1160: 3 Reasons to Favor Recurring Income Over One-Time Income by Kyle Mast of True Hourly Wage on Investment Advice

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Investing, Business, Education, Self-improvement

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🗓️ 13 May 2020

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Kyle Mast of True Hourly Wage shares 3 reasons to favor recurring income over one-time income. Episode 1160: 3 Reasons to Favor Recurring Income Over One-Time Income by Kyle Mast of True Hourly Wage on Investment Advice Kyle Mast is a husband, father, financial planner, real estate investor, and lover of good conversations over coffee. He lives just south of Portland, Oregon. He launched True Hourly Wage to be able to help more people than he is able to serve individually in his financial planning practice. His hope is that you are able to find at least one idea or concept from his writing that will improve your financial and personal life today and well into the future. The original post is located here: https://www.truehourlywage.com/thw-blog/3-reasons-to-favor-recurring-income-over-one-time-income Visit Me Online at OLDPodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 1160.
0:04.0	Three reasons to favor recurring income over one-time income
0:08.0	by Kyle Mast of true hourly wage.com.
0:11.0	Hey again everybody, I am Dan, I'm your host here at optimal finance daily.
0:15.0	Hope you are well.
0:17.0	This is where I read to you from some of the best personal finance blogs on the planet,
0:21.0	and I'm going to keep the intro nice and short for you today so let's get right to our post from Kyle as we start optimizing your life.
0:32.0	Three reasons to favor recurring income over one-time income by Kyle Mast of
0:38.0	true hourly wage.com. It's almost always best to favor a recurring long-term income over one-time short-term income.
0:47.8	This is one of the best pieces of advice that I've ever received in regards to financial freedom. Both a college business professor of mine and a former boss gave me this advice.
0:56.5	They were both very successful business owners and thankfully the advice stuck with me.
1:01.1	There is a place and a time for one-time short-term income, but it is limited. Short-term
1:07.0	one-time income usually pays higher now, but little to nothing later. Long-term recurring income usually pays much less now,
1:16.0	but exponentially more down the road through the power of compounding.
1:20.0	We all require a minimal level of income to provide the necessities of life in the short term.
1:25.1	It's how soon we are able to focus on creating recurring income that magnifies its benefits to us and others.
1:32.4	Why Recurring income is superior. One, focusing on
1:37.0	recurring income means that you don't need to continually hunt for new
1:40.7	customers or clients, products for resale etc.
1:44.0	Instead you are able to focus on taking care of and serving your
1:47.8	current clients and or investments.
1:49.8	The interesting thing about this focus on service to what or who is currently paying you on a recurring basis
	...

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