Wealth

Recession proofing in the GFC

By Jamie McIntyre

I was fortunate to have had a millionaire mentor some 15 years ago when I first made a commitment to becoming a self made millionaire before I turned 30. Despite learning many secrets to property investing and business, the one key distinction I learnt and modelled from him was developing multiple income streams.

At the time he had approximately 15 different income streams from his varying companies and investments. Ever since then, I've also built up over a dozen different forms of incomes and investment streams from varying companies I've started. It's a concept that I recommend others to consider.

Imagine how much certainty you could have right now in a recession if you had two or three different income streams let alone 12 or 15.

The reason most people feel uncertain around money is they are technically two weeks away from bankruptcy; meaning if they were made redundant – which is very possible in today's environment – they could only survive two weeks from their savings before being unable to maintain their lifestyle.

How can you get started with a second or third income?

There are four key areas I'd suggest to create further wealth.

Property investing: This can be a great long-term income generator and provide capital growth.
The share market is one of the fastest ways to generate instant cashflow: by instant I mean within the next 30 to 60 days. I'm a big fan of using a combination of cashflow strategies such as 'share renting' which is a terminology I coined over a decade ago and have helped thousands retire from their jobs, along with other strategies that work hand in hand with share renting and also eminis trading.
Internet businesses: A great way to develop multiple income streams with virtually no capital at risk and can be done whilst you still have the security of a full time job. This strategy simply requires education and time.
Perhaps the fastest way and most overlooked is your current 'career'.

I like to teach my students how to turn their job into a semi passive income and create a millionaire's lifestyle within less then 12 months without needing to become a millionaire and with the technology available today this is now possible.

Remember in times of financial crisis wealth is never lost but merely transferred to those that are financially educated and prepared to not only survive in this global credit crisis but thrive.

Jamie McIntyre is founder of 21st Century Group of Companies. www.21stcenturyacademy.com