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Earlier this year on Lindsey’s stories she talked about the concept of silent wealth, and how Andrew and she wanted to not only work towards diversifying their income to have multiple streams but also to make sure that a good chunk of those streams of income was coming from business avenues that weren’t necessarily attached to her face.
If you aren’t familiar with the term “silent wealth”, it’s essentially the concept of having income and investments that are detached from your name, your face, or any other brand you may have.
We’re excited to dive into this topic and discuss the how, the why, and the what of building silent wealth. If you’re intrigued by the idea of having multiple income and revenue streams detached from your public image, you’re gonna love this conversation!
Silent Wealth
Revenue streams that are not attached to your name or your face.
We’re big on personal branding and social media marketing. We’ve built all our businesses having our faces very attached to them and honestly, we’re pretty good at it. However, something we’ve learned as we’ve grown in business is the immense value of not only diversifying your income but in addition, making a good chunk of your income as an entrepreneur be from businesses that aren’t necessarily attached to your face. Where you and you alone aren’t the figurehead and face of your company.
WHY?
- It can be exhausting. If you showing up is the only way you can make money, what happens when you need a break? Or you have a tragedy?
- Cancel Culture is real: we’re living in a world where if you say one wrong thing, people can decide they no longer support you and slander your entire reputation. Social media has revolutionized businesses in a way that is honestly kinda scary. And when you’re face and personhood are so intertwined with your income, one wrong thing you say or do even once can make the castle walls come crumbling down. It’s super smart to have businesses and investments that are making you money that no one knows about. This matters especially if you are the kind of person who ever wants to publicly share opinions that go against the popular grain. There is a risk with any type of business you create, but that is why having a diversified investment portfolio or revenue is so beneficial because you recognize if one engine goes out on this plane you have five engines.
Don’t feel overwhelmed, you don’t have to do everything at once. Having multiple revenue streams gives you the freedom to stand firm in your convocations publicly if you want to. From a Christian perspective – sometimes we’re called to speak out on things that aren’t culturally popular. How does that affect a personal brand?
Examples of Silent Wealth
- Selling products online (Amazon, Etsy, etc)
- Real estate investments
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- Long term and short term
- Commercial
- Brick and mortar companies (coffee shops, boutiques, gyms, etc)
- Purchasing businesses that already exist
- You can buy FedEx routes
- Invest in other businesses (become a silent business partner or investor)
- Invest in stocks, mutual funds, etc.
- Start your own company and just create a brand that isn’t attached to YOU specifically but still has a solid brand mission
Overall, this is just a super brief rundown of what silent wealth is, why it’s so important to consider/act upon, and a few ideas and concepts to get your wheels turning.
Remember that you don’t have to do everything all at once. If you are currently building a personal brand, focus on building that to a place where it’s stable and sustainable and you’re feeling good about where you are, and then start looking into expanding into some silent wealth building.
Or build silent wealth first and then your personal brand! There are so many ways to go about this, don’t put too much pressure on yourself. We did want to give you this idea and plant the seed of the concept of silent wealth so you can start letting those wheels turn.
Show notes
Lightroom Editing Challenge: www.theheartuniversity.com/challenge
Pricing Guide Freebie: www.theheartuniversity.com/guide-freebie
If you want to connect with us and other listeners in the Heart and Hustle community join our Facebook group here.
Follow along:
www.instagram.com/mrslindseyroman
www.instagram.com/evierupp
www.instagram.com/theheartuniversity
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