The Better Than Rich Show 25k Passive Income: A Blueprint For Multiple Revenue Streams with Kyle Reedstrom | The Better Than Rich Show Ep. 72
On this episode of the Better Than Rich Show, hosts Andrew Biggs and Mike Abramowitz team up with Kyle Reedstrom to discuss the concept of passive income and how to manage it effectively. They suggest starting with personal cash flow management before diving into more complex investment strategies. The team also discusses different options for generating passive income such as real estate investments and creating multiple streams of income, and how to mitigate risks involved in these investments. Additionally, they explore ways for overwhelmed entrepreneurs to invest smaller amounts of capital through dollar cost averaging models. Overall, this episode offers practical insights into how to build passive income streams and make intentional financial decisions.
Topics Covered:
- 00:00:00: Creating a family budget and organizing spending
- 00:04:20: Finding fulfillment beyond engineering
- 00:10:37: Reverse engineering and scaling for business growth
- 00:14:09: Transitioning from active to passive tour businesses and exploring multiple income streams
- 00:17:52: Teenage entrepreneur makes bank hosting parties without drinking or smoking
- 00:19:56: Building passive income intentionally with personal cash flow
- 00:21:51: Budgeting for financial freedom
- 00:23:52: Managing expenses intentionally and avoiding lifestyle creep
- 00:25:42: Checking bank balances for budgeting and spending habits
- 00:29:41: Finding niches in your genius to make money
- 00:31:44: Focusing on building bridges and scaling success
- 00:36:18: Ten entities in the real estate industry that pay monthly
- 00:40:25: Starting a coaching business: expectations vs. reality
- 00:43:13: Motivation for achieving passive income as a family man with multiple income streams
- 00:45:41: Absence of family legacy and importance of diversifying income
- 00:47:32: Being better than rich: impact and time freedom
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