The Money Podcast The 7 Income Streams All Millionaires Master
Are you stuck relying on a single stream of income? In this episode, Rob shares the seven types of income streams that lead to true financial freedom. Learn what they are and why you need them if you ever want to join the millionaire club!
KEY TAKEAWAYS
- The average millionaire has between 3-7 unrelated income streams for protection.
- 6 types beyond a job: interest, dividends, capital growth, profit, royalties, and rentals.
- A job is great but don't get trapped exchanging time for money due to diminishing returns!
- Share market returns are typically lower than running your own lean startup business.
- Property utilises "the secret triad" - buy below value, get rental income, and see capital growth.
- Your biggest expense by far is tax - understand how this impacts your income streams.
- Don't wait to buy property, buy property and wait!
BEST MOMENTS
"You pay now or you pay later."
"Revenue is vanity and profit is sanity."
"The faster you scale the lower your net profit margins will be."
"Your biggest expense by a mile is tax."
"Don't wait to buy property, buy property and wait."
VALUABLE RESOURCES
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ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
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LinkedIn: https://uk.linkedin.com/in/robmoore1979
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