Updated: June 28, 2021
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What you’ll hear in this episode:
In this episode, I enumerated the 7 sources of income that millionaires have — from earned income to dividend income, from capital gains to rental income — you’ll learn the different ways you can create cash flow.
I also shared how I built some of these income streams.
Finally, I gave my thoughts on why it’s important to have multiple streams of income.
Excerpts and Highlights:
I believe that there’s no best income source. Your knowledge, skills, and resources, will dictate which among them is the best one for you to pursue.
You can’t have only just one or two sources of income. And you can’t build multiple sources of income all at the same time. The key is to focus on just one. Build and grow that until the cash flow becomes stable, then move on to building your next income source.
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[…] For the show notes, visit my blog post here. […]
It was great to listen to this podcast with our15 year old son beside me. Family time well spent, time is valuable and watching our son listen and then tell me his ideas really made my day. We had time to discuss the program. Our son has plans to build additional income streams. Some of the things his Mom has done he desires to copy but is not yet old enough (not employed with TIN number) to do so .
He likes and wants to build a five year ladder with MP2 accounts, same as Mom did. He also thinks a PERA retirement savings account is a good idea once he is employed. For now, he and his siblings, continue to do occasional trades inside my US based ROTH IRA account to learn my style of trading. We hope to soon have all issues out of the way for the troops to have their very own local trading accounts with an ITF (In Trust For) agreement so they will be able to swing trade stocks on the PSE. The eldest is particularly eager for this after observing how I generate regular income.