OUR 7 STREAMS OF INCOME (and our future streams of income)
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- เผยแพร่เมื่อ 3 ก.ค. 2024
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00:00 - How we got burned with 2 streams of income
03:46 - Income stream #1
04:53 - Income stream #2
05:36 - Income stream #3
06:31 - Income stream #4
06:57 - Income stream #5
08:17 - Income stream #6
08:42 - Income stream #7
10:09 - Future streams of income #1
11:20 - Future streams of income #2
12:10 - Future streams of income #3 - แนวปฏิบัติและการใช้ชีวิต
Thanks for watching! What streams of income do you have? What streams of income are you working on??👇🤑
Well I'm an accounting student, making less than 500$ a month. I am working on getting quick books certificated to start bookkeeping this holiday break.
Awesome!! Small businesses will def be looking to get caught up for tax season soon!
I was 27 years old and made a good income as a software engineer. But we were broke. I couldn't go to McDonald's. I decided to take control of my finances. We paid off our debts. We then maximized the 401k and started buying rental properties. Now debt free. Fast forward to the age of 60...
$1000 per month from each of 8 condos.
$1.4M in IRA/401k
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$8000 rental income
$6000 from IRA
$1000 Pension
$3000 SS in the near future
$1500 SS in the near future
-----------
$19500 monthly income in the near future with no debt.
So inspiring!!!🤩🤩🤩 thanks for sharing! This is very encouraging for someone who is still living paycheck to paycheck that they can still turn their finances around. 🙏🏻🙏🏻 congrats on all your hard work, what do you plan to do in retirement?
@@FinancialCoachJess
Having many income streams is reassuring in retirement. In retirement my wife and I are managing our 8 rentals. We had 6 when we retired and we bought 2 more after we retired. Before Covid we travelled extensively. Hawaii for 3 months, Cabo San Lucas, cruises including cruising to South America and visiting many countries on the way back. Trip to Havana, Cuba. My wife went with her sister to China, England, Ireland, Scotland, Germany, and Prague in the Czech Republic. We are now working with a contractor to do a major renovation of our house.
I was so depressed when we were broke. I could never have imagined that my wife and I would be where we are today financially.
Fabulous video! Love the idea of investing the passive income! 🙌🏻🙌🏻🙌🏻
Thank you!! Yes, otherwise it really doesn’t amount to much but if it can earn ~10% compounded over the next few decades then sign me up! 🤑🤑🤑
Love this! I need to break down our income and expenses. 🙄😅
Glad you liked it! I know, especially with the new rental I bet it’s tough!
I barely have any side hustle except mining crypto. And I still need to keep going on my accounting bachelors degree in fall. Jess, my CPA professor said to me the training can ONLY help me. I am not sure what he mean by only. But I believe you rather than certificates, people pay more attention to the ability of solving problems. Every day watch at least one of your video can build me a good mind set!
Yessss experience and problem solving are so much more valuable than certificates when it comes to getting clients 🙌🏻 you got it!!! Thanks for watching, I’m glad they are helpful for you!!
Excellent video! I need to go break down my income streams in percentages. Great idea! I have 11 income streams currently and hope to add at least 4 more before retirement. Yes! Do not plan for Social in-Security. Even for myself as a Gen-Xr we have been warned since the 80's that Social Security will run out of money before we ever get to see the full benefits. The best my generation, which has paid into Social Security for decades, will see reduced benefits at best and no benefits most likely. Sad really. There will be a lot of my generation working into their 70's 80's 90's to make ends meet.
11 is AMAZING!! Huge congrats on that!!🙌🏻 Yes, the percentages help identify where possible risk could be, and it’s interesting to see the percentages change over time!
It is sad about social security, I wish official announcements would be made so people could prepare. I know we can do the math ourselves but most people wont😔
Jess, I started with 2.75 interest rate in my High yield saving and it drop to .40 interest rate that is very shocking. Thanks for yet, another great video. Way back in 2004 a locate bank gave me 6.7 interest rate on my high yield saving account things truly do change.
😭😭 I knowww. Ours plummeted last year as well. So disappointing! Hoping they go back up soon!
Main point mentioned.
Thanks for watching!
Affiliate income 🙂 I thought about doing this but just getting past public speaking is the hardest
Do video! You can edit out mistakes and get as many takes as you need until you are happy with it 🙌🏻 what intimidates you about public speaking?
@@FinancialCoachJess just being public 🤣🤣🤣 what camera do you recommend on using?
😆 I feel you! If you’re just starting, just use whatever camera you have! I use a go pro right now because that’s what I had and I didn’t want to spend a bunch of $$$$ before I knew if I would like TH-cam. I chose my go pro over my phone because it can shoot in 4K and TH-cam promotes 4K videos more.
I generally enjoy your videos (including this one), but I found two of these items to be a little bit disingenuous. Credit card rewards and high-yield savings account interest shouldn’t be thought of as “income streams” - at least not in the traditional sense.
Credit card rewards are not “income” - they are discounts. You’re saving a little bit of money on every purchase you make. This isn’t the same as being more productive, and it’s not reducing the risk of one of your jobs becoming unstable or unable to provide you with revenue. Even if you have a card that gives 2% back on all purchases, you’re going to have to spend $100,000 in order to just “earn” $2,000. I’m not against credit cards (I have them myself), but treating the rewards as an “income stream” doesn’t really make any sense.
High-yield savings accounts are essentially the same - you’re getting dismal returns on the money you’re leaving in them. Technically, the "income" is usually lower than the rate of inflation anyways. It also kind of ignores the point of the savings account in the first place - to have liquidity to handle life’s uncertainties. The “income” generated really is inconsequential in the long run and isn’t going to be the cause of a client’s success with money.
I have no problem with people diversifying their income, but we have to be clear about the point of it - it’s a great way to reduce risk and earn extra money. Picking up a part-time job, investing, and starting a side business can all be valid ideas for people to pursue depending on what stage of their financial journey they’re in. We should empower clients to diversify their income by offering them ideas that will actually make a difference in their lives, not just increase an arbitrary number of “income sources” like it’s a game to have the most. Otherwise, we risk playing right into the click bait “hype” of income diversification without offering any practical assistance to clients….
Hi, Adam! I appreciate your comment and agree with you that it was a stretch which is why I stated so in the video. I lump these together and put them toward the end for that very reason as well. However, I also don’t want to dismiss these as viable income streams not because of how much can be made, but rather what we choose to DO with the amount. Through interest and points each year we make between $1000-$2000 which isn’t much in terms of income BUT we INVEST the money.
I debated about including these at all for the reasons that you stated but I also want people to really take advantage of every little income because of what it can become when that money is invested. A couple thousand invested now when I’m 29 will easily be tens of thousands when I pull the money out 30 years from now.
Like I said, I agree with your sentiment that $1000 doesn’t mean much in terms of income if you look at how much we spend per month on bills and expenses. But I also want to show people that you can invest on autopilot with passive income (even if it’s small) and it will result in much more in the future!🙌🏻