Welcome back to the second episode of the Financial Freedom Map podcast, I’m excited to once again bring you my experience and knowledge to level the playing field of what you already know about becoming financially free.
In this episode, we are going to delve into multiple recurring growing passive income streams, I’m going to shed some light to what it actually means to build different income streams and how much more sufficient the dynamics of wealth become.
So without being to long winded, let’s jump right into it.
If you work for a Salary, you are selling your Time for Money.
The only way for you to get to Financial Freedom, is to Save and Invest as much of your Income for 40 years, and then hope you:
- Have created a Pile of Money big enough to last you 30 years till you die
- Know enough about Investments to protect your Pile of Money against losses and Inflation.
But luckily there are ways to create MR GP IS to replace your Salary long before you are forced to Retire.
In this episode we discuss the 4 elements of MR GP IS.
- Multiple – This means that you don’t want to rely on a single source of Income, like a Salary. You want as many Streams of Money flowing into your Cloud. This not only has the potential to provide you with much more income, but also reduce the risk of relying on a single source of Income.
- Recurring – When you provide a Service and get paid for it, it’s once off. When you buy something and sell it for a profit, it’s once off. What we need, though, is Recurring Income. For example: Renting out a property for monthly rent. Having a book on Amazon that you produces once, but keeps on selling over and over.
- Growing – Preferably you want your income to at least increase annually to keep up with inflation.
- Passive – Lastly, you want to make sure that you don’t have to spend all your valuable Time to earn the Income.
Go here and have a look at picture of Your Map.
I am not a Financial Advisor, Attorney, Accountant or any other Professional, and never WANT to be. I’d rather be FREE. I share MY experience and knowledge. I don’t give advice.
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