James Schramko here. Today, I’m going to cover the topic, what if I die?
I actually had this email. Someone sent me an email and said, “What happens if you die? You know, you’ve built your brand around your name.” Now that’s not exactly correct in my situation where I have a business called SuperFastBusiness and SilverCircle. And I would argue that SuperFastBusiness with 500 members is probably worth something to somebody else, if that database was sold, if the membership and all the content was sold, it’d be worth something.
But I still use my name for sure. But you can also build up an income stream of royalties such as from books, audibles, and you could do business revenue share deals, which I do. And some of these can actually pass on even if you’re not around. The other thing to do is you can build assets to sell them.
So, I’ve built up an SEO business and sold it. I built up a website development business and sold it. I’m building up two businesses now that work without me, to sell. That is the plan. And of course, you can still get insurance for loss of income, death or trauma. So, if something would happen to you, you can still provide for your family.
And one of the most responsible things you can do is actually be successful. Pay down your debts, own your assets, invest your profits and get an income stream coming; whatever that’s from, whether it’s property or shares or some other venture.
You can still provide well for your family even if you’re not there, if you do some planning. And make sure you have a will. That’s very important. So, today is a bit of a gruesome topic but it is worth considering. Make sure you have a plan in place in case something happens to you.