By Kisha Mays (Guest Writer)
One would think that with so many days, weeks, and months dedicated to women, we would be closer to equality across the board. March is Women’s History Month, March 8th is International Women’s Day, May is recognized as Female Founders Month, October is National Women’s Small Business Month, and November 19th is Women’s Entrepreneurship Day.
Yet less than 2% of Female Founders get VC funding and that will be even less going forward with the closure of Silicon Valley Bank, First Republic Bank, among others. Banks are not lending but instead closing accounts at a faster rate than ever. We have so much work to do to achieve true equality across the board. I am confident that we will get there but we have to take control to change the narrative and the reality of it all.
Most Female Founders and Career Professionals only have 1 income stream and that will be the financial death for many of them with the next coming recession (which will be bigger than 2008). It is the biggest financial mistake that women make but there is time to turn it around now.
There are 6 income streams women can start now to begin building multiple streams of income no matter if they are an Employer or Employee. You can start with one and work your way up to all six if you choose to. With 2- or 3-income streams you are comfortable, but 4 or more you can create real wealth if that is your desire. As a way to really support Female Founders in building and developing their empires, we recently launched the $100 million HERstory Made fund.
One of my goals, which is aligned with my purpose, is to help one million Female Founders Generate a minimum of $1 million in annual net revenue by December 31, 2025. This would add $1 trillion to the global economy and take the number of 7 figure women entrepreneurs to 10%.
Here are the 6 income streams that every woman should start with at least 1 or 2 now to proactively save themselves and be their own SHERO.
- Rental Income: Buy a property (single family or multifamily property) to rent out for long term tenants or short-term guests on Airbnb. The rental income will generally pay for the property and the right property will appreciate in value.
- Business Income: 88% of millionaires are self-made entrepreneurs. Build a business on your own or buy a franchise. Put in the time with consistency to build it. Ironically enough, recessions are the best time to start & scale a business. But even if not in a recession, start NOW!
- Side Hustle Income: Teach a skill, develop an online community, rent your car on Turo, start a house or office cleaning business. Basically, the side hustle is something that you do in addition to your job and build it on the side until eventually it becomes your business income if done right. Or you could have multiple side hustles as some people do that to keep control of their time rather than work a regular job.
- Dividend Income: Invest in dividend generating stocks, but don’t fall for the dividend traps where stocks offer excessive “too good to be true” dividends. Do your research.
- Royalties: This is a passive income stream that you can earn years into the future. Licensing, publish a book, develop content, creating a patented product, writing a song, trademarks/copyrights, and more.
- Capital Gains: Invest in appreciating assets that will gain value over time and sell for a higher price than paid. Such as Fine Art, Classic Cars, Collectibles, Cryptocurrency (always do your research), and of course real estate can be included here. The idea is to buy and hold long term to make money.
I hope this was helpful and that something appeals to you. Feel free to visit our website to learn more about this fund that is exclusively for Female Founders, www.justfearlesswomen.com .
Kisha Mays Bio
Kisha Mays is the Visionary Founder and CEO of Just Fearless and HERstory Connections, Venture Capitalist, Best Selling Author, and Philanthropist. Her primary focus is to scale 1,000,000 Fearless Female Entrepreneurs into generating a minimum of $1,000,000+ in annual revenue, which currently less than 5% of women entrepreneurs achieve.
Turning them into unicorn global businesses through the HERstory Made Angel Fund which is a $100 Million fund exclusively for female founded companies. She has been featured in the Business Insider, New York Times, Wall Street Journal, Fast Company, and Forbes to name a few.
Her major influences are Oprah Winfrey, Sara Blakely, Madam CJ Walker, and Richard Branson, for their fearlessness, exceptional courage, drive and ambition, willingness to go after what they desire. She is Just Fearless and Building Her Global Just Fearless Empire!