The Income Academy Club (IAC) started out of my quest for diversifying my own income streams.
There’s SOOOOOO much bullshit, scams and snake oil peddlers out there, who do you trust? Which ideas are scams, which really work?
Let me rewind and tell the backstory as to WHY I even started this quest for additional income streams:
Pre-2003, I was on top of the world, my career was flourishing at a large UK-based media company, I had met my “best friend” in life and everything was just perfect…
…then SARS hit and things quickly took a turn for the worse.
Because the company I worked for heavily relied on clients traveling, the business went to zero literally overnight and there was no end in sight without any idea how long the effects of SARS would last.
Overnight, my boss had to let some of my colleagues go.
I was relatively lucky, I was retained but was told my salary would be cut in half as I’d only be retained as part-time employee.
I had a mortgage to pay and losing half my salary would not be feasible.
That was my first shock to financial insecurity.
That was the trigger that led me to consider taking control of my own destiny and starting my own business.
It would a few years later before I really pulled the trigger to start my own business.
It was tough at first, but we eventually built up that business and in our best year, we just missed $1M in revenue.
But the year right after that, we had the most staff on our payroll but the market had started to tank.
The only problem was our industry had a slow sales cycle and we couldn’t see where the market was heading until it was too late.
As our staff naturally left, we never replaced them.
Finally, we realised we needed to ask our family members to borrow money to keep the cash flow going to keep the business afloat.
We hated doing that but knew it was the only choice.
The market still didn’t really recover for us but luckily we took it as a lesson to start diversifying our income and business.
I had started a consulting/agency business at first but never put much time or effort into promoting it. Now, it was time to spend more time and energy to build it up as it had a much better potential for cash flow.
My wife also started her own fitness coaching business.
It started off slow but after a few months, her fitness business was progressing quite well.
So during this whole time, I was focused on one major goal:
To never be in this kind of financial situation ever again and to focus on building multiple income generating assets.
Let me repeat this:
Focus on building multiple income generating assets.
And the formula for increasing/adding additional income streams consists of three things (you’ll see this as the theme of this site):
- Businesses/Side hustles you can start/create
- Investments you can make
- Skills that are valuable and people will pay for
I’m based in Asia I’m now back in Canada, a lot of ideas and articles I see on the Internet are only easy to try if you’re based in North America, UK or Australia. A lot of information on the Internet didn’t apply to people NOT living in those regions.
So, an additional focus for this site is to share ideas that are also doable if you live outside these regions (at least I will try to do this but I know it can be quite limiting).
So, that’s the story for how this site came to be.
I hope you find it useful and if you do, please share it with your family and friends.
To you success,