Income Streams

Managing multiple income streams is a game-changer when it comes to entrepreneurship. It is how the most successful people you can think of achieve financial freedom. Still, I see young entrepreneurs making big mistakes when they add another line of revenue. These are the most common so you can avoid them… 

Dos and Don’ts for Adding Income Streams

Just because the mistakes we are about to discuss are easy to make, I don’t want you to be discouraged. I would even argue that having different types of income flows is less dangerous than relying on one… 

That being said, of course, you want to be well-prepared before you begin any new venture. So, let’s get into it… 

Don’t Add Income Streams Until the Right Time

Before you start putting time and money into this new project, ask yourself this…


Because if you are not working your main hustle to its maximum potential, putting more on your plate is detrimental. 

Your main revenue flow needs to be stable. Otherwise, your second one will struggle as well. With that in mind, the next tip follows the same principle…  

Do Keep Things as Simple as Possible

Whether you are creating a product or investing, don’t overcomplicate things. 

Some rules of thumb I apply to potential income streams are: 

  • Don’t add features without value — for products.
  • Execute development and operations in as few steps as possible. 
  • Don’t be tempted by the investing mythdiversification. 

Streamlining your products, operations, and investments keeps costs down and business running smoothly. After all, you want to add income streams to make your life easier, not harder. 

Do Add Income Streams through Your Main Pipeline

One of the most overlooked ways to add income streams is also the easiest. 

As I go over in my “How to Become a Millionaire” series on my YouTube channel, find ways to make more money in your current role… 

You may be leaving money on the table where you are. This is not asking for a raise by the way.

Look for opportunities to add revenue like… 

Earning commissions. Getting bonuses for achieving milestones. Or, for signing deals with clients. 

Further, my last piece of advice on this subject is the type of income streams to add… 

Most Important Rule for Multiple Income Streams 

Finally, there is something almost everyone gets wrong about multiple streams of income… 


This has always made no sense to me. Because if you want to be successful with anything, you should start with a topic you are knowledgeable in. 

Therefore when getting into new income streams, have them be adjacent to what you already know and are good at. 

At the end of the day, my goal for you is to be great. 

So, get out there and do it. 

— Grant Cardone 

Disclaimer: This content is intended to be used for educational and informational purposes only. Individual results may vary. You should perform your own due diligence and seek the advice from a professional to verify any information on our website or materials that you are relying upon if you choose to make an investment or business decision. Investment, real estate, and business involve great risk and there is no guarantee of performance or results.We are not attorneys, investment advisers, accountants, tax professionals or financial advisers and any of the content presented should not be taken as professional advice. We recommend seeking the advice of a financial professional before you invest, and we accept no liability whatsoever for any loss or damage you may incur.

Previous articleCould a Wayfair Store be Opening Near You?
Next articleWhat’s Behind Dismal Disney Earnings? 
Star of Discovery Channel’s “Undercover Billionaire,” Grant Cardone owns and operates seven privately held companies and a private equity real estate firm, Cardone Capital, with a multifamily portfolio of assets under management valued at over $4 billion. He is the Top Crowdfunder in the world, raising over $900 million in equity via social media. Known internationally as the leading expert on sales, marketing, and scaling businesses, Cardone is a New York Times bestselling author of 11 business books, including “The 10X Rule,” which led to Cardone establishing the 10X Global Movement and the 10X Growth Conference, now the largest business and entrepreneur conference in the world. The online business and sales educational platform he created, Cardone University, serves over 411,000 individuals and Forbes 100 corporate clients throughout the world. Voted the top Marketing Influencer to watch by Forbes, Cardone uses his massive 15 million plus following to give back via his Grant Cardone Foundation, a non-profit organization dedicated to mentoring underserved, at-risk adolescents in financial literacy, especially those without father figures.