Kassie Larson’s Plan A was to get married and have kids, but when she found herself in her thirties, single, having not found love yet, she decided it was necessary to form a Plan B. Her Plan B was to find a sperm donor, be artificially inseminated and raise her baby on her own.
Plan A is fulfilling work in the entertainment industry, that’s your passion, that’s why you read my newsletter. I get that. Work slowdowns or long periods of no work are to be expected in the entertainment industry, I hope you plan for them. However, it’s the unexpected like the death of a spouse, a sudden major illness, taking on the responsibility of an aging parent, a child with special needs that can be draining on your bank account affecting your ability to pursue your Plan A. That’s why a Plan B residual income stream is so important in life.
Now you may be thinking, “Jessica, I’m already too busy with everything I’m doing right now and you want me to add something?” Well, yes. If the unexpected occurs, your life will be turned upside down and your time allocation will have to change drastically!
What I’m suggesting, is if you take a small chunk of your time and invest it in a Plan B residual income NOW, this way, when the unexpected occurs, the change won’t have to be so drastic, because you’ll have a residual income to give you peace of mind in the financial department.
Now you may be wondering, “How do I make residual income? How much of my time will it take? How do I balance it with my entertainment career?” There are many ways to make residual income that can fit in with your Plan A. Here are six:
1. Tie your talent into a residual income producing opportunity. There are websites where you can post your art, photography, music, sound effects, video clips. People pay a licensing fee to use them. Etsy.com is a great site or you can research sites that are specific to your talents. An off-shoot of this is to break into a new market that pays residuals/royalties; music, voice over, looping, writing.
2. Based on something you know or have talent in, create an evergreen course or program that can be sold over and over again. The more specific you can be to a niche, the easier it will be for people to find your course or program.
3. Write an eBook. Now granted, this is not necessarily the “life changing” residual income that I’m talking about unless it becomes a best seller. Books are low cost so you would need mass quantity sales to make a big residual income.
4. Create a store on websites like cafepress or zazzle where you can put your own images or quotes on all kinds of items and sell them.
5. Become a direct sales consultant for a company that is: over 18 months old, debt-free, non-saturated or consistently creating innovative new products, done for you (so you don’t have to spend time on inventory, mailing, bookkeeping, money exchange, etc.), proven in the industry, flexible, can be done from anywhere online.
6. Become an affiliate for products you already believe in. For example, if you’ve taken my courses or bought my programs and want to share them with your friends, I can give you an affiliate link to share and when your friends purchase, you make money. Many companies and products have affiliate programs.
I currently have ALL 6 methods working for me, and if you’d like to learn more about any of them, send me an email with your questions and I’ll give you more details.
1. Do a realistic account of what would happen to you, your family, and your career if “the unexpected” were to occur next week. If you wouldn’t be financially prepared, it’s important to get started on your Plan B NOW, while still pursuing your Plan A. Remember it’s not either or, it’s two plans at once.
2. Have conversations with people who have residual income to find out which is the best fit for you time wise and as a financial pay off. I’d be happy to have one with you. To set up a time email me at Jessica@thegreenlightcoach.com
For seven years Kassie raised her son alone. Her Plan B worked and eventually she had her Plan A as well, a husband.