Ep 112: Shielding Yourself from Inflation with Multiple Incomes

Speaker 1: 0:05

Welcome to the Thank Generation of Wealth Podcast. This is the personal finance podcast for the black community. I am your host, amir Estebo. Thank Generation of Wealth has created to empower the culture, to thank wealth, assets and prosperity for future generations. If you are someone who is inspired to lead a legacy and needs actionable steps and I do it this is the podcast we need. Join me every week as we discuss various topics from personal finance, building assets and mindset. Our goal is to leave the planet better than I will found it by enriching our future generations with the right tools for success. Thanks for joining us on this journey. Welcome to the Thank Generation of Wealth Podcast, and this is episode number 112. I am your host, amir Estebo. Thank you for tuning in and today's podcast episode, because I always like to open each podcast episode with gratitude and appreciation. First of all, I appreciate anybody that takes this time to listen to this podcast episode, because you could be doing anything in this world, but the fact that you're listening to this podcast episode is much appreciated. And if you're a new listener, thank you for tuning in to this podcast episode and hopefully this podcast episode is of value to you and you can share this content with someone, if you find this useful. Actually, today's podcast episode is a rebroadcast of an earlier podcast I recorded regarding multiple streams of income, so this podcast episode. As we know, we are in some pretty rough times these days, with inflation and all time hard, and therefore things cost us so much whether it's house, cars, etc. Food. Right now, you cannot rely on just one stream of income. One stream of income is basically almost broke, so therefore you must need multiple streams of income. So in today's podcast episode, I want to share 10 reasons why you need multiple streams of income. Okay, so hopefully find this podcast of value. Thank you, and again for listening to the think generational wealth podcast. Like always say, I appreciate anybody that takes the time to listen to this podcast, because you could honestly be doing anything in this world, but the fact that you're taking a time listening to this podcast is much appreciative and I hope this podcast comes to you with value. And the goal of this podcast is to help increase financial literacy. Awareness may bring more awareness to financial literacy because we have really we're a country where we are not smart with our money and even for me, who's living amongst this country, I too am learning in the process of doing these things, and it's a podcast where you come and learn, and I know there's so much information out there, so, and you could just probably go and Google it or something to that nature. But if you're listening to this podcast, I hope that whatever you take out of this podcast, or any of the podcast episodes you take out, there's some value to you. So thank you very much. All right, so today's episode I'm thinking about doing a part of three part series and this is something where I've been actually researching and implementing, and it's the topic of multiple income. And today's episode is why is it important for you to have multiple streams of income? And these are 10 reasons why, and reason number one Think about this way. So let's say whether it's your business or you have a corporate job, and let's start with your corporate job. I have one too, so I'm not going to sit here and say, act like I don't, but I do. And let's say you get a call and it's your manager calling you to let you know hey, been here a very long time and we appreciate your work, we appreciate all the things, and you can always know when a conversation starts like that, depending on the mood of the conversation. You can know any of us that's been let go before and who's been fired. I use I've been fired probably from three jobs. Yeah, three jobs I've been fired from and I learned a lesson from each one and it only made me better. So, coming from an immigrant background, you, you, basically, we get a certain age is, hey, you need to start taking care of yourself, you need to learn how to take care of yourself. Okay, but like these things multiple income we're not really inserted, it was not really talked about. And that's something I've learned. I've been learning and actually researching not only just researching, but implementing to is creating multiple streams of income. So your manager comes and then you say, okay, hey, we're gonna let you go. If you only have one income, you're close to being broke. You don't realize it, and I heard this on a podcast from Jay Jones the black entrepreneur podcast, if you could check it out and there was a episode where he talked about that, where he mentioned If you only have one stream of income, you're practically broke, and and that hit home because it made me realize for myself that, okay, I'm not where I want to be, and you probably think the same thing too. You have a job, but you never realized that people lost your job, how you're gonna come to your family and you gotta let them know. Hey, I don't have a job anymore. And that's a tough thing, that's a tough pill to swallow. I've had to follow that. I've had to dealt with that as a man myself. So for you, once that happens, what do you do? That's why I'm a pair of reason. Number one is to have Multiple streams of income, because you never know when unemployment may lay off from your job, may let you terminate you. Whatever, the reason is right. And if you only have one stream of income, then that's it. That's close, that's basically zero. And they say the average millionaire has seven streams of income, even more. So that's reason number one. Reason number two and you can see the rising cost of health care. Health care and, by the way, this episode is inspired by this, this article is I'm going over is from money Us news comm. So if you want to check it out, slash money, slash blogs. So if you want to check it out, you can read about it. Just want to Give the source credit. So number the rising cost of health care. That's gone up. That's the reason you want to have multiple streams of income Number, I