Media outlets and financial leaders are warning that a Recession is looming, leading many to bunker down on their finances. On the home front, many are starting to save their resources but is it a good time to start a home-based business? Financial expert Dr. Lynn Richardson returns to the GetUp! Church for Monday Monday. The award-winning speaker, author, and entrepreneur fill us in on if this is the perfect time to start your own business.
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ERICA: You say a home-based business is the cornerstone of your wealth if you don’t have any, can you explain what that means?
DR. RICHARDSON: Let me say this. One stream of income is hazardous to your wealth. Let me repeat one stream of income is hazardous to your wealth. Before the pandemic, I felt like Noah, he was telling everybody looks, come on get this ark, the flood is coming. Everybody was like, yeah, yeah, yeah, whatever. When it started raining, nobody was laughing. Because you cannot count on one income. If you want to be wealthy long-term. That’s number one. Number two, the reason why it’s the cornerstone of your wealth is that in your home is where you get your money back. The IRS says, if you go out to eat a meal for business, you get your money back. But if you can go out with your girlfriend, your kids, your boo, whatever, you don’t get your money back, when you pay your rent, your light bill, your gas bill, your internet bill, your landscaping bill when you pay all those bills, and you have a home office, or your home and you get a portion of that money back. But when you don’t have a home-based business, you don’t. So I always tell people, you have to do three things, you have to spend less money, you have to get more money. But the more you make, the more the IRS will take. So you have to get your money back. That’s why it’s the cornerstone for building wealth.
ERICA: Is now a good time for home-based business owners to get started?
DR. RICHARDSON: Let me say this do not believe the hype. Anytime there is a global financial fiasco, there was a natural disaster, whether it be the unfortunate terrorist act of 911, or whether it’s a natural disaster like Hurricane Katrina, there are people making money everywhere. Now, I want everybody to understand. There’s a person who’s just gonna knew who owned Amazon. And he told people to stop shopping. Basically, he said, cash is king. He said, don’t buy that new TV. Don’t buy that. If the Amazon of the world is saying Keep your money, what do you think is going on? So what I want everybody to understand is, Don’t believe the hype? Somebody’s making some money somewhere. And it means to be you. The world might be in a recession, but not and you shouldn’t be either. You Yeah, you should be in a recession you call a recession? No, in my book, The symphony, A Guide to Creating imbalances, multiple streams of income, I teach people how to master and prioritize multiple streams of income in their home-based business, so that we can be a part of the thriving part of a kind of an economy, even during a recession.
ERICA: Now, for people who don’t know what type of home-based business, they want to start, can you give some tips?
DR. RICHARDSON: Well, there are three things one, I and I teach this in my two-hour course how to start a home-based business because I go through all these things, but very briefly, I say first, what are you skilled at? Most of us underestimate our skill. Somebody will say you’re really good at that. And you’d be like, Oh, that’s no big deal. No, it is a big deal. You better go make some money. So what are you passionate about? Whatever you are passionate about, it’s probably a stream of income