2 Ways to Produce Income - Episode 116

EPISODE 116: 2 WAYS TO PRODUCE INCOME

Welcome to the Monday Money Tip Podcast! When it comes to producing income, if you break it down, there are two ways you can produce income. You can work and get paid/don’t work and don’t get paid, OR you can get paid whether you work or not. In this episode, we’re focusing on ways to get paid whether or not you work. In our Current Money Events segment, we’re discussing how the travel industry across the world has been affected by Coronavirus. Our success story comes from Dave, who has been budgeting for over 120 days and has seen significant results from living within that budget.       

LISTEN OR WATCH:

About the Episode:

In this episode, we’re focusing on ways to get paid whether or not you work.

  • In our Current Money Events segment, we’re discussing how the travel industry across the world has been affected by Coronavirus.

  • Our success story comes from Dave, who has been budgeting for over 120 days and has seen significant results from living within that budget.

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Episode 20: 5 Basics of Investing
Episode 22: Investment Fees
Episode 23: Roth vs. Traditional IRA
Episode 54: The Right Retirement Account
Episode 101: Choosing a Stock Investment
Episode 110: Investing 101

Email info@iwbnin.com to ask questions or share success stories.


Additional Notes

Q: If you were unable to work for a paycheck right now, how much income would continue to come your way?

  • How long would that income last?

  • From how many sources does your Type #2 income come from?

  • Would it cover your financial obligations?

  • Would it allow you to live a Fully Funded Life?


Sources of Type #2 Income:

  • RSP Growth/Dividends/Distributions

    • 401k

    • 403b

    • 457

    • TSP

    • IRA

    • Roth IRA

    • SIMPLE IRA

    • SEP-IRA

    • RSP

    • TFSA

  • Social Security 

  • Defined-Benefit Pension

  • Real Estate 

    • Rental Property

    • Appreciated Property

  • Cash Value Life Insurance 

  • Annuities 

  • Small Business 

  • Stocks 

  • Mutual Funds

  • Savings

  • Inheritance 

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