Building Wealth Through Multiple Income StreamsMar 22, 2023
Are you an Occupational Therapist curious about how to build wealth? Are you comfortable with your OT salary but wishing you had just a little bit more? Or maybe you have already started another business and are paying yourself a small salary after what is left after taxes. But what else is out there?
I was lucky enough to speak with Dr. Tomeico Faison and learn how she was able to generate wealth through multiple income streams and how her family is fully supported off of these streams… debt free!
Dr. Faison is a total visionary with a goal and mission of giving back with her profitability. Giving back by impacting her community and other entrepreneurs out there.
So let’s dive in!
Building Wealth Through Multiple Income Streams with Dr. Tomeico Faison
A little background on Dr. Faison - she lives in North Carolina. She is a black woman who hustled her way out of poverty. She gives credit to her upbringing and her ancestors who escaped slavery as the catalysts to her becoming an entrepreneur. Dr, Fausib started her entrepreneurship at a young age, teaching math to her classmates and selling Avon with her sister.
Dr. Faison is a woman of many hats– wife, mother, woman of God, author, real estate investor, Duke University professor, speaker, coach, consultant, and contractor– to name a few. She is also the founder of the podcast Therapy Entrepreneurs and Leaders of Color with Dr. Douglene Jackson. Her book, Occupational Therapy: 10 Simple Steps to Independent Contracting, is a bestseller.
All this to be said, she is a wealth of knowledge with a focus on OT entrepreneurship and giving back to the community. She is the perfect person to share how to create multiple revenue streams and wealth for yourself and your family.
Dr. Faison considers herself here on Earth as a physical being on a temporary basis. If you were to ask her to describe her wealth, she would say she is aware of callings, purpose, and assignments set forth for her. Therefore, her wealth comes from answering those callings.
We talked about several of her revenue streams, of which she has about 7 in total. But I want to share 3 callings to build wealth that we spent time focusing on in our time together and the organization behind these callings:
After working in psychology as an Occupational Therapist and after her first son was born premature, Dr. Faison realized she truly wanted to be an entrepreneur and knew she enjoyed working in the mental health field. She used her skills as an OT and marketed herself as a consultant for group homes for those with intellectual disabilities.
One of her first group homes she later found out was part of a large franchise. The company hired her as a consultant across multiple locations, and she was able to build this business and create a more flexible schedule for herself and her family.
Side note - there are facilities that also seek out specialized consultative services, which is an area not well tapped into. This would be an excellent new field to consider as an OT who is looking to expand and generate another revenue stream.
While working in her group homes, Dr. Faison explored the option of hiring subcontractors when her workload became heavier. Her clients agreed to this, so she began seeking out and hiring other OTs.
Dr. Faison then found contracting at the local, state, and federal government levels as well as schools. She got to a point where she was able to outsource this business to her other contractors, which allowed her to pursue other callings.
Yet another contracting income stream was through mental health facilities in rural cities. Dr. Faison found ads in magazines for Occupational Therapists that these facilities could not hire for. Being the visionary, she approached one and offered to contract. They agreed and flourished from there with a number of other facilities in the same position.
Dr. Faison reached a point where she was contracted for so many hours, and then was able to hire subcontractors for these facilities as well. Where did she find subcontractors to hire? She utilized Indeed and magazine ads for other jobs as well as OTs or other women who were looking for flexible schedules and would hire them onto her team.
3. Real Estate Investing
Real estate was uncharted territory for Dr. Faison. Her entire life, she was used to living paycheck to paycheck. There was one instance she was meeting with her financial advisor, who noted she was not doing well in the way of reserves. She had no emergency funds, and she wasn’t investing where she could be. Her financial advisor formed a plan to help Dr. Faison pay off her debts at the time, but her investing came later.
Dr. Faison and her family moved quite often. During the 2009 recession, they were unable to sell their homes when they would move. The banks proposed the option to have renters in a certain percentage of their North Carolina properties.
Dr. Faison and her husband pursued the rental option and found that renting their prior homes was appreciating by having renters. Over time, rentals proved to be a strong income stream. Dr. Faison notes real estate investing isn’t always easy or positive, but it can be very lucrative.
With all of Dr. Faison’s callings, I had to ask just how she stays organized.
Dr. Faison will say she is a visionary. Her strong suit is not as much in the organizational aspects of her businesses.
She hires administrative teams for her businesses and property management for her real estate portfolio. One of her businesses, Low Vision Rehab Solutions, is managed by her partner and their admin team. She notes she has the vision while her partner has more of the organizational touch. In the business she shares with her husband, Therapeutic Solutions, they also hired an administrative team to keep organized.
Dr. Faison is no stranger to the idea that other people help you grow. She knows how crucial it is to have your people on your team to be successful.
I hope you are ready to get out there and find your wealth!
It is important for us to lean into opportunities instead of fears. We don’t have to have it all figured out or mastered before we get started. If anyone can be an example of this, it is Dr. Tomeico Faison. I hope you are feeling energized and geared up to make those moves toward generating your wealth through other income streams!
To hear the full breakdown of Dr. Tomeico Faison’s many hats, background, and visions for her revenue streams and how to get there, be sure to listen to the full episode here!