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.”
Navy Veteran Davis Chris Takes the Music Industry by storm
In life, you need to break down anything that might be holding you back and change course if need be...
5 Disruptive Leaders Paving the Way in 2021
Where there is uncertainty, lies a whirlwind of opportunity. 2020 was the year that had entrepreneurs learn a great deal...
Brock Pierce Wants To Disrupt The Two Party System And Be Your Next President
We don’t usually cover politics much here at Disrupt, but when Crypto billionaire and friend of the show, Brock Pierce...
John Mcafee – Predictions For The Future
John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...
Gaby Wall Street – Teaching Latinas to Thrive During The Crisis
It’s no secret we are facing one of the most challenging financial times of the last few decades as we...
Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico
Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...
Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women
The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....
How Josh Elizetxe Built Snow Into a $40 Million Dollar Business
There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...
How Jason Capital Became A Self Made Millionaire By 24
Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...
Sam Bakhtiar On His Way To A Quarter Billion
Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...
Entrepreneurship2 weeks ago
Meet Ross Lee, CEO and Music Industry Disruptor
News2 weeks ago
Tony Lit is on the lead bombing every social media platform covering all the corners of the globe.
Executive Voice2 weeks ago
Lashiivo: The Lash Company Taking the Industry by Storm
Executive Voice2 weeks ago
How SafeTrip Token can help to cut costs in Financial Management?
Executive Voice1 week ago
PHOENIX MELVILLE – DOCUMENTARY DEMOCRACY
Executive Voice2 weeks ago
Hwood Group’s Poppy Nightclub hosts Ryan Chapell’s Anoma Artists for first House Music event in LA
Executive Voice6 days ago
How Feminine Leadership Mentor Gordana Jakopcevic Leans Into Her Sexuality
Entertainment1 week ago
Why Earl Chang, AKA Change, Believes That It’s Important To Grow As An Artist