Nothing lasts forever, however there are some things you can do to set yourself and your family up for years to come. Here are 3 Ways To Create Everlasting Income.
Develop & Utilize High Income Skills
“Skills pay the bills.” If you can develop a few high income skills and put them to use, you will always have access to money at your fingertips.
Some of these skills are:
- Utilizing Leverage
- Digital Marketing
- Recruiting & Managing Top Talent
Mastering some of these skills will put you miles ahead of the general population. It will also give you the advantage when it comes to creating businesses based off these skills.
No matter what happens to a business that you own, you will always have the ability to start a new one with the skills you have.
No one can take away the skills you develop. This is why you want to continue to self-educate yourself and increase your skillset.
With high income skills, you will be able to not only spot opportunities in the marketplace, but you will also be able to deliver value and take advantage of those opportunities.
Create Businesses For Different Economic Cycles
Notice that I said business(es). To create everlasting income, you need to have multiple income streams that are in different industries.
Now, I’m not telling you to go out today and start these different businesses at the same time. That would be a bad idea. Instead, you want to start one business, grow it to the point where you can scale back your time and use the extra time and increase in income to invest in another business.
For example, you can start with a digital marketing business helping other businesses get sales through YouTube advertising. Grow that business to $10,000 per month and remove yourself from the day to day activities.
Related: 3 Ways To Thrive During A Recession
Then, you can focus on scaling that business while building another business in a different industry. So, your next business can be investing in real estate. Build that business up to $10,000 per month, remove yourself and rinse and repeat.
In the end, you want to have multiple income streams from different sources that are flowing back to you. You should also be thinking about which business perform better when the economy is bad and which businesses do better when the economy is good.
Your digital marketing business, may do better when the economy is bad because advertising on platforms will be cheaper and businesses still need to bring in sales. However, your real estate investing business may take a hit because multiple tenants stop paying rent.
Always think of different income streams and the effect of economic cycles on them. You never want to catch yourself in a situation where all of your businesses crash at the same time.
Safe Guard Your Businesses
Another way to create everlasting income is to actually safeguard the income you currently have. If you currently own a business, make sure your business is shielded through legal entities.
I suggest consulting with a lawyer and an expert, but you want to be legally protecting your assets from other people. There are some cruel people in the world and every successful person knows that your chance of getting sued rises the more success you obtain.
To combat this, separate yourself from the corporations you own. Have other people [that you appoint] as the face of the company, anything you can do to shield yourself.
Also, you don’t have to tell people everything you have your hand in. Its your business. For example, I keep it simple when people ask what I do. I tell them “I run a few businesses” and I never tell them every business I have my hand in, that would be a mistake.
Thanks for reading 3 Ways To Create Everlasting Income. If you’re interested in starting your own business and need some ideas, check out our free guide: 25 Six Figure Businesses You Can Start Today.