It’s easy to be drawn into ideas that promise high returns and low effort or risk - but for the most part this is either deluded or a straightforward scam.
Pushing back against the more toxic types of online ‘hustle culture’ means redefining what our income is and how we use it to ensure long-term wealth growth.
This means thinking of our income as an asset to be used, valued, nurtured and grown - instead of hoping for a miracle down the road.
A concept made famous by American financial influencers such as Dave Ramsey the idea that ‘income is your most valuable asset’ can help us to ensure we’re not then giving that asset away - be it through debt, overspending or bad investments.
Instead its about ensuring that your income is working as hard as possible to achieve your long-term goals. As our routine mantra on the podcast goes - this means making a plan and sticking to it.
Let us know your thoughts in the comments. How do you ensure your income is working as hard as possible for your long-term future financial health?
00:00 Introduction to income as an asset
01:47 Understanding hustle culture
07:42 The philosophy behind income as an asset idea
09:37 Realistic wealth building strategies
13:37 Practical aspects of managing income
18:54 Stability and decision making with money
20:31 Celebrating small victories and continuous learning
TAKEAWAYS
-Income is an asset that should be leveraged for wealth.
-Simply earning income won't make you a millionaire.
-Establish a clear understanding of your income.
-Think strategically about using income for investments.
-Income should not just cover bills but build wealth.
-Long-term wealth requires active management of income.
-Investing income wisely is crucial for financial growth.
-Understanding income's role can change financial perspectives.
-Wealth building is a proactive process, not passive.
-Income management is key to financial success.
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DISCLAIMER
This video is produced for general informational purposes only. It should not be construed as investment, legal, tax, mortgage or other forms of financial advice. If in any doubt about the themes expressed, consider consulting with a regulated financial professional for your own personal situation. Past performance is no guarantee of future results. Investments can go down as well as up and you may get back less than you started with. Investments are speculative and can be affected by volatility. Never invest more than you can afford to lose. For more information visit www.fca.org.uk/investsmart
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