Do you know what the “cancel culture” is? The cancel culture us defined as “the popular practice of withdrawing support for (canceling) public figures and companies after they have done or said something considered objectionable or offensive.”
One wrong move and you can become a victim of the CANCEL CULTURE! You are one tweet, video, or social media post from losing everything. None of us are immune or safe from being a victim of the cancel culture. If a person doesn’t like you, they can literally ruin your life out of spite.
In other words, you could be the victim of the cancel culture when in reality you did nothing wrong. A company will fire someone just because of the negative attention they receive, even if their employee was simply defending themselves, or a victim of guilt by association. Or a victim of mistaken identity.
Years ago, someone who had my exact same name committed a crime, and people thought it was me. Not only did he have my name, we lived in the same town! To read the story, click HERE. Within 24 hours, people were calling my job and sending email, DEMANDING I be fired!
If that really was me, I would have been fired and lost EVERYTHING. It was my only job and I had no other form of income. My name would have been tarnished, and thanks to a Google Search, it would have been hard to overcome it. I ended up making a video to clarify that I was NOT the Jeffrey White arrested for road rage. To see my video click HERE.
This is just another reason among many to have multiple streams of income.
Especially PASSIVE income.
Passive Income and the Cancel Culture
If you are a victim of the cancel culture, one of the first things they will do is come after your job. This is where passive income comes into play. Passive income is defined as income that requires little to no effort to earn and maintain. In many instances, this is money that can be made while sleeping. The more sources of passive income you have (income streams), the greater chance you have of surviving the era of the cancel culture.
Here are a few ways to protect yourself using passive income.
- Some income streams don’t need your name on them. Have you purchased something from a vending machine lately? Who owned the machine? Have you ordered something online recently? Not all websites (such as drop shipping websites) will have your name on them. Have you bought fast food from a national franchise lately? Who owned the restaurant? You may not know. Some types of rental property may not need your name on them also. In other words, while your name is being dragged through the mud, you can still make money.
- Create a business (LLC). An LLC offers protection from personal liability. In other words, if a person attempts to sue you, the assets under the LLC can’t be taken in the lawsuit. Only personal assets can be seized. Anything under the LLC is protected.
- Set up a DBA. A DBA, also known as “doing business as” can protect your privacy because you are using a fictitious name to conduct business. The premise here is simple: if people look for you under your name, they won’t find the business listed under the dba. For more info on dba’s read HERE.
- Purchase assets. If you lose your job due to the cancel culture or whatever reason, you want to have some sort of nest egg. This means instead of spending all your money on items that lose money (such as clothes, flat screen televisions, video games and cars), it’s wise to start investing in assets that can maintain their value or even generate revenue for you. Examples of assets are dividend paying stocks, precious metals (gold and silver) and small businesses.
This is something we all should think about. It’s critical we be defensive and discover ways to protect ourselves from unforeseen circumstances. While it can take time to gather enough of some assets to protect you from the cancel culture (like real estate), some are relatively easy to set up. The key is to get started.
Of course, the most sensible thing to do is not put yourself in a position to be cancelled, but anything can happen these days. Take the time to protect yourself from the cancel culture. Your bank account (and peace of mind) will thank you.
If you’re a victim of the cancel culture, it could be years before you clear your name, thanks to the internet. Learn about the various passive income strategies that can help you during difficult times. get more tips in my book Invest For Success: Millionaire Wealth Strategies Not Taught in School. Available on Amazon in paperback, eBook and audible formats.
Want more? Sign up for my 3 day virtual course Invest For Success: Winning Wealth Strategies Not Taught in School. This course goes into more detail about the various assets and revenue generating investments available that don’t get discussed in school.