By: Korrin Doyle
Over the last few months, I’ve been contemplating a lot of new thoughts and ideas. Life has a way of throwing you down pathways you never really expected to go down. There have been a lot of learnings during this chapter of my life. I thought I’d spend a minute or two diving into my thoughts on how you can design a more robust and prosperous life. When I talk about being prosperous in life, during this article, I’m talking strictly about personal wealth and security. Of course there is far more to true prosperity like relationships and health, but that is for another article and another time.
Most of us start out as normies, that have all their eggs in one defined basket. We’ve selected our career path, and are staying the course! Some people stay the course so well, that they are with employers 10+ years, sometimes as long as 40 years! That’s rare now a days, but it does still happen. We have all our income in one basket per adult in a family. In some households with a mom and dad, they have two income streams, one from the mom and one from the dad. This is probably the most ideal situation for most of us normies. However, more and more families are broken and down to one stream of income.
To build you up to where I’m going with this, I’d like to tell you a little story that happened recently to someone I used to work with. They were following their employers requirements with this whole CV thing. He and their wife decided to go get the 1st shot together, were sick for a day and felt better after. He had a week off of work and decided to go ahead and get his second one by himself. That night he wasn’t feeling well, and by morning he was doing strange things and babbling incoherently. After two ER visits, they were told he had had a bad reaction to the Vax. They had no idea how to fix his reaction. The two of them have two boys that are still school age, so the wife made the choice not to take the second shot. Her employer (healthcare) let her go for not taking the 2nd CV shot. So now they both are now not working.
This story is probably happening a lot right now, and hits my point directly. Your employer is your sole income, and if they decide you are no longer necessary for them to do business OR you pushed back and they didn’t like it OR if they have a benefit from not having you on their employment roster, you are gone and they feel none of the pain. With that being said, the biggest learnings I’ve had from the past few years, we need to start thinking outside of the box. I’m not going to be putting all my eggs in one basket anymore, instead I’m working on figuring multiple streams of income.
When you look at all the evidence out there on how people become independently wealthy, most of them do not rely on the income of one employer. There are several ways that people make money including: writing books, making things and selling them, coming up with a sellable product, being an affiliate, buying wholesale and selling for profit, advertisement income from social media platforms like blogs, podcasts and YouTube channels, having rental properties, flipping homes, etc. There are so many ways to make income, its actually unbelievable.
The type of income streams are very important when it comes to building wealth and financial freedom. There are two types of incomes: Passive and Active incomes. The goal here, should be to find as many passive incomes as you can. Passive income, is income where you do something ONCE and it continues to make money for you. Active income is having to do things over and over again to make an income. An example of passive income could be writing a book, and people continuing to buy it over your life. Active income would be your J.O.B or making something to sell, etc.
Though I haven’t completely created my path yet, I have a descent plan. The part to these plans, as you make them, is that they do not happen over night. It takes time, patience and resilience. We live in an instant gratification world, so for most of us having patience for the end result that could take years, is like pulling teeth. It’s like the hair and the tortoise fable; slow and steady wins the race.
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