Earning more income is one of the three crucial steps that everyone can do in order to achieve financial independence. So far this season we’ve talked about getting finances back in order after trauma, why getting into college increases your income potential, paths to entrepreneurship, resetting your mindset and creating a road map as well as hybrid professionalism.
Today, Jonathan shares four core ways to earn more income and two ways to create liquidity. Jonathan touches on everything from asking for a raise, to reinvesting passive income to showcase how financial independence is possible.
? Watch on YouTubehttps://youtu.be/1m0tkA8-yLE (https://youtu.be/1m0tkA8-yLE)
Key Takeaways01:12 – Jonathan speaks to why he has dedicated an entire season to earning more income and introduces today’s topic: Earning More Income & Creating Liquidity
02:28 – Asking for a raise, finding a new job or taking on a part-time job
10:34 – Side hustles and starting your own business
14:09 – The importance of failure to success
16:34 – Spending less and increasing liquidity
26:41 – Turning guilty past purchase reminders into wealth-building assets
27:28 – Reinvesting passive income
29:14 – Jonathan recaps today’s episode and teases next week’s guest
Tweetable Quotes“Financial independence begins with saving and investing. Financial independence requires a pool of assets that spins off an income that covers your living expenses. And the only way you’ll ever be financially independent is by building this pool of assets.” (01:22)
“The right place values you the right way. If you’re not valued, it just means you’re not in the right place.” (04:41)
“This lifelong learning isn’t a sometimes thing; it’s an always thing.” (07:48)
“There are lots of reasons you may want to earn just a little bit more money. Maybe you’ve got some credit card debt that you want to pay off. Maybe you want to save more towards a specific spending goal. Maybe you want to build that emergency fund. Before you take extra part time work, be sure to know your boundaries. The worst thing you can do is take away from that family time or that personal rejuvenation time.” (09:41)
“I can’t begin to express how big a deal I think starting your own business can be. Even when it fails, the lessons you learn are gonna open doors. They’re going to enable you to do the next thing more successfully.” (14:09)
“Fifty bucks a week in savings at seven percent interest is $34,000 after ten years. It’s almost a quarter of a million dollars after thirty years. Little things become big things in time. And little things require regular effort.” (20:07)
“You can reinvest current passive income to increase the size of future passive income. Compounding is that eighth wonder of the world. It’s what happens when you gather and save your rents until you have another down payment or when you reinvest your dividends to buy more stock.” (28:46)
Guest Resourceshttps://angel.co/ (AngelList Talent)
https://www.snagajob.com/ (SnagAJob)
https://www.flexjobs.com/ (FlexJobs)
https://www.theladders.com/ (TheLadders)
https://www.khanacademy.org/ (Khan Academy)
https://www.udemy.com/ (Udemy)
https://www.linkedin.com/learning/?u=72288185 (LinkedInLearning)
https://www.glassdoor.com/index.htm (Glassdoor)
https://www.sidehustlenation.com/ (Side Hustle Nation)
https://www.thepennyhoarder.com/ (The Penny Hoarder)
https://sidehustleschool.com/ (Chris Guillebeau’s Side Hustle School)
https://millennialmoney.com/ (Millennial Money)
https://newyorkcity.score.org/ (SCORE)
https://www.sba.gov/ (Small Business Administration)
https://www.ebay.com/ (eBay)
https://www.bonanza.com/ (Bonanza)
https://www.facebook.com/login/?next=%2Fmarketplace%2F (Facebook Marketplace)
https://craigslist.com/ (Craigslist)
https://offerup.com/ (OfferUp)
https://poshmark.com/ (Poshmark)
https://www.etsy.com/ (Etsy)
Mindful Money ResourcesWebsite - https://mindful.money/ (https://mindful.money/)
Jonathan...