Earning more income is one of the three crucial steps that everyone can do in order to achieve financial independence. So far this season weβve talked about getting finances back in order after trauma, why getting into college increases your income potential, paths to entrepreneurship, resetting your mindset and creating a road map as well as hybrid professionalism.
Today, Jonathan shares four core ways to earn more income and two ways to create liquidity. Jonathan touches on everything from asking for a raise, to reinvesting passive income to showcase how financial independence is possible.
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Key Takeaways
01:12 β Jonathan speaks to why he has dedicated an entire season to earning more income and introduces todayβs topic: Earning More Income & Creating Liquidity
02:28 β Asking for a raise, finding a new job or taking on a part-time job
10:34 β Side hustles and starting your own business
14:09 β The importance of failure to success
16:34 β Spending less and increasing liquidity
26:41 β Turning guilty past purchase reminders into wealth-building assets
27:28 β Reinvesting passive income
29:14 β Jonathan recaps todayβs episode and teases next weekβs guest
Tweetable Quotes
βFinancial independence begins with saving and investing. Financial independence requires a pool of assets that spins off an income that covers your living expenses. And the only way youβll ever be financially independent is by building this pool of assets.β (01:22)
βThe right place values you the right way. If youβre not valued, it just means youβre not in the right place.β (04:41)
βThis lifelong learning isnβt a sometimes thing; itβs an always thing.β (07:48)
βThere are lots of reasons you may want to earn just a little bit more money. Maybe youβve got some credit card debt that you want to pay off. Maybe you want to save more towards a specific spending goal. Maybe you want to build that emergency fund. Before you take extra part time work, be sure to know your boundaries. The worst thing you can do is take away from that family time or that personal rejuvenation time.β (09:41)
βI canβt begin to express how big a deal I think starting your own business can be. Even when it fails, the lessons you learn are gonna open doors. Theyβre going to enable you to do the next thing more successfully.β (14:09)
βFifty bucks a week in savings at seven percent interest is $34,000 after ten years. Itβs almost a quarter of a million dollars after thirty years. Little things become big things in time. And little things require regular effort.β (20:07)
βYou can reinvest current passive income to increase the size of future passive income. Compounding is that eighth wonder of the world. Itβs what happens when you gather and save your rents until you have another down payment or when you reinvest your dividends to buy more stock.β (28:46)
Guest Resources
Chris Guillebeauβs Side Hustle School
Mindful Money Resources
For all the free stuff at Mindful Money:Β https://mindful.money/resources
To buy Jonathanβs first book – Mindful Money:Β https://www.amazon.com/Mindful-Money-Practices-Financial-Increasing/dp/1608684369
To buy Jonathanβs second book β Mindful Investing:Β https://www.amazon.com/Mindful-Investing-Outcome-Greater-Well-Being/dp/1608688763
Subscribe to Jonathanβs Weekly Newsletter:Β https://courses.mindful.money/email-opt-in
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For more complex, one on one financial planning and investing support with Jonathan or a member of Jonathanβs team:Β https://www.epwealth.com/our-team/berkeley/jonathan-deyoe/
Website:Β https://mindful.money
Jonathan on LinkedIn:Β https://www.linkedin.com/in/jonathandeyoe
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