and the other businesses will keep you eating!

  • Jim Lessenberry

    Confusis once said: "I is better to have and not need, than to need and not have."

  • http://www.pinnaclewebsitedesign.com Leigh Lundgren

    Oddly enough I would pick #2 because I like to have some manual control of my business. Jim writes "$6K or more per month". I would definitely be shooting for the "more". I know the opposing camp would say just add another automated stream, but if the choice is restricted to either or, I choose #2.

  • http://www.hottrackmarketing.com Garron

    Option one seems like the best option mainly because of its diversification. If one income stream dried up or competition became too stiff you would still have additional income sources.Besides that if you have 4 businesses they can be connected to each other in a way produce even more income depending on the type of services provided.

  • Joseph Cooke

    *smacks self in forehead*

    I'm gonna take BOTH options.

    After I've got four AUTOMATED streams, from #1, I'd be provided with the resources to OUTSOURCE the labor needed to drive the more time-intensive option #2.

    Thus, I've now turned option #2 into another automated stream, albeit less profitable than the original 6K…But, hey, even if I paid some bloke $20USD per hour, for a forty-hour week…I still pocket $2400…a 60% percent increase over option #1's 4K.

    -Joe

  • vernon shirley

    Iwould choose number 1.since they are automated you would have all that time to work on other income streams and make more money then what you would lose by using no. 2

  • http://resourceadvisor.net Cam

    If I understand multiple streams concept, the correct answer would be both. #1 takes no effort, #2 takes a few hours per day to maintain. Ideally one would have several #1's and 3 or 4 #2's. Jim says he has 25 or so with monthly streams from $200 to Several K$. I like that plan.

  • Robert Newton

    I like the thoughts of option two as I was self employed most of my working days.Having said that I would then look at option one as a back up.I do not know what I would be marketing?I collect coins on EBay.I have all so collected knives and clay target assesories over the years.So what internet type of business could your book point me towards.

    [reply from Jim]: You have to follow me on facebook. Just posted a great coin success story there today. http://www.facebook.com/jimcockrum There are literally millions of ways you could apply the general lessons I teach. It's about finding your unique position and advantage and exploiting the opportunity to it's fullest potential.

  • Mike B Indianapolis

    I like and have told you and oommented very positively on your eBook and your site. But, if I keep receiving these annoying emails that Ive already answered multiple times I will not only not promote your site I will stop it all together. This is way over marketing. G's with all the info on your site you talk about info overload and then these emails everyday or other day.

    [reply from Jim]: Being on my newsletter mailing list means you'll get a lot of email from me…but it's the stuff my readers have asked for based on surveys. Thanks for the feedback. If you want to take it at your own pace maybe you can drop off the mailing list (there is a link in each email we send) and instead join MySilentTeam.com. Members there can access the info they need when they need it.

  • Todd

    I would choose option 1. I believe you have a better chance on the 4 separate to grow them. If one doesn't work, you still have three producing income. Option 2 is more like have a job.

  • David C

    It seems Option one is very popular and is my choice as well. If I had something like that working for me, I would still be tinkering with them. A few hours a day on 4 option 2's wouldn't bother me.

  • http://koreproducts.com Garrit

    I don't want my eggs all in one basket So I go with option one

  • Sharon

    Wouldn't both 1 & 2 be multiple income streams?

    I would do both and continue trying to find more.

    Why stop at #1?

    Anything worth while is going to take some work, hopefuly not 10 hours a day, but still will take a few hours a day.

  • http://miriamwalcott.wordpress.com/ Miriam Walcott

    Option 1. Having 4 different streams of income is much better than just having one. What happens when you lose that one income stream at 6K? You're pulling your hair out what to do. When you lose one of the 4 you're only losing 1K and it should be easier to find one new income stream producing 1k than one producing 6K.

