“Good debt is a powerful tool. But bad debt can kill you.” – Robert Kiyosaki For a lot of people today, debt is nothing more than an unavoidable part of life. It could even be how you pay for just about everything from the home you might be living in, to the car you drive […]
“I enjoy building something good and having a successful product and making money.” – Wayne Huizenga Having multiple sources of income is not only for people who are looking to build wealth. It’s also a general principle for financial freedom. People that are wealthy have multiple income streams, meaning they earn money by creating additional […]
“Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.” – Anonymous An asset is something that has or provides a certain type of value and that value can come in many different ways. With regards to finances, it’s about monetary value. When […]
“To get rich, you have to be making money while you’re asleep.” – David Bailey Whatever your financial situation is, having the knowledge to recognize the difference between assets and liabilities plays a crucial part for creating wealth in your journey to financial freedom. It’s a basic understanding that you need to have for dealing […]
No matter how much money we’re paid, our income is limited by the number of hours we can work. We all have the same 24 hours in a day and there is only so much of our time that we can dedicate to working for pay. Trading time for money isn’t an isolated trap to […]
Passive income can be created from a number of different places. The most common places include, but are not limited to, the stock market, business, real estate and intellectual properties. In the stock market we can invest in securities that generate monthly dividend payments. We can create, purchase or invest in a business that is […]
What is passive income exactly? Passive income is simply money that is made passively! And what does that mean?! Well…basically, it is money that’s created by doing as little work or the most minimum amount of work possible. Unlike a job where we have to work in order to earn an income, passive income comes […]
Let’s start with bad debt. What is Bad Debt? Bad debt is usually obvious and sometimes it’s not. Let’s break it down…bad debt is money we borrow to pay for something that will not increase in value and/or not pay us back after we make the purchase. A clear cut, prime example is using a […]
People that are wealthy have multiple income streams, meaning they earn money by creating additional sources of income. In fact, the average millionaire is known to have 7 different income streams. Aside from making more money, the reason for having more than one source of income is to reduce the impact to our cash flow […]
Financial freedom comes from being free from having to work for money and instead having your money work for you. By investing your money in a business, real estate or dividend paying securities you’re freeing up your future time. But money isn’t the only thing you can invest to escape the trap of trading your […]