53: Building You: What’s Your Income and Cash Flow?

Get Rich Education

Keith Weinhold

Realestateinvesting, Income, Passiveincome, Money, Business, Wealth, Investing, Careers, Realestate, Kiyosaki, Real, Rich, Creatingwealth

4.3 • 602 Ratings

🗓️ 16 October 2015

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

#53: Your income and cash flow tell you about yourself and your allocation.

What proportions are active, earned, and passive income? Where are you vulnerable?

Want more wealth? Visit GetRichEducation.com and 1) Subscribe to our free newsletter, and 2) Receive Maverick turnkey RE webinar opportunities.

Listen to this week’s show and learn:

02:45 Most people’s #1 cash flow source is their work-a-day job. But they’re trading their time for dollars.

04:02 Here’s how to best determine your cash flow. Cash flow is simply income minus expenses.

05:54 Current U.S. median household income, Top 10%, and Top 1%.

10:02 You need cash to function in an economy, not equity.

11:32 How you can have a negative net worth, yet be financially free.

15:25 Trace your personal cash flow to different industry sectors.

22:04 “Budget” is almost a swear word.

25:07 Turning equity into cash flow.

28:14 “Retirement calculators” don’t work for real estate investors.

32:12 The Outsourcing Myth.

Resources:

MidSouthHomeBuyers.com or call (901) 217-4663 for Top-Notch Turnkey Rental Properties.

NoradaRealEstate.com or call (800) 611-3060. Your Premier Source for Turnkey Cash-Flow Investment Property.

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Transcript

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0:00.0	Get Rich Education is brought to you by Norrata Real Estate Investments and Mid-South Homebuyers.
0:10.8	Welcome to Get Rich Education with Keith Weinhold, giving you information and ideas on the investment that has turned more ordinary people into millionaires and billionaires
0:22.7	than anything else and can provide you with more wealth and happiness than you ever thought
0:28.2	possible. Now, here's your host, investor, entrepreneur, business owner, and educator, Keith
0:36.2	Weinhold.
0:46.8	Welcome to Get Rich Education, episode 53. I'm your host, Keith Weinhold. Thank you for making us iHeartRadios investing show choice and for listening on iTunes or wherever you
0:52.6	choose to listen to us as we serve listeners, keeping your
0:56.8	daydream alive in 141 nations, even Azerbaijan still.
1:02.7	Yeah.
1:04.2	What's your income?
1:05.9	More importantly, how's your cash flow looking?
1:08.9	And what can that tell you?
1:12.3	That's where we're going today.
1:19.7	Kind of personal questions, aren't they? This is our second week in our Building You series of shows.
1:30.1	Last week on the first episode of the Building You series, we determined your financial net worth right down to the nearest dollar. Last week, you discovered that the value of all of your assets minus all of your debts, your net worth, was $51,336, or
1:39.9	$886,510, or whatever. Okay? Now, as telling as that number is to painting your financial picture,
1:51.0	here's the shocker for some people. Even if you have a negative net worth, you can be financially free.
2:00.6	That's right. Even if the value of your debts exceed the value of your
2:06.2	assets, you may very well possibly be financially free. Okay, that's an unlikely scenario. But how can
2:14.6	that be possible? That is possible if you have enough passive cash flow, okay?
2:23.1	We're going to take a look at an example of that particular situation in a few minutes, but first,
2:28.8	cash flow is your income minus your expenses. Income minus expenses, and that's usually measured on a monthly basis.
	...

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