Over half of self-made millionaires have three streams of income. If you let social media memes and LLC Twitter tell it, you’re doing yourself a disservice by having a traditional 9 - 5 job. The real key is utilizing the money from the day job to invest into creating multiple sources of income. Social media is great for networking, but it’s important to follow the right people. If you’re not careful, some unqualified advice could land you in trouble with the IRS.
Brother and sister business duo Chris Johnson and Ashley Johnson have taken social media by storm. In the bio for both siblings you will find links to a simplified and informational slideshow, video-led presentations that cover terminology, caution you against common missteps, and teach you in a laidback and conversational manner on a number of topics.
A few things you can learn about are: pallet flipping, ATM purchasing, Vending machine ownership, flipping cars, drop shipping, owning a beauty brand, mastering the stock market and so much more. Remember, whichever options pique your interests will only work as hard as you do. It’s important to do your own research, and to put forth the same effort you do in working for someone else. A man only gets out of life what he puts in. The vending machine business for example requires lots of pre gaming and planning, but the cost of entry is low. with $2000 - $3000 you can get a month income rolling that gets you your invest back 1/2 way through the first year.
The pandemic has shown us just how unpredictable employment and life in general can be. If you’re in a position to set aside some money, take the time to learn how to build wealth outside of basic means. Fortunately, you don’t need much to launch many entrepreneurial endeavors. In fact, most would say it’s unwise to venture into new businesses ventures with a ton of capital to start. If you learn how to manage and grow a small pool of money, when larger amounts of cash roll in, you’ll feel more confident about your abilities to maintain your fiscal responsibilities.
The days of having it all off of a single income are steadily fading away, so be a man of vision for yourself and those that matter most to you by stepping a few steps towards fiscal flexibility and freedom.
Written by Lola LePaon