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Win Make Give with Ben Kinney

Wealth Series 2.0 - Episode 4 - Increase Your Income

Win Make Give with Ben Kinney

Ben Kinney Training

Self-improvement, Education

4.9 • 1.5K Ratings

🗓️ 13 January 2023

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You can start developing a long-term income plan when you know how much money you need today and for retirement. In episode four of Wealth Series 2.0, Ben Kinney, Bob Stewart, and Chad Hyams discuss the three types of income and ten ways to earn more money.

Disclaimer: You should not use our advice to make financial decisions. We highly recommend you seek professional advice from someone authorized to provide investment and retirement advice.

In this episode, we cover the following:

  • Income you currently have [:45]  
  • Increasing your income [2:15]
  • What is normal income? [3:30]
  • What is investment income? [5:44]
  • How the wealthy change their wealth [8:35]
  • What is passive income? [9:03]
  • What types of income do you have? [12:38]
  • Workbook exercise on income [13:58]
  • Calculating your future income [15:01]
  • Stats on income [17:30]
  • Ask for a raise [21:10]
  • Explore company benefits [22:32]
  • Investments that pay regularly [24:22]
  • Rent things out [24:56]
  • Side hustles [27:35]
  • Teaching, training, or coaching [31:59]
  • By-products [33:03]
  • Sell stuff [34:38]
  • Explore a second career [37:20]
  • Reduce taxes [37:47]
  • Reflecting on workbook questions [40:18]
  • Calculate your hourly rate [42:10]

Resources discussed in this episode:

Connect with the hosts:

More ways to connect: 

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Part of the Win Make Give Podcast Network

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the When Make Give Well Series. This has been Kenny. We're joined with Bob Stewart.

0:15.4

Hi Ben. And Chad Himes. Ben. Today we are jumping into the part of the

0:23.7

Well Series where we learn more about income and find ways to increase our income.

0:35.8

Sounds like a great episode to me. Yeah, this is one of my faves. Let's do it.

0:39.3

Already in the reality check section Chad. Yep. We talked about income in what ways.

0:46.2

We talked about the income that we currently have. Right. Our annual or monthly income,

0:51.0

however we looked at it. And how that was related to what? Our expenses. Our expenses.

0:57.0

And we were hoping that when you calculated the delta, which Chad is- The difference.

1:03.1

Careful to point out. Using cool math terms. The difference.

1:07.5

That there was a positive amount. Yes. We wish upon every audience member out there a

1:12.2

positive amount there. But doesn't mean there will be. All three of us have been in situations where

1:18.0

our expenses were greater than our income. Absolutely. And we use credit cards,

1:23.2

second mortgages, line of credits, parents, friends, sold drugs on the street.

1:30.0

No, we didn't. Hustled and dice games. That we might have done. Smuggled drugs.

1:34.9

We did not do that. Printed counterfeit money. We did not do that. Just one.

1:41.0

It's just one. You can't prove that one. I'll leave that.

1:45.2

Now we found ways to survive. And we understand that our audience also is sitting there

1:54.1

taking the well series because they want to improve their wealth, whether they are negative

2:00.2

every month, break even or positive. We truly understand here that we are coming into

2:09.2

economic hard times. And one of the quotes in the original well series

2:18.7

that is stayed true all the way into today is very simple. You can't save your way out of a recession

2:30.8

because we can only cut so much expenses, Bob. You must increase your income.

...

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