The Better Than Rich Show

25k Passive Income: A Blueprint For Multiple Revenue Streams with Kyle Reedstrom | The Better Than Rich Show Ep. 72

Apr 10, 2023

53:12

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