How to Boost Your Income Investments for a Faster Route to Financial Freedom
The show progresses through investing basics, both traditional stock market investments as well as real estate investing. (This is BiggerPockets, after all.)
Canada Goose sale Do you have your spending under control? This is the show that takes you to the next step in your journey increasing your income to grow buy canada goose jacket your wealth. That those changes produce results that speed you along to financial independence. That the story that we want to keep hearing and sharing all over again is how can we help more Canada Goose sale and more people empathize with someone situation on this show and then take the changes or understand what they did and apply it to their own situation to derive drastic and accelerated results toward financial independence. Canada Goose sale
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Scott: How it going everybody, I’m Scott Trench. I here with my cohost Ms. Mindy Jensen. How are you doing today Mindy?
Canada Goose Parka Mindy: Scott, I am doing fantastic. I am really looking forward to the prospect of speaking buy canada goose jacket cheap to you all by myself today while I really enjoy interviewing people on the show. I also really like talking to you. Canada Goose Parka
Scott: Yes and I like talking to you and I like hearing both of us talk. I like hearing myself talk sometimes. I thought this was a lot of fun. I think it will be helpful. This is kind of a Canada Goose Online compilation of what we believe to be a roadmap to financial independence of the last week’s episode and this week episode. We kind of approach it in the order of saving and reducing your expenses, increasing your income, and then investing, which we talk about income and investing today.
Mindy: Yes, the increasing your income can happen through recognizing opportunities that are around you at work and side hustles. Introducing new opportunities or taking advantage of new opportunities that might not be currently in your life. We discuss stock market investing and real estate investing both are things that we find value in and we bring in more references to some of the shows that we had in the past where our guests have really helped explain these concepts in great detail. All of this information can be found at the show notes for this show, which is show 31.
Canada Goose Outlet Scott: Awesome and then one thing I want to add right before we get to today sponsor is we talked about saving last week and we talked about that for a reason first because that the one that approachable and effective for a lot of people to begin accumulating wealth from a median income with few little to no assets. cheap canada goose uk http://www.canadagoosesalesus.com It reduces the total amount of wealth you need to generate and income that you need to produce to sustain financial independence so lower cost lifestyle is easier to support with passive income. There a third reason that we forgot to mention I think which is taxes. Right every dollar that you save you get to keep 100% of canada goose clearance so if you just don spend a dollar you get a 100% of that dollar back in the bank cheap Canada Goose account. Canada canada goose uk black friday Goose Outlet
buy canada goose jacket If you earn an extra dollar you might only get to keep two thirds of it or two fifth or three fifths of it, sorry three fifths, 60% of it depending on your tax bracket. I think canada goose there is also a tax advantage as well to focusing there. That said this is really exciting stuff to talk about increasing income and investing. There’s unlimited opportunity here and this is what really will pull you towards financial independence over time so very excited. buy canada goose jacket
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canadian goose jacket Mindy: Okay huge thanks to our sponsor so Scott why is income increasing your income second on the list? Why isn that this first thing? We talked about last week we talked about spending is the top thing. Why is income second? canadian goose jacket
Scott: Well I think that for many of our listeners I know that this is true for me. Particularly at the beginning of my career that increasing much of what you might have done in your life and in your career, education, all that kind of stuff has probably been geared towards getting a job that you believe offers canada goose outlet Canada Goose online you the best combination of pay, benefits, career opportunity, and lifestyle design that you looking for. People go to college. They work hard.
They know their salary. Like there probably not for many folks a lot of immediate optimization to be done on the career front and it probably not at the same percentage level that it can be done on spending. Like there probably tens of thousands of dollars in spending change that you can enact over the next year or two, but maybe not the same canada goose uk shop level of change that you can make to your income if you working a full time W 2 job and have kind of a traditional title in a corporate environment. That kind of I think why the second thing is. On the flip side however income is infinitely scalable. Unlike spending, you can only cut spending down to a certain point. You can only have so much impact whereas income is theoretically unlimited in your potential.
canada goose coats Mindy: canada goose uk outlet That leads us to the first episode I want to talk about is David Greene episode number 12 of the BiggerPockets Money Podcast. This show blew my mind. David was a waiter, which is not typically a high income earning job. Nobody lays in bed at night wanting to be a waitress. I can wait until I can wait tables for a living. canada goose coats
canada goose black friday sale Nobody ever says that. It either a high school job or like a fallback in college or you know there are people who make a career out of it, but that not what we’re talking about. We’re talking about just your plain old average career, average job of waiting tables and David took his college age career of waiting tables and really elevated that. He looked around and saw that the dayshift people wanted to get canada goose coats on sale off early so instead of starting at four he would come in at 3:30 and he would pick up a few extra tables that the waitresses from the dayshift canada goose clearance sale didn want to take. canada goose black friday sale
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canada goose store He would make an extra $25 $50 bucks while he is waiting for the restaurant to close down. He getting all of these extra tables in addition to his middle tables then he went a step further and he talked to the owner of the restaurant. What is it that bothers you? She said, “I don like when the glasses are dirty. I don like when there’s spots on the wineglasses.” He said, “Oh you know what I going to do? I going to clean these wineglasses. It going to make her feel better.” canada goose store
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canada goose coats on sale Scott: Yes, I think that you know that politics. He playing politics to a certain degree in the workplace right. Understanding who in power and what they want and I bet that with alongside doing that currying favor comes better shifts, Canada Goose Parka more opportunities to make money. You know opportunities for promotions, not referrals, what am I talking, references that you can use in future jobs and that really important. I think that a failure to acknowledge that and a failure to understand the power dynamics in an office can really hold you back in some ways. He did that and did it intelligently. canada goose coats on sale
buy canada goose jacket cheap Mindy: It absolutely can hold you back and there the 18 year old me is sitting there saying well I not going to kiss up to anybody, but the not any longer 18 year old me is saying you know what there is a lot of value in having your boss appreciate you. There is an enormous amount of value in showing your boss that you want to do a good job. Does David love shining uk canada goose outlet wineglasses? Probably not, but is it a huge deal to do? No, it is not like he scrubbing toilets with a toothbrush buy canada Canada Goose Jackets goose jacket cheap.