Episode 61: How To Create, Prepare & Manage Multiple Income Streams

“If you want to get wealthy you must have your money work for you” – John 

“You need to put the education around it so you feel comfortable” – Cory

“If you’re 19 and you’re listening, motherfucker get in now!” – Cory 

“Scared money don’t make money” – Cory

“It’s just fucking money.” – John

“There was nobody to save me. No one gave a fuck and IT WAS ON ME” – Cory


  • Welcome Back NOW IN PERSON: 00:30
  • Incubus Recap, Cory Slept In!? and John is the Ultimate Bachelor: 1:27
  • Creating Multiple Streams of Income: 7:37
  • Investing and Understanding Banking: 12:30
  • How young People Should Divide Their Money: 17:05
  • Becoming Comfortable With Investing: 21:38
  • Defining Compounding Investments and Streams of Income: 26:15
  • Getting That First Stream Set: 33:45
  • Attitude Towards Money and Taking Risks: 36:20
  • How to Tell If You Can Take the Stress of Running a Business: 41:00
  • Closing Remarks: 53:15


You must establish your initial stream of income FIRST! Once you are doing this, from the start begin thinking about where you may want to put your money. Have the awareness for what you are interested in then study it. For some it may be the stock market and for others it may be real estate or additional services attached to your business. Be patient when it comes to generating new revenue streams. If you have money sitting in your checking account, recognize that is costing you money. This is where many people go wrong.

Banks are now taking their money and putting it in the market because the returns are larger. It is no longer the case where you can let your money sit in a savings account and collect 5% interest one it. The money you have in your checking account is not actually there. The bank is using that money to generate cash flow for them. It is either being loaned out or sitting in stocks or properties. Cory never thought about putting money away from each check and investing when he was young. He always believed that he would make his money doing or selling something rather than wisely investing. This is something he regrets so to all the young people out there, SET SOME MONEY ASIDE FROM EACH PAY CHECK, SAVE AND INVEST.

Housing should never be more than 30% of your income. You should keep your total expenses below 50-60% and put 15% each month into investments. The rest is your spending money. If you habitually put away $250 each month, that compounds over time. Focus on the balance in your account rather than what you buy. It is immature to not put away a few hundred each month to take care of your future self and financial interest.

Your portfolio only crashes if you sell it. Where many people go wrong is instead of looking at a stock being down as an “unrealized loss” they freak out and sell before the stock can dig itself out of the hole and now it is a “realized loss” and your account is negatively affected. This is not when to sell, this is when to buy. The rich get richer when stocks are down. One could argue that such market crashes are manufactured by the wealthiest people because when this happens everyone panics and pulls out. While everyone is freaking out the rich guys put more and more money in so that when the market corrects itself, which history has shown it will, then the rich guys get one hell of a payday.

You need to create these other avenues of income but that needs to compound over time. Investing money must be part of your long-term plan. If you have some cash and the market crashes that is lottery time. Let it fall all the way then once you start to see it come up, BUY.

Compounding investing is time involved, consistently putting in money so that it can grow each year. Streams of income does not necessarily mean having three different jobs. Having multiple streams of income is more along the lines of crushing it at your career and then gradually moving some money toward something of interest. Always learn from what is happening. Take your gains, take your losses and learn. With regard to investing, if you put $5,000 into the market initially and at the end of the year your account has 8,200. Take that 3,200 and invest it back in because essentially you are playing with “house money”. Maintain your cost basis (initial investment), take your profits and generate new streams.

As you gain experience and are exposed to different people you can learn to stop trading time for money and begin leveraging your time to make even more money. This is a process that took Cory 20 years to realize. It does not happen overnight.

In order to get that first stream secure enough to support your family is incredibly hard. This is where all your learning for future business endeavors occurs. It is time involved, consistency, perseverance, belief and the awareness to say, “maybe there is a better way to do this”. You must do whatever it takes to learn.

John has never been scared to take risks because he has no emotion toward money. It is like a poker player who puts $50,000 on the table, you don’t want to lose it all but you are willing to take the chance that you might. There can be no emotional attachment to money because when emotion gets involved it puts a cloud around your ability to make decisions. Losing money is part of the game. If you lose money on an investment your life should not change. If you are questioning an investment, ask yourself “If I lose this, will my lifestyle/livelihood be in a state of peril?” if the answer is yes, then it is too much money. If the answer is no then go all in.

Some people will operate on an incredibly high level when they go all in and have no fallback like Cory when he invested all his money to open his first gym. However, most people will not succeed in this environment because they cannot handle the pressure. It is obviously much safer to slowly invest what you can afford rather than jumping off the bridge with not bungie cord. Now the question becomes, how do you know if you can do that? You need to have a moment of brutal honesty with yourself. You must do some serious introspection and come to terms with who you are and what you are really made of before you embark on an all or nothing journey.

You must be willing to give up going out with your friends on a Saturday night, watching football on Sundays, getting dinner with friends in the middle of the week etc. if you plan to excel in business. You must unequivocally say, “Yes I will give up all that in pursuit of my goals, without a shadow of a doubt”. Your goal is a NON-NEGOTIABLE PRIORITY.  You will have free time to hang with friends but when you have shit to do, you cannot get distracted by friends inviting you out. Zero in on your task and kill it.

The leader in a business must have the absurd belief that their business can be built into something massive and when the people below the leader share in that belief, something special happens.


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