7 Streams of Income

EPISODE 3: From Down and Out to Millionaire

Joshua Smith, now a highly successful entrepreneur, has seen his share of struggle. At twenty-one years of age he planned to commit suicide. Instead of ending in tragedy, his low point turned out to be a wake-up call. Smith subsequently managed to overcome alcoholism, lost 118 pounds, got fit, and has created eight companies in the tens of millions of dollars. He is married to his high school sweetheart, has three children, and was making over $1 million dollars a year in business by the age of twenty-five. At age twenty-eight, he was voted by The Wall Street Journal to be among the top thirty realtors in the country.

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Time-Stamped Show Notes

[00:00] Joshua Smith went from contemplating suicide to running eight successful companies in a span of about ten years. He went from making $10 an hour to making in excess of $10 million annually.

[02:26] The average millionaire has seven streams of income. Smith’s include real estate, health and fitness clubs, speaking and coaching engagements, group training and a software company.

[09:30] Smith’s software required no promotion or advertising, as 42% of his consulting clients purchase it automatically.

[11:23] Smith recounts gaining perspective from working with hospice patients in end-of-life care. He explains his ultimate scoreboard.

[17:55] Using a daily planner and reflection guide to live intentionally.

[20:29] The importance of implementing systems in business versus trying to out-work the competition.

[26:40] Corporate culture and employee retention through daycares, virtual working, and accomplishment-based work environments.

[30:50] Humble beginnings, growing up on food stamps, and what a millionaire would do if he lost everything.

[36:30] Smith advocates saying yes to daily quiet time, and saying no to anything that does not align with your intentions.