Updated: Jul 1
"If you don't build your dreams, someone else will
hire you to build theirs."
Did you know that most millionaires have between 7 & 10 revenue streams? Now - I'm not saying they have between 7 and 10 JOBS that pay them a regular income. They do, however, have multiple sources of income. Think of celebrities. They might be an actor. And a director. They're paid royalties on all of their acting work. They might have a perfume line. Or partnerships with others. Think of professional athletes. They have their sport. They've got endorsement payments from other brands, products and advertising. They may have a clothing line. While we likely won't have the kinds of opportunities they will have, there are LOTS of options for creating a second income stream.
So why do I call it Plan B income?
With Plan A income, you work at a job, in a career, for someone else. It's the regular income you receive for doing your job. It's the income that pays the regular bills. Plan B income is a second (or third or fourth or eighth) income stream that supplements your Plan A income. It's income that can also pay bills. But because it's additional income you can save it for a vacation fund, or for all the fun stuff your regular paycheck doesn't cover. Brad Pitt may be paid for acting, but he's also paid royalties every time someone watches a movie he's in. Plan B income can also be the emergency fund. Other sources of Plan B income? Rental properties. Stocks and bonds. Oil and gas leases. Book royalties. All of these, however, are more reactive to current economic conditions ... so you have to play the long game here as income will go up, and income may come crashing down, before it slowly goes up again. The best part of a Plan B income is that it can save your bacon if someone in your family loses their job during challenging economic times. Plan B income can also pivot into Plan A income any time that you need it to do so. If you're reading this, you're working on a plan to create your own Plan B income.
That's a SMART decision! I hear from people all the time that they're SO THANKFUL they created a Plan B income stream. Here's the BIGGEST reason that Plan B income is cool. Done right, in some cases it can become residual income. Meaning, once you've done the work and your Plan B is in place, it can continue to grow over the years, even if at some point you choose to step away or gift it to your children. I chose the anti-aging skincare market as my initial Plan B for many reasons - and for me it was a great decision. You don't have to make the same choice, though - there are lots of options that work for lots of people! You can read more about my choice here. One of my favorite mentors joined the same anti-aging skincare company at the very beginning of our company's launch into our direct-to-consumer, online platform. She worked very hard for several years, building her business organization both deep and wide. She poured her heart into her team, led by example, taught countless women how to grow their own business, and shared everything she knew and learned along the way. As a result she now earns a very substantial residual income (think of it as company-paid bonus income) for leading and mentoring with her whole heart. (*This is her unique story. Please see the company Income Disclosure Statement for more information.) Plan B income doesn't generate itself.
You have to be willing to put in the work to reap the rewards. But the REWARDS can CHANGE YOUR LIFE. Another cool thing? This is a business model where you can bring ALL YOUR SKILLS to the table!
You get to use your (perhaps untapped?) leadership skills and truly make a difference in the lives of others. (Hint: You may love your career, but you're ready to grow and promote - and, yet, you don't see that happening.)
YOU get to decide when it's time for a raise!
You get to determine how much time you have to work your Plan B business, and YOU can plug it into your life where it fits for YOU. Not someone else's time schedule.
You'll have a ton of fun doing what you do best, and perhaps helping your partners grow their businesses.
You'll build new and lasting friendships that you'd never have developed otherwise - friendships that will change your life in more ways than you can even imagine.
Oh, and your whole way of thinking about income can shift from paying the bills, to paying it forward, to changing others lives in GIANT ways!!
The best thing? A Plan B business works for anyone. At any age. As your life changes - as your career changes - as your needs change, you can set NEW GOALS that align with what you need. Maybe you start out wanting some extra money for every-day fun things. Then it changes to paying off your student debt. Which can change again into a vacation fund. Or college fund. At some point you want to fund your retirement account. Or travel more. Or go back to school. Or send grandchildren to college. Or donate to (or even create) organizations that mean the world to you. So, here's the bottom line:
Thinking about a Plan B source of income is smart.
Committing to a Plan B income is smarter.
Growing your Plan B business to whatever level you want and need is BRILLIANT. Right now - before you leave this page - hop on over to my Homepage and send me an email. Tell me what you're looking at for your Plan B. I'll give you some quick tips, and you can decide if you want to continue our conversation.