Description

In this episode, we explore how to shift your financial mindset by turning everyday bills into opportunities for passive income. Learn how to leverage products, SaaS, and creative thinking to not only cover your expenses but also build long-term wealth, even while in the corporate world.

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Financial Strategies to Increase Income in the Corporate World

• Avoid 401ks:
• 401ks are described as traps due to the tax deferral and reliance on government promises about future tax rates.
• Taxes are constitutionally guaranteed revenue for the government and will not decrease over time.

Steps to Double or Increase Income

1. Treat Bills as Streams of Income:

• Itemize all your bills in descending order from highest to lowest.
• Treat each bill as a stream of income and focus on eliminating the expense by creating a product that matches its monthly value.
• Start with the smallest bill and create a product that generates enough income to cover it (e.g., $73 for a water bill).
• Once one bill is covered, move on to the next.

1. Focus on Products:

• Create products that generate passive income to cover expenses.
• Examples include developing software or mobile apps (e.g., games with in-app purchases), selling products, or creating Software as a Service (SaaS) programs.

Mindset Shifts for Wealth Building

• Reframe Bills as Opportunities:
• Shift your mindset from viewing bills as liabilities to seeing them as opportunities to create income streams.
• Example: If you have a tree in your yard that needs cutting down, negotiate with a lumber company to get paid for the wood rather than paying for its removal.
• Leverage Software as a Service (SaaS):
• SaaS is a strong income model because people rarely cancel subscription services.
• Examples include Netflix, gym memberships, and services like ClickFunnels.

Additional Wealth-Building Ideas

• Think Creatively:
• Turn liabilities like trees or physical assets into profitable opportunities.
• Build or commission a product (e.g., a video game or app) that can generate consistent monthly revenue.
• Retirement Strategy:
• The session includes discussions on how to retire in 180 days by applying these principles.