In this episode, Kevin and Christian break down 21 practical ways to generate recurring income, drawing on the WealthBuilders “Seven Pillars of Wealth” framework. They explore both traditional and entrepreneurial strategies, offering actionable ideas for homeowners, business owners, investors, and anyone looking to build more reliable income streams. Whether you’re just starting your wealth-building journey or looking to diversify, you’ll gain fresh insights, real-life examples, and clear steps to help you take action and move closer to financial independence.
Key Takeaways
- The Seven Pillars of Wealth:
- Understand the core asset classes—home capacity, pensions, investments, property, business, intellectual property, and joint ventures—and how each can generate recurring income.
- 21 Practical Income Ideas:
- Learn actionable strategies within each pillar, from renting out a room in your home to leveraging intellectual property and collaborating on joint ventures.
- Traditional vs. Entrepreneurial Pillars:
- Discover the difference between “parked money” assets (like your home or pension) and proactive, entrepreneurial pillars (like business and IP) that can accelerate your path to financial independence.
- Customising Your Wealth Plan:
- Why you don’t need all seven pillars—just a focused approach on the ones that fit your skills, resources, and interests.
- Real-Life Examples:
- Hear stories from WealthBuilders members who’ve used these strategies, including creative uses of SSAS pensions, building property portfolios, and launching subscription businesses.
- Community & Collaboration:
- The power of learning from others, sharing ideas, and building wealth together within a supportive community.
Episode Highlights
- The “light bulb moment” of seeing wealth through the lens of recurring income
- How to assess your current income streams and spot new opportunities
- Step-by-step examples for each pillar, including:
- Home capacity: Rent-a-room, equity release, creative use of space
- Pensions: SSAS loanbacks, consolidating lost pensions, lending from your pension
- Investments: Dividend stocks, options trading, crowdfunding
- Property: Rental income, commercial-to-residential, rent-to-rent strategies
- Business: Subscription models, membership sites, gateway/affiliate businesses
- Intellectual Property: Books, courses, licensing, franchising
- Joint Ventures: Referral income, strategic partnerships, collaborative deals
- The importance of taking action—choosing one or two strategies to start
- How to avoid common pitfalls like “delegating into abdication” with your assets
Resources Mentioned
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