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What's your retirement plan outside of social security and your 401K? Please tell me if you have more than those two items on your list. Retirement is survival in the unknown, and those who prepare the best will win the battle. We need to have multiple streams of income that also increase over time. I like creating a "combo retirement" that consists of two sources of income, such as rents/dividends or business/royalties. You'll also need to prepare...
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Would you buy a $25 gift card for $20? The magic would be when you redeem it for $25. What if you could receive dividends before you redeemed the gift card at a profit? That's the magic of preferred shares. The typical par value of a preferred share is $25. You can find them at great prices like $18, $19, and $20. Once you purchase them below par, you will start to receive dividends. Once the company decides to call the preferred share, it will pay...
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I once believed you could survive in the workforce long enough to build a truly passive retirement. Let's say this takes 25 years. However, the workplace has degraded into a circus we must avoid. Using a combination of active and passive income, we should aim to be free in 15 years. Lowering our housing costs is the number one way to free ourselves. Once we determine our required household income (say $6,000/month), we can work on replacing it. By...
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Do you fear you could lose your job during the next recession? Having only one source of income can be pretty risky. Whether you lose your job or not, you'll need to create another revenue stream. Why not start an online business? An online business has the potential to reach a massive worldwide audience. The more people you serve, the wealthier you become. However, building an online presence takes time to compound and grow. Do you have the grit...
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Do you live in a major metropolis? Are you attempting to live the American dream there? How's that working out for you? With a slight mindset shift, you can actually live the American dream. No, not in Los Angeles or New York City, but in Bixoli, Mississippi. By retiring to a small city, you can live entirely on passive income. This means that no one controls your time. You can also forego the additional luxuries required in a big city, such as ultra-nice...
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90 to 95% of the workforce uses the "broke" money system. This cycle entails working, wanting, buying, and owning. The other 5-10% use the "investor" money cycle that entails budgeting, saving, investing, and spending. The key before between the two is cash flow. The "broke" use cash flow to buy liabilities, while "investors" use cash flow to purchase income-producing assets. And guess what? Income-producing assets (like dividends) produce more income...
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What if someone paid for all your vacations for the rest of your life? How cool would it be to have an account just for holidays? You can build such an account; however, it will take time and effort. I estimate it will take five years to build a portfolio that suits your needs. It took my wife and me three years to earn $1,000/month in dividends. Now, at age 41, we are set for life. We have $12,000 per year towards our vacation if we so choose. Are...
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When you leave home at age 18, you most likely will start from the bottom. But what entry-level position do you want-at a job or as a YouTuber? When you enter the workforce, you get immediate income. However, over the years, you do not build assets that continue to grow. As a YouTuber, there is a massive lag between your work and the final payoff. However, you are growing a portfolio of assets you can leverage for your entire life. In truth, combining...
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Income investing changed my life drastically. Now, I no longer worry about running out of money or what to do in case of emergencies. But, I wasn't always an income investor; I was a worker-bee. Growing up in the workforce didn't get me ahead financially. Once I started to understand income products such as closed-end funds, preferred shares, and mortgage REITs, my income started to multiply. Being an income investor requires discipline, vision, and...
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Once you turn 60, you can access your taxable 401K and Roth IRA. But what the heck are you going to do with this large sum of money? Most people have analysis paralysis and run to a financial advisor. However, you are not an idiot. You saved the money; therefore, you can learn how to grow the money. The absolutely worse thing you can do is take the money out and buy a boat or car. Anything short of that is moving in the right direction. We can use...
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We should be winding down in our 50s-less work with more cash flow. Does this sound impossible? If you have your money working harder than you, you can achieve success without much effort. But this takes passive income. Of course, we want to utilize closed-end bond funds to receive a high income and replace our paychecks. But we also want to buy Series "I" Bonds for our kids. These bond nest eggs will ensure our kids earn passive income in their 30s...
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Living below your means gets a lousy repetition. People believe this means you can't buy Starbucks, eat out, or go on vacation. LBYM simply means you live a couple of notches below your income level. If you earn $6,000/month, you try to live on $4,000. We call the extra money cash flow, and it is the heart of your household. We use the additional income to save and invest. Saving and investing have different purposes, but all lead to the same results....
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Do you love to learn and try new things? Great, you can write product reviews covering products and services. Congratulations, you'll be like every other affiliate marketer on the internet. We must take it one step further. After you generate your reviews, you want to keep creating original content around the product or service. Eventually, your content will take on a life of its own. People will follow you for candid reviews plus zany content slices....
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Society tells you to go "be happy." They tell you to find the perfect job where everyone loves you, and rainbows and butterflies come from the ceiling. But this dream job is all rubbish. We create our reality and our own happiness. The true path to happiness is through family and success. A job is just one pit stop on a cross-country journey. Once you find your true path, the significance of your job will diminish. But you will need to keep the lights...
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Life is good as an income investor. Not because you have tons of money coming via dividends, although that is nice. No, the real reason is that you have options. It gives you leverage when you have $1,000+ coming, regardless of your employment situation. Most people don't want to retire early truly; they want to find and execute meaningful work. Your income portfolio allows you to take your paycheck wherever you travel. Now you can work the job of...
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We all love seeing beautiful weddings on tv. The lights, flowers, and gowns all look so fantastic that many of us dream of having our own wedding. However, there can be a massive cost to having a top-tier wedding. Therefore we must remember the true purpose of a wedding and marriage; to be with the one you love. Starting your marriage on the right financial path can be challenging if you overspend on a wedding. Quickly after the wedding, you may have...
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Everyone wants to be successful; however, few are willing to pay the price of success. Those who choose to grow in the world are often alone. Once others deem them successful, they shun support and guidance. The worst offenders are parents. As parents, we want to level the playing field. Often, this means giving an out-sized portion of our support to the struggling child. Over time, this can lead to sanity issues with our successful children. They...
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The media will always place some form of manufactured stress upon the little people (us). We just need to understand it. Yes, there is real money at play. We are playing a high-stakes game with our bank deposits up for grabs. However, think of your money as a bar of soap-the more you handle it, the smaller it gets. The best advice is to stay invested, read intelligent articles and books, review historical lessons, and take action only when you have...
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You will own nothing and be happy! That's where the world is heading nowadays. We used to own CDs and Bluray discs, but now we stream everything. The same phenomenon is happening with housing. The bigwigs are buying all the properties in your neighborhood and renting them back to you. To own a home today, you can't be average. You have to do something extraordinary. For example, find a high-paying remote job. From there, move somewhere like Foley,...
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There has been a lot of talk about thought leadership recently. You may have to become a thought leader to get to the forefront of entrepreneurship and business. But what is thought leadership, and how can you become a thought leader? Thought leaders have their own unique vision and can articulate it clearly. But you cannot just get on stage and throw your opinions to the world. You must be well-read, clear, and concise. Reading, writing, and arithmetic...
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