think. Number three, number three reason is you must take control of your income Because no one's going to do it for you. You must take control of your income. So that's why it's imperative for you to take the time To research, to study, to implement, take action, whether it's starting investment, whether it's opening a 401k. And, by the way again Just a disclaimer, I am not a financial advisor, so this is all for educational purposes. So please, whatever content you hear on this, please do your own due diligence and research. Okay, so Then I'm sorry about that. No one's gonna, no one's going to Take control. You must take control of your income. That's where we're at. You must take control of your income. That's where we're at. You must take control of your income Because no one's going to do it for you. That's reason number three. Reason number four let's say you want to take, you send your kids to college. College is expensive. And now we're talking about the student loan forgiveness. Probably listen to episode I think it was two episodes ago, so if you want to check it out, you can hear me talk about this through loan forgiveness and I think that's through loan forgiveness will help. Some people believe it or not. And the reason is is that if, even if you're, you get, you get the full credit, the full 20 thousand dollars. Thinking about it, let's say you owe 50,000, now you're down to 30,000. So now your debt to income decreases Me, you know your debt to income. Your debt to income Decreases and that extra 20,000 that you're saving now Guess what you can do with it. Put into some investment, real estate stocks, so, and there's all sorts of stuff you can do to grow wealth, start a business. So you want to be able to pay cash for every. You want to be able to pay cash for your purchases. One thing I've Talked to my wife about is things that like cars or Cell phones, stuff that require where you want to do a monthly payment, no longer going to do that, pay cash for it. I I'll just say this I've leased the car probably for the past three years I've had. This is my second go with it. But I'm getting to the point. I'm saying I think this is probably, it's probably Advantages. I just it's because I just don't like. I don't like, say, staying in the same car, because I'm not a car person. I'm not a car person. I really don't care for cars. I like I have a car because it takes you from point A to B, but it's not something that, to me, is. It doesn't grow wealth. This is depreciating asset. So instead of me, let's say you, I've had to. I've owned cars Several times and I could tell you, once you pay that car off, that thing All suddenly starts breaking down on you. That's when it has all sorts of problems and you're just like man. Is this even worth it? So one thing I like about it the only thing I put is some new tires. I've had to do that several times and a couple of times, actually, you know, several times and now it's getting me. Now that's that's to each his own. But Does that help you grow wealth? No, I'll be the first to tell you it does not. So that's why I said maybe, when it comes to cars, is time to just pay cash for those things. You work hard, pay, buy a car cash. It's a depreciating asset, we already know that, but there's no use of carrying the same. There's no use of carrying that. There's no use of carrying that type of debt because it's appreciating asset. My, I'll just buy cash if you can and you're done with it. Okay, remember millionaires, they date the average millionaire. I was reading an article a while back ago and says the average millionaire Millionaires leverage credit. Obviously, they don't use their own capital, they use other people's money to grow their wealth. But one of the things that an argument was, one millionaire was saying well, at least in the car works from him, because he doesn't have to. First of all, his business pays for it. So with the fact that his business pays for it, he, his business, pays for his depreciating asset. And that's where you want to get to. I think if we were to think in terms of Okay, maybe start a business to have that extra income, that extra income can help. What if you wanted to have something like that? You don't have to, it doesn't have to come out of your income. You can have an asset. Pay for that type of stuff, for a depreciating asset. That's that rich dad, poor dad terminology. Build a new stream of income, not only just have one. Don't stop at one, go for two, go for three, go for four, and I think that's that was something that was eye-opener for me was I've always been so used to just having one source of income. I've never really been an entrepreneur. I've always had a job. So one thing that's really been so different is and it's taken me honestly it's took me probably about a year or two to realize that I actually have a business and I need to do something with this, because it was. It's different to come out when you've never been an entrepreneur and now you have to learn how to talk to people. You have to learn how to. You know, obviously, entrepreneurship, you know sales and it's taking me a while to start realizing that man I'm. I need to really Take this entrepreneur staying serious. So that's why I have a new stream of income is imperative. It's very important because when you have new streams of income, guess what's happened If you lose your job, you're not running around with your head cut off. You're okay. Imagine if you have four streams of income. You lose one. Especially in this day and age, right now, with the way the market's been up and down, everything is going up. Inflation think about that. That's another reason to have multiple streams of income. Inflation things are expensive. I Remember I used to buy these eggs at Sam's them. Things used to cost $299. I Went recently to buy it and it was $599. The rising inflation folks this should be an eye opener. And if this is that's why I'm sharing this with you because I truly think this was an eye opener for me Realizing that you need multiple streams of income. So if you lose that one income, guess what? You still have three more to go. Okay, pay down debt. I Know we're all. We're carrying debt, don't fool ourselves. And if you're not, congrats to you. But we're carrying