huh what do I have to say about
diversifying your portfolio or
diversifying your focus so it's actually
very simple
I believe focus before you diversify
doesn't matter what is that you do so in
the beginning do you want to find out
what personally what your skill sets are
what your natural talents are and focus
all your energy into developing that and
mastering that first focus once you do
that then you can try to do something
else but before you do that if you try
to do too many things the same time you
heard of the saying right jack of all
trades master of none so let's say when
it comes to skill set in the beginning I
only focus on one skill set and once I
believe I have gone in a pretty pretty
good hang of that skill set then I
developed an excuse at stacking on the
first skill set that I have and the
first skill set that I focus on
developing was copywriting how to write
campaigns and sales letters and sales
messages then later on are stacked on
the second skill which then it's
consulting write a stack on that skill
and then later on is its closing a stack
on that skill and so forth so focus
first before I diversify I wasn't trying
to develop all these skill sets at the
same time you told me over now a decade
to develop different skill sets over the
years step by step
that's from a a personal skill set
perspective when it comes to investment
it is the same idea you see the
challenge with most people is they chase
too many shiny objects because they
don't have a very clear criteria as an
investor what they invest in what to say
no to hey you know what so-and-so says
that's a good idea to get all hyped up
and psyched up about certain things they
see on Facebook that's cool so-and-so
he's talked about their you know some
so-and-so is getting into marijuana I to
get into marijuana so-and-so is getting
into this I should get your dad and so
as I was getting the cryptocurrency I
should get a cryptocurrency I'm not
saying do and don't I'm saying do you
know what you're getting yourself into
how much do you know about the industry
how much do you know about the
investment what kind of control do you
have as an investor hello so think about
those things you cannot answer those
questions
you're not ready to make those
investments so when it comes to
investing instead of trying to invest in
so many things it's better to focus
first make your money first focusing on
developing a big stream of income by
massive stream of income first right
before you diversify you study wealthy
people around the world almost all of
them they have a core business the core
thing a core investment that makes them
almost all the money then device
diversify into other things right you
need to find out one thing first when
this is strong when your foundational
your basic income stream your core
business when that's growing and as
strong is throwing off a lot of cash and
capital now you can deploy that capital
and now you can diversify into different
industries when you try to do that in
the beginning and that's like
financially you know suicidal because
you lose focus and by the time you have
more resources it also means that you
have more of a team to help you manage
in the beginning I only had a little
little one little team and now you have
a pretty big team when your financial
planner and and tech strategies and
legal counsel and the accountant CFO
bookkeeper go on and on and on now you
have a whole group of people making
financial decisions alongside with me
about what I do right with with in terms
of managing money right I get the advice
but I didn't get there overnight where
they step by step so focus before you
diversify it is tempting to say hey you
know what maybe I can make a quick buck
doing that a professional investor a
sophisticated investor doesn't do that a
professional investor knows this is my
investment criteria if these investments
doesn't fit the criteria I don't even
look at it but if it fits my criteria
then yes then I would consider looking
into it and then I need to do my due
diligence right