A Familiar Temptation
A common rule of practice when it comes to the world of trading and investing is to add to your winning positions. Similarly, when one experiences a certain level of success in regard to an income model, the logical approach is to increase one’s investment of time, effort, and even capital. I strongly agree with this approach. However, I believe that one should apply an additional aspect of “investment intelligence”.
Ironically, this is a practice that real estate investors tend to understand, and that is to secure an additional income stream. In the world of real estate, that amounts to securing a second rental property. Compounding and nurturing an existing income stream is very much like what a real estate investor does when they choose to renovate and add additional perks to an existing rental property.
Essentially, they are now able to secure a higher rental, and in so doing, increase their income. However, a real estate investor understands that there is only so much one can achieve via the ownership of one rental property. In regard to Crypto income streams, there is also growth and an increase of income by further “investing” in an already functional and profitable model. However, there are other factors at play.
For instance, choosing to develop additional income streams often creates favorable outcomes. Getting involved with the right project, or the right niche at just the right time often secures a level of income significantly higher than originally projected. There are numerous events, promotions, and other developments that can provide a new income model with a rather significant boost! Essentially, a new income model can increase your odds of success.
Profitability Does Not Imply Exclusivity
Just because specific income models are working well, and continue to do so over extended periods of time, doesn’t mean one should cease to explore and continue building. Not only does continuation and extension beyond your existing systems create the opportunity for additional income, but also that of creativity and invigoration. It’s good to develop daily habits and practices in regard to your Crypto hustle. However, it’s just as important to avoid stagnation.
As the saying goes: “A change is as good as a holiday”. There’s nothing like creating a bit of excitement and “new life” by shaking things up a bit. Many have become so complacent in their daily routines that they haven’t even noticed that it is affecting their mood and creativity. There is a desperate need for something, a little excitement! This is another reason why constant growth is so important.
Essentially, it exposes you to new ideas and areas of exposure, which simultaneously require additional study, research, and exploration. This keeps things fresh and exciting. If your business grows in terms of income, but you have ceased to grow in knowledge, skill, and understanding… are you still growing? I am not opposed to remaining vigilant in regard to what one has already built and established.
I am however of the opinion that it shouldn’t stop there. Those who run or exercise will know that strength and endurance increase as one pushes beyond one’s existing limits. Remaining within the limitations of what already exists is not a good long-term play. Yes, grow what is already working… but don’t stop there. Make it an ambition to add a new mechanism, idea, or approach every two to three months.
Final Thoughts
Familiarity breeds contempt… it’s always healthy to be making new additions and incorporating new ideas and approaches. Keep the river flowing, and don’t allow stagnation to set in. That’s my view, at least! A good opportunity to incorporate this mindset is when a new trend breaks in the market. Instead of waiting around, find ways to get involved and exposed without incurring much risk. I can personally attest to how well this has worked out for me in the past. It’s that proactive approach that often seems to find favor. Well, that’s it for this one, catch you next time!
Disclaimer
First of all, I am not a financial advisor. All information provided on this website is strictly my own opinion and not financial advice. I do make use of affiliate links. Purchasing or interacting with any third-party company could result in me receiving a commission. In some instances, utilizing an affiliate link can also result in a bonus or discount.
This article was first published on Sapphire Crypto.