  • Tanya

    Without a doubt option 1. The four income streams may bring in a little less income but allows you the time to create even more automated income streams therefore your going to eventually bring in a larger sum of money. More time, less risk and eventually much more money.

  • Lynn

    I would choose both or if I could have only one, Option 1. This would give me steady income all the time. As well as opportunities to create more streams.

  • http://rustyandtawnysnook.com Rusty

    Four or more but four seems like a number that would be managable to keep track of.

    Thank You

    Rusty

  • http://www.gene-ballou.info Gene Ballou

    I know this goes against the grain… but I would pick option 2! First, I'd have more confidence in something I actually have to work on. Second, if I'm working on it, I'm learning about it – consequently I'm gaining new skills and perfecting those I already have. Third, with the extra money I can be investing in other opportunities and creating my OWN multiple streams of income.

  • kathie

    Hi Jum

    I have just opened an email sent from you and I notice the blog dates back to 2007, so I am assuming that you are showing me a few of the previous answers to the question you would like me to answer today 2009.

    I would opt for option 1, it makes sense to have a few fingures in different pies, but to be honest with you Jim, I am not even on the first rung of the ladder. I have spent a fortune on guru's out there and some of the theories make sense, but in reality, unless you have a great niche ( or niches) the small fry ebayer does not stand a chance. Starting off selling unwanted items in my home – it gives one a buzz, then I bought a few wholesale items – actually I am not going to bore you with my woes, just to say,my accounts showed that I had made a loss, I would have been better off at a Yard sale or car boot sale. I have not given up, just trying to turn things around a little. love your comments and have you on facebook speak again soon Kathie

  • http://www.multiprofitwebsites.com.au Richard

    Hi All,

    Personally I would choose #2, (as I can only choose one of the two) then as I am only working a few hours a day I would employ someone else (pay them out of the extra $2000) to create #1 and then have multiple streams of income producing $8K+ a month, after all that is what our business http://multiprofitwebsites.com.au is all about, helping others make multiple streams of income online – and yes we are based in Australia, note the .com.au in the web address.

    Good luck to all with your online success.

    Regards

    Richard

  • patel

    HI

    it has to be first becuase one fail 3 remains and will get income from 3 untill you can set up new 4 income.

  • Lalit Mohan Meher

    Both the choices may or may not work. You can follow one only after completely studying them.

  • http://rawfoodsupercharge.com Eva

    Option one naturally. 2 reasons – should one fail I’d d still have the other streams of income, and second – they are automated and don’t require several hours of work everyday – With option one I am free to set up additional streams odf income , repeating the success.

  • Larry Pye

    Jim; Option #1 is definitly the best program.If one or two of the streams dry up,There’s still income remaining.With option #2 If there are any problems,your dead in the Water. Sincerely Larry

  • http://www.makiitemz.com Lisa Mahar

    Hi Jim,

    Option one, if there is one thing i have learnt in life it is to diversify your portfolio.

    That goes for investing in houses, shares etc etc there are many to choose from.

    My other favourite line is “don’t put all your eggs in one basket” That way if one income stream falls over you have others to keep you going.

    Cheers
    Lisa

  • http://www.reachgoalwithdomain.com/ angelina

    Now 2010th year. Happy New Year!

    About an answer: it is very simple just for children. 4 automate streams doubtless better
    then one.

    Please follow me on facebook,myspace and twitter!

  • Maryann

    May I say “all of the above”? If the first 4 are fully automated, I would have time to spend on option 2 and would therefore be making 10K per month.

  • Les

    Option 1
    All eggs in one basket is a “No-No!”

  • http://www.xera-baseball.com Dwight Gill

    Option 2 offers more money
    Option 1 is safer
    Option 1 is easier
    Option 1 takes less time
    Option 1 will last longer
    Option 1 gives me more opportunities to work on Option 3!

    Option 1 wins – big time!

  • Max Harkness

    Option one because it’s automated and is multiple income streams for more diversity and stablity.

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