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By Dan Henderson
Many of our parents and grandparents believed in the 40-40-40 plan; work 40 hours a week, for 40 years and retire on 40% of what you used to make. It was an industrial revolution work plan that hasn’t “worked” in a very long time. Pensions have become a thing of the past and if there is one shift in the market or a change in your industry, all could be lost. Look at the tech bubble of the 90’s, the housing bubble of the 2000’s and more recently, the Covid-19 pandemic. From the corporate executive to the home builder and the restaurant owner, if all of your income was from one source and that source stopped, what would you do?
The concept of multiple sources of income was not part of my upbringing. One side of my family was all medical professionals, attorneys and teachers while the other side was blue-collar workers and municipal employees. Each of them held one type of employment their entire career so when I heard about this idea that you can produce income from several different places at once, it sounded strange. Little did I know that a few years later, I would own a credit card processing company, a real estate brokerage, 2 real estate development companies, income properties and would be building the lifestyle brand, “Home With The Hendersons.”
Whether you are new to the work force, at the peak of your career or you are trying to rebuild after the shut down, you can start creating multiple sources of income today. It’s not hard, it just takes effort and if you don’t know where to begin, try a few of these ideas that worked for us.
“Find something you love doing and figure out a way to make money at it” This was said to me by a friend from high school one sunny afternoon and it has always stuck with me. When you love doing something you tend to do it well, so why not get paid for it? We’ve done this with all of our businesses. We’ve even taught this to our children and saw it come to fruition with our daughter a couple of years ago. She really liked watching food competitions on television and found a love for making her own cakes. At the age of 12, she started the business, Tay’s Cakery and she has been absolutely crushing it ever since.
“If you see something, say something” The idea behind this slogan is that if you see a problem, take action. In business, when we see a problem, we create a solution. Maybe you see an injustice going on in a specific industry and you feel compelled to change it. Maybe you found a better way of doing something and know you can make money doing it. There are so many ways to serve others and support yourself at the same time. You just have to be observant. World renowned author and speaker Brian Tracy once said, “you don’t have to invent something new to make a million dollars, just take an existing concept and make it 10% better.”
“Sell while you sleep” There are several ways of doing this. From affiliate marketing online to direct selling businesses, you can build an additional income with little to no capital and customers can buy without you even having to be awake. This may sound a little hokey at first but if you think about it…..isn’t that exactly what Amazon did?
“Get paid for being you” In one of our companies, Allifide Merchant Group, we have a referral partnership program. A referral partner is someone who can pick up the phone and make a warm introduction to a prospective client we want to sell to. It’s based on their personal relationship with them. They are people who have an influence we don’t have, and as a result, we pay them handsomely. Think about who you know and find a company you can trust with a referral partnership. You might be surprised how easy it is to get paid for being you.
Now, no one is saying you should quit your job to start something new. In fact, if you did, you’d be missing the entire point. However, given our country’s current economic instability, this is the perfect time to reflect on what you have and how long you can sustain should this continue or should it get worse. If we only had one source of income it would have been much more difficult to navigate through the pandemic. However, since we did and always will have multiple, we made it and you can too!
If you would like more ideas or would like to talk about one of our referral programs, please feel free to email us at info@HomeWithTheHendersons.com