For some, business couldn’t be better. For others in this global pandemic, it couldn’t be further from the truth. The sad part is, for many, facing a near-future financial nightmare, that’s the case. The good news is, there is hope and there is a strategy for that.
As news of 30 million Americans filing for unemployment in six weeks hit the wire, it became even more devastatingly real. 30 million people losing their jobs in less than two months. Wow, that is crazy. It’s unprecedented.
So many people have come to the realization that working for money in a 9-5 scenario isn’t the way to go. Of course, having a job fulfills an immediate must, you have to pay the bills and feed the family. But more than ever, building a passive income is critical to survival in life. It’s one of those ‘help me Obi-Wan Kenobi, you’re my only hope’ moments. Maybe that’s a stretch but I know you get it.
We don’t always make the right decisions, Lord knows I’ve made mistakes but I’ve always believed that passive income is a path to freedom, especially in times like these. As entrepreneurs it’s important we pivot when we must.
For example, years ago I had a few tenants who lost their jobs and couldn’t pay rent. It created a lot of stress and ultimately a couple of evictions and it was an experience I never want to go through again. Today, a significant majority of my properties are occupied by people who receive financial help from government due to disability, mental health issues etc.
Most landlords turn these people away assuming they cause damage to their properties or are problem-children. I think otherwise. In fact, they are among the best tenants I’ve ever had. Everyone has issues to some extent, they just have varying degrees of it. I’ve found that as long as you respect the people who live in your homes and genuinely care about them living with dignity – at the same time not crossing the line into friend territory – it’s a win-win. Plus I’m guaranteed rent every month. Many other landlords I know are hurting really bad right now.
In my digital marketing business, we’ve lost a couple of clients along the way but still receive healthy, monthly revenues from all our clients, residually. I believe it’s because we provide real value at a fair price.
If you have time on your hands right now, and most people do, THIS is the time to get serious about building a passive income in a recession-proof business; real estate, an online business, YouTube, whatever it is, TAKE ACTION! It’s the only way to success. Also, know there are going to be ups and downs along the way and when it gets tough, that’s when you need to get tough and plow through and just know you will thrive. Hope this helps.