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The Four Legs of Your Income Stool -(W2:D1) Debt Free Millionaire Podcast
Manage episode 408886246 series 3557376
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Real Life: Let’s talk about the most important word in financial literacy: Income. It is the money coming to you for services you give, or items you sell. In other words, if you work a full-time career, part-time job, own a small business, or invest, you have income. And if you have them all together, you have four streams of income.
Like a raging river, it is fed by hundreds of small streams that, together, make up a raging river. So, are your financial streams making you a raging success?
The Four-Legged Stool
In business, it is essential that you map out, and focus on, your different revenue streams into your company. Much like your personal income, you must figure out how many streams (legs) of income you have, and see how you can increase each, or add more, since you have limited amounts of time.
Just like a stool you sit on, a four-legged stool is strong. Take away a leg, and it becomes wobbly; take away any more, and it is near impossible to sit on. If you take away one of your legs of income, you still have three others to support you - you always want something to fall back on, if you lose your job.
How do you want to live your life? Would you like to have multiple streams of income, or one solid stream? I’ll give you a second to think that over…
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