Tom McPherson may only be 22 years old, but as someone with a multi 7-figure portfolio, no-one is better qualified to give sound advice on how to accumulate wealth. McPherson is a firm believer in the importance of diversifying your income, for a number of reasons. These days, with the current economic climate being such a source of worry and uncertainty for many, diversifying your income will save you from becoming completely reliant on a single source of income. And, according to McPherson, it can also have a tremendous impact on your ability to build wealth or a retirement fund.
“Diversifying is a means of creating a safety net if one of your income streams should dry up,” he says. “In my experience, it’s also provided new opportunities for me to broaden my business dealings and open up new avenues to explore. Most importantly, it’s allowed me to live a wonderful lifestyle and want for nothing. ”
McPherson started his working life in the hospitality industry, working as a manager for McDonalds and Grill’d Healthy Burgers. He took a keen interest in the way that these companies did business, and by the age of 20 had started up a total of five businesses, none of which took off in the way he had hoped. During this time he also lost over half of his savings in the stock market when it crashed due to COVID.
“You can’t rely on savings if you go broke,” he adds. “That’s why having multiple jobs and income from various sources is essential.”
McPherson was determined to succeed. Learning from his own mistakes and searching for a gap in the market, he finally hit on a concept that worked, and in 2020, Motor Culture Australia was born. This automobile membership platform is now a thriving business with over 100,000 members and a growing number of programs – so successful, in fact, that McPherson has plans to take it international.
But McPherson is still continuing to expand and diversify. He’s become serious about investing in cryptocurrency and has also acted as an angel investor in another company. Currently working on the development of a second online brand, he has plans to get into commercial real estate with some large projects and developments. His current goal is to reach a net worth of $50 million.
To conclude, some words of advice for anyone looking to diversify their income from this remarkable young entrepreneur:
“You have to take risks. I believe there is nothing more detrimental to your dreams and ambitions than not taking any risks or leaving your comfort zone. If you never change what you’re doing, you’ll never change what you’re getting out of life. There are a lot of ways to create wealth; just be diverse and adaptable. Pursue something you’re passionate about and identify the market gaps and opportunities out there. I personally believe in pushing the boundaries and often find myself pioneering trends within what I’m doing.”