Wisdom Wednesdays: Develop Multiple Streams of Passive Income: A conversation with Allen Lomax

I inspire professionals to escape the tyranny of exchanging time, energy, expertise, and talent for money by empowering them to develop multiple passive income streams. Time and economic freedom are core liberating forces that allow us to passionately engage in our calling and significantly impact humanity and the planet.

My Story: I'm a seventh grader, and an unexpected TV special on homosexuality comes on. This is the first I've heard of homosexuality. Like a ton of rainbow bricks, I'm hit with the reality that I'm gay. This revelation, combined with undiagnosed dyslexia and schoolyard bullying, led to two decades of persistent depressive disorder. Despite feeling directionless, I graduated college, married, and struggled with dead-end job after job.

After divorce and therapy, I earned a master's in counseling, became a university counselor, attained a PhD, and excelled in higher education leadership and real estate investment.

The 2008 financial crisis cost me everything, forcing deep introspection. I realize I'm still that 7th-grade gay boy consumed with homophobic self-hatred with an intellectual inferiority complex.

Two decades after my first therapy, I confront the core issues. Step out of a closet more significant than a Kardashian's, label the intellectual challenge for dyslexia it is and embrace both my dyslexia and fabulous gayness. Worthy of self-acceptance and wealth, I build passive income, lead in education, and help others flourish.

Those schoolyard bullies can call me Suzie—As I live abundantly and flourish, I get the last laugh.

Topics;
Five drivers that propel financial well-being to live abundantly while passionately engaged in the work of our calling.
How do multiple income streams remove the tyranny of exchanging time for money?
Transformational growth from the inside out.



Contact Info and Social Media Links:
allen@steedtalker.com
www.steedtalker.com
www.linkedin.com/in/allenlomax/
www.facebook.com/allen.lomax/

 

Quick recap

Michael and Allen discussed the importance of diversifying income sources for financial stability, with Allen sharing his journey of overcoming challenges to build a successful career. They also emphasized the significance of authentic leadership, self-discovery, and addressing core issues for personal growth. Lastly, they explored the advantages of investing in multi-family housing units and offered guidance for professionals seeking to create multiple sources of income.

Next steps

• Professionals should explore passive income opportunities like real estate investing, starting an online business, or investing in stocks to create multiple income streams and achieve financial independence.

• Professionals will schedule a complimentary strategic consultation with Allen at steedtalker.com/strategy to clarify their vision, solve challenges, and get a blueprint for moving from exchanging time for money to financial freedom.

• Listeners should consider investing in apartment complexes or commercial real estate due to high demand, stability, and potentially higher returns compared to other asset classes, according to a Federal Reserve Bank study.

Summary

Diversifying Income Sources and Conversation

Michael and Allen discussed the importance of diversifying income sources, especially in times of economic uncertainty. Michael emphasized how having multiple revenue streams can alleviate stress and provide a cushion, which Allen agreed to. The pair decided to continue an organic, unscripted discussion, with Allen sharing his personaStoryry about a special on homosexuality that exposed him to new concepts. They planned to continue the conversation for around 20 minutes.

Allen's Journey to Self-Acceptance and Success

Allen shared a candid and personal account of his struggles with dyslexia, internalized homophobia, and intellectual inferiority. He described his journey from feeling like a misfit and outcast in his school years to eventually embracing his dyslexia and sexuality and finding self-acceptance and success. Allen shared how he overcame his challenges, including his disorienting college experience and financial loss during the 2008 recession, to build a fulfilling career in higher education and amass wealth through real estate investments. He emphasized the importance of facing and resolving one's core issues to achieve a sense of self-worth and acceptance.

Leadership, Authenticity, and Self-Discovery

Allen and Michael shared their insights on leadership, emphasizing the importance of authenticity, self-acceptance, and addressing one's core demons. Allen pointed out that everyone has unique gifts and skills, and valid leadership comes from authenticity and genuine concern for others. Michael added that mental health issues should not stigmatize individuals seeking therapy and that embracing one's true self is essential for personal growth. Both underscored the importance of self-discovery and self-awareness as foundational to good leadership.

Diversifying Income for Financial Stability

Michael and Allen discussed the importance of generating additional sources of income to achieve financial stability and security. They highlighted that half of the Fortune 500 companies from 2000 have either been acquired or no longer exist, emphasizing the need for diversifying income streams. Allen shared his own experience of the impact of economic downturns on his business, and both agreed on the significance of engaging in one's passion for generating income and the value of having a platform to share ideas. The discussion concluded with inviting others to share their thoughts on generating passive income and achieving financial goals.

Wealth Building Strategies and Challenges

Allen explained the three habits of wealthy individuals: spending less than they earn, investing wisely, and saving. He highlighted real estate investment as a secure and stable avenue for wealth building, citing its potential for generating income, reducing taxes, and appreciating over time. He also mentioned other alternative investment strategies, such as purchasing existing online businesses without personally running them. Michael noted some of the challenges of renovating and selling single-family homes for profit, emphasizing the labor-intensive nature of such ventures.

Multi-Family Housing Trends and Investment Opportunities

Michael and Allen discussed the increasing trend of multi-family housing units over single-family homes due to population growth and urbanization. They noted the rising cost of building single-family homes and the continued demand for housing, making it a secure and less volatile investment. They highlighted the importance of diligence and seeking guidance from experts like Allen. Allen also emphasized the advantages of apartments, including affordability, mobility, and eco-friendliness. They agreed that investing in apartments was an intelligent choice with significant returns.

Discussing Multiple Streams of Income Strategy

Allen shared his approach to helping professionals create multiple income streams to achieve financial independence and pursue their passions. He offered a complimentary consultation, usually priced at $497, to clarify their vision, solve their biggest challenges, and outline a blueprint for transitioning from exchanging time and money to financial freedom.