Just like planes need multiple engines, your finances need backup, too.

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Happy Sunday!

As the holiday season unfolds, I hope you’re finding moments to pause, unwind, and enjoy the magic of this special time of year. Whether it’s a cozy evening by the fire or a quiet morning with your favorite drink in hand, take this opportunity to rest, recharge, and reflect. Let’s settle in and dive into today’s topic with a sense of calm and intention.

But before we get into the newsletter, here are some treats for you…

• In this week’s Pay or Quit Podcast, we had guest Cody Stovall, who took a new industry in a new market and has scaled to multiple locations in multiple cities while being a pastor at a church. Listen here or click the thumbnail below!

• If you’re a big fan of learning on YouTube, like I am, check out my channel @ShawnAustinJohnson 

Imagine flying across the Atlantic Ocean headed on a family vacation with the most precious people in your world. Suddenly, you hear a loud pop, feel a jolt, and instinctively lean over your child to open the window shade and see what just happened. Through the dark sky, you spot a plume of black smoke highlighted by the moonlight and a small flame forming in the furthest engine from the fuselage.

Minutes later, the fire is extinguished, and the captain’s voice comes over the intercom. “This is your captain speaking. We experienced an engine failure, followed by a brief fire. The engine has been shut down, and the fire extinguished. This aircraft has three additional engines, and we are maintaining flight. Air Traffic Control has been notified, and we are being expedited to London.”

Obviously, this is a hypothetical situation, but the reason commercial airlines have redundant systems—including engines—is to always have a backup in case of failure. The same principle should apply to your income. Relying on a single income stream leaves you vulnerable to financial mishaps. Just like a plane needs multiple engines to keep flying, your financial future depends on having more than one source of income.

I am often shocked at how often I hear fellow entrepreneurs who have never crossed their minds about why they need an additional income beyond their business income. They think it will always be there and are not subject to market conditions, legal struggles, or even illness. Talk about putting all your eggs in one basket!

As we are near the end of 2024, it’s a perfect time to look into 2025 and think strategically about how you can add additional income streams. This is something I feel we should never get complacent about because we do not know what tomorrow holds.

A note: I am not a fan of trading time for money, and I always consider how I can create the most value for the most people.

So, here are four ideas for creating additional income streams that focus on the top two levels of value: communication (sharing knowledge broadly) and Imagination (innovative, scalable products or solutions). These strategies offer evergreen potential, ensuring they generate income for years with minimal ongoing effort. Over the years you’ve developed high-value skills, now let’s leverage those to earn more income.

1. Build and Sell Evergreen Online Courses

If you’re an expert in your field, online courses are a powerful way to monetize your knowledge without being tied to one-on-one client work. Create a course once, host it on a platform like Kajabi or Teachable, and let it generate income while you focus on other ventures.

Why It’s Evergreen:

• Once recorded, the content can be sold repeatedly without significant updates.

• Topics like business strategies, industry-specific skills, or personal development remain relevant for years.

Example: A graphic designer could create a course on "Mastering Adobe Illustrator for Beginners," walking aspiring designers through foundational tools and techniques. This course could appeal to a global audience of creatives and be sold year-round without the need for frequent updates.

2. Develop a Digital Product Line

Digital products like e-books, templates, or software tools are excellent evergreen assets. They address specific pain points for your audience and can be sold repeatedly without requiring additional work.

Why It’s Evergreen: