10 Streams Of Income // Millionaire Secrets
ฝัง
- เผยแพร่เมื่อ 22 พ.ค. 2024
- ► Stop data brokers from exposing your personal information. Go to my sponsor aura.com/financialtortoise to get a 14-day free trial and see how much of yours is being sold
► Download Your FREE PDF 1-Page Companion Guide - 10 Streams Of Income // Millionaire Secrets: financial-tortoise.ck.page/3f...
Timecodes:
0:00 - Intro
0:26 - Primary Earned Income
1:45 - Side Hustle Income
3:01 - Business Income
4:06 - Try Aura
5:30 - Interest Income
6:18 - Dividend Income
7:26 - FREE 1-Page PDF
7:40 - Capital Gains
9:56 - Rental Income
10:44 - Royalty Income
11:52 - Government Payments
13:17 - Travel Points
------------
FAVORITE TOOLS:
► Mint Mobile - Check Out My Partner Mint Mobile, Affordable Phone Service - trymintmobile.com/financialto...
► SoFi - Checking & High-Yield Savings Account, Terms Apply - sofi.com/tae
► Shortform - More Than Book Summaries - shortform.com/taekim
► Playbook - Develop Your Most Tax-Efficient Investment Strategy - www.helloplaybook.com/taekim
LINKS:
► Get My Weekly Newsletters: www.financialtortoise.com/new...
► Favorite Books: www.financialtortoise.com/bes...
DISCLAIMER: I am not a financial adviser. These videos are for educational and entertainment purposes only. I am merely sharing my personal opinion. Please seek professional help when needed.
► Stop data brokers from exposing your personal information. Go to my sponsor aura.com/financialtortoise to get a 14-day free trial and see how much of yours is being sold
Tae’s hair got the DMV thinking he’s 6’10” 😂
😂
😂😂😂💯
Lmaooo
He is so hott!
😂😂😂😂
“Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets.” - Robert Kiyosaki
I totally agree. I put $250k into stocks with my advisor, and now I've made over $4 million in profits. I used the profits to buy properties, and they're bringing in great income. It just shows how important it is to invest in things that grow over time. It's like I'm living out the lessons right from the start of his book- Guide to investing
Despite the ups and downs in the stock market, you've managed to turn your investments into good profits. Could you share the name of your advisor? I have $300k saved up and ready to invest, but as a beginner, I don't know my way around the market.
She is well known as - Chasity George Charles. please do your own research.
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
What are examples of liabilities that “they think are assets”?
: "Have a seat"
Tae's hair : "nope" 😂
Addition to #9: Take advantage of your local public library! I'd still like to have a sweet personal library like Tae's, but I can walk to one with tens of thousands (You can likely have books delivered from other libraries in your county) of publicly subsidized books in 15 minutes.
Building wealth from nothing involves consistent saving, disciplined spending, and strategic investments. Begin by creating a budget to track expenses and identify areas for savings. Prioritize paying off high-interest debt and establishing an emergency fund. As you build a foundation, start investing in low-cost options like index funds, and focus on continuous learning and improving your skills for better income opportunities.
Impressive insights! For beginners like me, managing and staying updated can be overwhelming. Are you an experienced investor or do you have a strategic approach for staying informed?
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
That's quite remarkable! I'm genuinely interested in benefiting from the guidance of such experienced advisors, especially considering the current state of my struggling portfolio. May I know the name of the advisor who has been assisting you in navigating these financial challenges?
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.
Thank you for the information. I conducted my own research and your advisor appears to be highly skilled and knowledgeable. I've sent her an email and arranged a phone call. Her expertise is impressive, and I'm eagerly anticipating our conversation.
You’ve outdone yourself, sir! I watch you regularly. This video is well-organized, clear and as concise as can be. Thanks!
The last point is great. I had a ton of dental work to handle so i took out a CC that i make large payments on regularly; I already have enough flight points to take a few trips.
Excellent video once again
Excellent overview of diversifying income streams! Emphasizing the transition from side hustle to business income highlights a viable path for entrepreneurial growth while underscoring the importance of strategic financial planning. 👍
this one’s gonna reach a million in no time
Top of the morning coach
Most rich people stay rich by spending like the poor and investing without stopping then most poor people stay poor by spending like the rich yet not investing like the rich but impressing them
the blessing in disguise is realising that not everyone can put in effort to make it work out, hence doing it at one's own pace will eventually pay off, but needs to be fit into a specialised personal circumstance in the fiscal realm
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Gloria Robinson
Wow. I'm a bit perplexed seeing her been mentioned here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
She is my family's personal broker and also a personal broker in many families I'm United States, she's a licensed broker and a FINRA AGENT in United states
You trade with Gloria Robinson too? Wow that woman has been a blessing to me and my family.
I'm new at this, please how can I reach her?
I just withdrew my profits a week ago, To be honest it was an amazing feeling when the profits hits my wallet I wish I could reinvest but, too much bills
Nice 😊😊😊
Seeing the clip of you and your family on vacation you were smiling, then i realized I've never seen you smile. Nice smile Tae.
You should have stopped at 9. Credit card points are not a form of income. It’s a deferred discount on spending.
I have a job as a career firefighter which also has medical, dental and a pension. My "side hustle" is I'm also an elevator mechanic as a contractor. I work on the days I'm not at the firehouse so I make a lot of money from both jobs. Listening to Tae and others, I've taken the advice of investing my money in mutual index funds. Max out the Roth IRA. Then put the rest in a brokerage account.
I'm not buying a house nor am I going to be a landlord. I can't in good conscious kick a tenant out because of non payment.
Oh and also, I have a 20 year term life insurance policy of a million dollars. It's good insurance for my kids until they're adults. They're on their own after that lol.
So long as you have an adequate emergency fund (I would recommend one year's worth of living expenses), you should probably put your other investments into a "Uni-K," or one-person 401(k) plan. (All the major broker-dealers will have a version.) Fill up your Roth IRA first, then put the rest into Roth funds in your personal 401(k) plan instead of into a regular brokerage account.
You may have a 457 plan available to you as a firefighter. Those plans usually do not offer matching funds, and can have high expenses. If you have a 457 plan available to you and it makes sense to do so (again, check expenses) you can have *BOTH* a Uni-K *AND* a 457 plan. The 457 plan is not an ERISA plan, so contributions to it do not count against the contribution limit to a 401(k).
I do like the points made in this video. I just want to point out though just in case you are not aware or have not seen any of the Ramsey videos, please please be sure to pay off your credit balance at the end of each month. Otherwise, the rewards earn will not outweigh the interests charged from month to month on these cards.
Credit card points only makes sense to count as a kind of "income stream" if you use cash back cards instead of travel cards. Travel cards incentivize you to travel more often to more luxurious places, and even after netting out the money saved with points, research shows that you are more likely to spend MORE money than you would have otherwise. Compare this to cash back cards where the cash back goes straight to your bank account and you can either use it or not use it and invest it.
If you have to pay for travel tickets to visit family, which you would pay for anyways, it can do save you money
Just remember kids out there that different countries have different taxation etc rules for dividends, capital gains and what not. E.g. for selling your home, the owner-occupier time may be a year only, or you have very different thresholds for tax exempt vs lower tax vs fully taxed components. Always check with a local tax accountant / specialist before buying so that you can optimise the future outcome.
Will you do a review of the book “The Algebra of Wealth?” This seems so similar to your philosophy.
I have never deducted a household office as I have always considered it a big Irs red flag. It also creates issues when you go to sell your house is what I have been told. I itemize my taxes and have all my receipts collected very carefully, but I think a home office, draws more attention to your business from the IRS just my opinion
Are you gonna swap cards since chase is doing away with lounge access in July???
If I seel furniture for a lower price than what I paid for (I'm moving to a different country) Do I get tax returns?
Does investing in REITS count as rental income or dividend for you?
@TaeKim you are awesome!
this guys passive income is his past videos
❤
Rental income is the hardest way to earn money.
I have a long term tenant in my single family. They have rented from me for 12 years. They have never paid late. They repair anything that breaks and send me an invoice and deduct expenses from the rent. I have raised rent once in 12 years because I know that excellent tenants are difficult to find and keep. Mortgage is paid off so expenses (property taxes and homeowners insurance) are minimal.
That hair is looking good!
😂😂😂
reinvesting dividends isnt always the right move… it assumes that the best method to utilize these monies is to purchase the stock, instead of purchasing another stock or asset.
Australian's have fair dinkum, which I always thought was faird income, income that was earned fairly and could be put towards building their wealth.
I started selling on Amazon about 4 months ago. I make a net profit about 5-7k every month. Its amazing because I only need to manange it 2-3 hours a week. I love it when i get notifications that i sold something over my phone when im sleeping lol.
He remind me of the army guy in street fighter 😅
Is that hair real?
Who needs 10 streams of income when you can just focus on mastering one?
Love the way he doesn't go into full detail on any of these ideas lol especially the one when he compared public schooling compared to private schooling. My 8 year old is in private school. Best money I ever invested.
Love the breakdown! So many income streams to consider. But hey, here's a little twist - ever considered crypto for your retirement plan? My Digital Money's got your back, making it simple and secure. Worth a peek!
I count my credit card cash back as income, its a solid amount so why not count it.
Because it’s not income. It’s a reduction in expenses. It’s only earned by spending money, so you could never rely on it as a form of income
comic hair
Brah, VPN will save yo assets
It's not a "SPECIAL". It's an affiliate link!
Stop trying to mislead people and call it what it is.
You 'll quickly destroy your reputation by trying to hide the use of affiliate links with some BS jargon.
Stop it now!
Paying an entire vacation with points, you micro be spending hundreds of thousands a year on Those cards, not very useful info for normal people
Huh interesting. So far the only legit money making while sleeping that I know of is tricking.
OF? Lol
Every person that pays a property tax pays to send you children to a public school. That money comes from everyone. It’s not free!
Thanks, but investing anywhere other than bitcoin during these early adoption years is inefficient 😉
Wait… does he rent an apartment?!?!