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Episode Five: The Various Sources of Residual Income
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When looking at income in the future, shouldn’t we be looking at what is going to happen and determine if that is what we want our life to look like? We need to work backward from that point until we reach today, viewing our decisions with money as the pre-cursor of tomorrow?
The reason we even talk about residual income is that’s the key of living your life by design, on your terms, with what we like to call Time Freedom.
Working for money could seem like a rat race, an unending 9-to-5 grind. What we most often seek through residual income is hence this one thing – Time Freedom – which is ANYTHING but a grind.
In this episode, we’re uncovering numerous remarkable sources of residual income –
Points to note:
● You cannot have complete control of your IRA or a 401k. This is because –
1. You have limited choices in your terms of investments – those funds will dictate when you can start withdrawing money.
2. These particular types of residual income can work only if you accumulate wealth according to their limits and rules.
● There are essentially two types of money – qualified and non-qualified money. Non-qualified money is the money you can take now and qualified money is the money you can take later.
● Income is divided into three broad types – active income, passive income and portfolio income.
● Earned income is income that is a result of your direct labor – part of your personal tax return. It is subject to Social Security, Medicare taxes and Self-Employment taxes, if it’s a small business. Passive income could include rental income if you own real estate, royalties, income from businesses or investment partnerships, or a multiple member LLC.
● The Seven sources of residual income –
1. Royalties
2. Network marketing
3. Subscription models (including affiliate marketing)
4. Owning a Business
5. Investments (stocks, bonds, mutual funds)
6. Real estate
7. Savings (including compound interest savings and life insurance)
Resources Discussed: Podcast Episode:
Pursuing your Passion with Chelsea Miller
Books Mentioned:
● Rich Dad Poor Dad by Robert Kiyosaki
● The Business Of The 21St Century by Robert Kiyosaki
Find Murray on LinkedIn @MurrayMiller
The post Episode Five: The Various Sources of Residual Income first appeared on The Family Business.
The post Episode Five: The Various Sources of Residual Income appeared first on The Family Business.
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