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The work is front heavy but if you are lucky, you can collect rental checks without incident for many months before having to do work. It's a cornerstone of my financial system and I think you owe yourself a look. On Earth, we are all subject to the same gravitational force.For example, my friend Paula shares monthly real estate investment reports. There is just one constraint on the whole system — your time in this world. At 60 beats per minute, that's a little over 70 years. There's actually another constraint, and here is where wealth inequality rears some of its ugly head, and it's known as Maslow's Hierarchy of Needs. The larger you are, the more that force exerts on your body. Financially, our net worth airplanes are all subject to the same financial pull.Your net worth airplane takes off when your thrust (income) exceeds your gravity (expenses).Additionally, there will be a transition point when it's less like a plane and more like a rocket.When it comes to the idea of saving money, there are two schools of thought: It's a false dichotomy. The difference is that cutting expenses is immediate, much like active income is immediately, whereas earning more is often a long term play, like building sources of passive income. cut your cable) and secure immediate savings while you build up your passive sources (ie. The importance of saving money, especially early in your life, cannot be overstated.When you start with nothing, or close to it, you are forced into active income.J Money took this same idea and started at 0k, which took him 7yrs 11mos.
In the meanwhile, you'll need a way to pay for your expenses.
They mean 7 streams from 7 sources, even though the sources can be the same type. I was single, but dating my future lovely wife, and working a 9-to-5 job in the defense industry.
I kept my expenses low, my savings were high as a relative percentage of my income, and I was avoiding self-inflicted financial wounds like loading up on a lot of fixed expenses (cars, rent, etc).
Have you ever heard the statistic that millionaires have an average of seven streams of income? What spurred this blog post was an idea put forth by my friend at ESI Money in which he talks about how the first million is the hardest.
I tried to find the survey, report, or some official repeating that statistic but was unsuccessful. ESI shares how his net worth growth has accelerated.
What you are able to save can be converted into passive income.