781: Want Financial Freedom? Here’s How to Build Your Money Machine
The Goal Digger Podcast
Exploring the Concept of a Money Machine for Financial Freedom
The concept of a money machine involves understanding the distinction between the earnings journey and the money journey. Building a money machine requires leveraging five levels of income generation: active income, business income, asset-based income, residual income, and portfolio income. Active and business income are where most people start, but the goal is to progress towards building assets and creating residual income streams. Residual income involves creating something once and getting paid repeatedly, while asset-based income requires acquiring assets that generate income with less effort over time. The ultimate goal is to combine asset, residual, and portfolio income to build a sustainable money machine that can cover all expenses and continue growing through reinvestment.
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