Donald Trump’s administration enacted a partial government shutdown at midnight on December 22 after the Senate failed to break an impasse over the president’s demand for more funding to build a wall on the border with Mexico.
Senate Republican leader Mitch McConnell sent senators home that Saturday until Christmas Day, all but guaranteeing the shutdown would last until then.
The government shutdown has now reached its 13th day.
The Secure Job Myth
Certain sectors of professional life have always been seen as bulletproof.
Federal government jobs are high on that list as the system employed by this country cannot operate without a working government.
We all have been fed the narrative of security and the infallible job that, if fortunate enough to receive, you must work until retirement to cash out for a golden parachute.
However, that dynamic is becoming archaic.
No longer is the world a monolithic place where there is only one train of thought for economic stability. Many who did not prepare for the whims of the 45th President, their fears were realized when his quest for border security encroached on their livelihood.
If that wasn’t bad enough, it was right before the holiday season for a toxic cherry on top of a poisoned sundae.
Today, there is a new reality that w all must face.
If you do not have a healthy mix of earned income, profit income, interest income, residual income, dividend income, rental income, capital gains, and royalty income you will feel the burn today.
Earned Income is revenue gained from working a job. I categorize small business owners here as well because you basically have created a job for yourself and others.
Profit income is revenue from buying and selling. Those who work in real estate understand this and also other investors like those in the stock market.
Interest income comes from lending money at a borrower’s rate. In poorer neighborhoods this is known as loansharking and can be a risky endeavor if you do not have protocol in place in case of a default on payment. Still, many who have liquidity have benefitted from short term loan arrangements where they can pocket the interest and do not need the loaned principal relatively quickly. I have written many business plans where the visionary was able to convince retirees or a group of investors to grant them short term loans for equity, interest, or both.
Residual income is when you get paid after the work is done. Many referral marketing businesses set people up for this level of revenue. Also creatives have gained this level of revenue from drafting books, crating licensable music, and more that will allow you to continue to profit from a catalogue of work.
Dividend income is revenue from owning stocks, investing in funds, and more that provide a payout based on an initial guaranteed investment.
Rental income comes from renting a property. The upkeep and maintenance might mean that you have cash reserves as an emergency preparedness measure, however, one certainty in life is that people will always need a place to live.
Capital gains are assets that increase in value over time. Precious metals like gold and silver, rare objects like minted coins or collectible art are a few of the options n this category.
Royalty income is revenue generated from others using your idea. With my consultancy, i’ve often sold concepts to companies and individuals or curated the concept for a percentage payout and/or ownership. This has allowed us to benefit from a well-thought out concept that we might not have had the capacity to operate on our own.
Persevere! We Have Your Back!
There is no singular answer to the changing times. The smart and the brave know to diversify as much as possible for fluctuation in life.
These are a few remedies to the issues we are all facing in life. If your goal is to start a business, rebrand your current business, or just have someone to help you navigate the terrain with a simple but informed conversation give us a call.
We are here to serve, even if the government refuses to.