Why Now is The Time to Diversity Your Income

We currently live in a world split into two distinct groups: the Haves and the Have-Nots — people who know how to build wealth and those who don’t. 

To put it into context, 88% of today’s millionaires are self-made and there’s a common thread between all of them: assets. The wealthy are those who are asset-owners. We’re talking about anything that produces value or inherently contains it — real estate, art, cars, investments and now we can add one more to the list….. Businesses.

Diversifying Your Income Through M&A…

We currently live in a world split into two distinct groups: the Haves and the Have-Nots — people who know how to build wealth and those who don’t. 

To put it into context, 88% of today’s millionaires are self-made and there’s a common thread between all of them: assets. The wealthy are those who are asset-owners. We’re talking about anything that produces value or inherently contains it — real estate, art, cars, investments and now we can add one more to the list….. Businesses.

Another commonality among millionaires is that they have diverse sources of income and investments. You’ve probably heard the latter a hundred times over, seared into your brain by investment gurus, wikihows, and randos at the coffee shop. But no one has probably told you to diversify your income. We’re actually something most of us are discouraged from doing, right from the start. We’re told to focus on one career while we study and develop our skills, and then give our all for a single job. 

Deviate from that and what happens? The machine built for the benefit of a select few, the same one that most of us put our entire lives towards running and oiling, breaks down. But every once in a while, something like a worldwide crisis occurs (sound familiar?) and as things naturally grind to a halt, we can put things into perspective again. 

When that happens, we’re reminded of how replaceable and inessential most of our 9 to 5’s really are. Oh, and the ones who gave their all? They’re now left scrambling. 

 

Rethinking Entrepreneurship

The traditional approach to entrepreneurship is to start from scratch, putting in the sweat, blood and tears for another year filled with instant-ramen and a 40k salary to build out a vision from 0 to 1. 

While we need those entrepreneurs, the world is really hurting right now with nearly 100,000 small businesses in the U.S. being forced to shut down due to the pandemic. The result isn’t just a loss of livelihoods, but also the loss of perfectly good assets.

 

Luckily, we’re seeing a new kind of entrepreneur rise from the ashes. Out of the 4 million new business owners in 2020 (the highest level on record), there are a savvy few who realized the wheel doesn’t have to be reinvented in order to provide value to the world. That old, most definitely can be gold, and existing businesses are worth buying just as any other traditional asset is. This especially rings true when you consider the 90% failure rate for new startups

As an entrepreneur, you can either start from scratch to build out your own business or buy one that already has a foundation for you to innovate on. Buying existing businesses is the perfect way to add value to your community and diversify your income quickly. 

Wealth doesn’t have to be something you need to trade your time and well-being in for.

It’s something anyone can cultivate with the right kind of approach. With the current state of the world, now is the best time you could have asked for to get started. 

 

 

Yours Unconventionally,

Codie & Ryan

Co-founder- Unconventional Acquisitions

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