some type of debt student loans, mortgage, car notes. We're carrying debt folks. So, having multiple streams of income gives you that leverage to be able to pay down your debt even faster. Credit cards that's another debt. What we're carrying in the interest right, the interest. And I'm actually want to share something with you guys. On the side, note me and my wife. Try it out something. We're trying out something to help save money and pay down debt. And we don't have it's not like it's a it's a lot to be, it's not like it's a lot of debt, but it's just that we we're realizing we gotta be able to start investing. We gotta be, because we're getting older, we're not younger. So we're trying out this method. I would like to share it with you guys. We're trying this out. So it's a method where we are actually using the term of the rich dad, poor dad. We're paying ourselves first, we are paying ourselves first. So the way it's worked for us is we have a certain amount we put in, and I think it was. I think it was like $2 a day or something like that. So, or not two hours a day. So let's say, for example, you put $2, so that money doubles. So by the by, when you get to the I think 30th day, you should be like $60 or something like. I'm not exact on the numbers, but Basically what I'm saying is we're taking that money and it's doubling. So if you go to, then the next day you put four, and next day you put eight, and the next day you put 16, next thing you put 32, you know and so and so on. Right, so we're trying this out and we we after the 30th day. What we'll do then is we'll sit down and calculate, say, okay, what bills can we pay off? Well, we can pay this off, pay this off, boom. So we're limiting our, we're looking to not just increase our savings. That's another reason the reason I bring this up, because that's another reason why you need multiple streams of income. And I think I'm a reason number. I want to say seven now, and you need to increase your savings rate. That's what's gonna help you Be able to retire comfortably now. Would it be perfect? I don't know. Everybody's goals are different. Your goals may be different. You may say, hey, I need a million dollars and I can live the rest of my life. I may say I need 20 million. Who knows? Everybody's goals are different and that's what makes this unique. But one thing we can all agree on is, if you don't have any savings, it will be hard. It's very hard. So your money, you can't save money and put money away, then it's very hard, it'll be very hard. So you need to be able to have multiple streams of income to increase your savings rate, right? So we are at reason number nine. By way. So reason number nine and the reason number nine, I say it says to build a holiday fund. But I'm gonna say different. So let's say, your family likes to travel. When I build a have a travel fund, why not put some money in there? Then you guys can take trips. You be paying in cash. You don't have to. You know, I realized I'll say this when I was in Mexico. We were me and my family went to Mexico a couple months ago and it was such a different experience and Me being from my family, being from Haiti I've traveled Haiti several times, haven't been there in a very long time. I would like to go, but do certain circumstances right now doesn't allow us to go and we still have Family in Haiti. But what I'm saying is there is such a different way of life that you realize people live on so little and they're happy. I mean there was, I mean the shows I you can see. They are so proud to being who they are and I think in America we've lost that. I don't want to get too political, but I'm just saying we have lost that. So when you go outside of the US, you realize how different it is and how you don't need all this. And reason why we are so equipped to go in debt is because we're all trying to keep up. We're trying to keep up with the Jones, we're trying to keep up with each other. Social media has created a false image of reality for people and what you see is not what is going on in the background. So that's why is I for myself, if anybody listens to this podcast. I am not an expert, I am not a guru, I am not a what do you call a thought leader? I guess that's what you call it these days. I just a guy, that's. I enjoy talking about financial literacy once in a while, bringing people into the podcast. But if you know this podcast, if you've been following this podcast for a very long time, you notice that I very rarely have guests. And it's not nothing to say is not that I don't want to guess, but I really wanted to build a foundation, really wanted to build a tribe of people and not make my show really so guest centric. It'll be nice to have a guest once in a while, but I enjoy talking to people. I enjoy talking to you, I enjoy podcasting and one of the things I enjoy is traveling. So when I talk about reason number nine and you can be able to travel, go to places outside, get a passport. If you don't have a passport, get a passport. Get outside of your comfort zone. It's crazy when I realize how there's people that's never even left their state. I, it's just I get flabbergasted. I said there's a world, there's a world outside of there. I mean maybe circumstances and everybody circumstances are different. Sometimes my wife tells me I have a very one way think of, way of thinking of things and maybe sometimes missed on the human element, and but I just, I just couldn't comprehend how anybody has not traveled outside, at least your country or at least your state. I mean, I just couldn't see myself staying somewhere and not going outside, because the world, there's only so much time we have on this planet and the world is so the world is. There's so much of this world we still haven't seen what it's a small world. And if that makes sense, because, if you notice, people say man, that's a small world because I met this person or whatever. Oh, man, this person that I remember, I met a friend from high school. I was hanging out and I can't remember where, I can't remember where exactly, and we saw each other. But I know you, yeah, I know you, and it was crazy and it was just be like man. This is a small world. Sorry to go off in a tangent, but I'm just saying reason number nine is it is having being able to pay cash. Let's say you want something materialistic instead of slapping down a credit card Killing you in the interest. You can instead be able to pay cash for that. Remember that was one of the reason pay cash for everything, not pay cash for everything with pay cash for purchases. So, like, you want to buy a car, you can pay cash for it. You would have bought a new iPhone 13. Now you're on the 14. You can pay cash for it, right. And then when I talked about this reason and I would say the reason number 10. Is diversify your portfolio, diversify your income. You don't want all your income to be in just one location and your job. You don't want that. You want to be able to have your income in real estate, maybe in stocks, maybe in some type of investment. Maybe you know you have 401k. Well, I'm gonna say for one K, that's your savings. Sorry about that, but you have. But that's that helps with increasing your savings, right, that was one of the reasons. That was reason To increase your savings. You need to increase your savings rate, but to have multiple streams of income, you don't just want to have it. That's why your business, your business, you can be able to create multiple streams of income there. Maybe your business is involved in affiliate marketing. Maybe your business is involved. You have, you know, like not. Let's say you have a financial service company, you don't have to just be. Or let's say you're doing credit repair. You could be offering life insurance. That's another stream of income. You can be offering coaching, that's another stream of income. You can be offering your. You can be offering creating an eat, maybe creating a book book for your business. I don't know, I'm just throwing ideas out there. There's so many ways you can create income. You don't want your business just to be relying on one income. You want it to be able to have survival in its own. Most businesses that are 100,000 hour month businesses is not just in one thing. They're doing other things too. Flippers just not. They're just not flipping houses. They have rentals on the side too. Folks, some of these flippers they also have. They only have. They have their own inside income Inside how can I say inside? Maybe they? They have their own sometime. They only have. They have their own, their brokers that's what I meant to say, their brokers. So they have multiple streams of income. So you don't want your business because now, let's say, the Flipping business slows down. But you remember, you have rentals, maybe it's apartments. They are so many ways you can have multiple streams of income. Let's say if you're a teacher, maybe you have, you could teach a course, you can create a course, right. Let's say your teacher and you. I don't know if you guys follow her. I think her name was miss Monica. My daughter used to watch her and now I don't doesn't watch you as much as she used to, but she's still like her and she's a teacher. Her YouTube channel last time I checked, had over, I think, over a hundred and fifty thousand subscribers. She's not only does that, she has coaching and that that coach, she does tutoring and If you're a teacher, you could be able to. Whether it's, let's say, you teach, you know. You want to teach about health, you want to teach a vegan diet. You want to teach how you know. You want to teach Maybe there is a sickness you beat, or you want to teach people. There's a certain lifestyle. We're all teaching. I mean we. We all have we. We got to be students too. Right, we not always could be teachers, but if that's something that's ingrained in you, that's another avenue that you can look into. There's so many ways we have to be able to take control of our income. We got to be able to take control that because Anybody that listens to this podcast, unless you're under the age of 18 or and you live at home with your family, for the most part, you don't experience what it is to be an adult. Yet you don't get to experience that. So this podcast, I hope, was of value to you. So let's go, let's talk about this podcast. So Reason number one I talked about with the rising healthcare costs. Reason number two if you lose your job. Reason number three paying for your kids college. Reason number four is living within your means, and I talked about how we were. The reason why we're now a nation of financial literacy is because we are trying to keep up with each other. Social media reason number. I Think this is reason number five pay cash or purchases like your car, cell phones, any that stuff. Reason number six build new streams of income. Reason number seven pay down debt. Reason number eight diversify your income, right, increase your savings rate. Take control your income. Reason number. The reason number nine is having a having a fun, maybe, like like me, I like to travel. And reason number Ten is to take control of your income. Okay, all right, thank you very much. I appreciate you guys taking the time to listen to this podcast. I appreciate you, and so I hear that background noise. That's my dog, and I appreciate you guys Listening to this episode. If you enjoy this content, subscribe to the podcast and share it. Leave a five star rating. That's how the podcast will be out. That's how this podcast would be. Get this message about financial literacy, and today's podcast episode was brought to you by a Mirison Financial and a Mirison investments. A Mirison financials, a financial service company that helps people with credit education, helps them to get their financials. People with credit education, helps them build wealth, helps them pay our debt and save money. Education. Mirison investments is a is a real estate company that specializes in land, also also residential and Also mobile homes. So if you want to partner with a Mirison investment, you can reach a Mirison investments on Instagram and there's an investment also a Mirison financial. All right, thank you guys for taking the time to listen to this podcast and I want to leave you with a quote, and the quote is excuses are born out of fear. Eliminate your fear and there will be no excuses. Thank you, and I appreciate you listen to this podcast Till next week much love. 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