🤺 Are you on defense or offense?
During my college years, I played a lot of competitive sports. I did it for the love of the dynamics, fitness, health, and relationships built throughout the seasons.
Now, I get to expose my kids to the wonders of team sports.
They’ll get to learn all about teamwork, sportsmanship, and most importantly, how to persevere during times of difficulty and challenge.
As I signed my 2-year-old son up for Sportball, a multi-disciplinary program that introduces kids to various sports, I started thinking…
Will he play to win? Or will he play not to lose?
I know it’s still early days, but I truly think that now is the best time to build the fundamentals for his success and healthy mindset for the future.
Then I asked myself the question… how did I do it? And how does this apply to my life now?
Am I trying to save money? Or am I constantly trying to make more?
I’m happy to say I’m leaning more towards the latter.
When warranted, I share with my clients the 8 Income Streams that we can all establish to create the financial freedom many of us seek.
Earned Income - money from a job
Profit Income - money from buying and selling at a higher price
Interest Income - money from lending your (or other people’s) money
Royalty Income - money from others using your idea
Dividend Income - money from owning financial assets like stocks and ETFs
Rental Income - money from renting property (yours or someone else’s)
Capital Gains- money from increased asset value
Residual Income - money paid to you continuously after work is done from other sources not listed above.
At the time of writing this post, I’ve managed to establish 7 of the 8 streams to support my family, our lifestyles, and our future.
What led me to create these multiple income streams?
It all became clear when I lost my job, which at the time was my only source of income, and fell into depression. This story is for another time.
Throughout the process, I learned about the biggest money mistakes made by people in their prime years of income generation. Check out the image below to see if it resonates with you. Are you making/have made any of these big mistakes that can easily be avoided? Let me know in the comments section below!
Lucky for me, I’ve managed to dodge a bullet in my 30s, and I can say confidently that I won’t be making these mistakes in the coming years.
In your corner,
Alex
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🔥 My Favourite Things
📱 App – Spacely.ai. Warning! This one is going to leave a lot of designers without a job. I know an ex-designer who would spend hours upon end creating variations of space renderings to meet clients demands. I showed this app to her and she was blown away! “This would’ve saved me days back then'“ were her words. It’s FREE, easy to use, and very impressive. Try it for yourself!
📚 Book – The Imposter Cure: Escape the mind-trap of imposter syndrome. I’m re-reading this book (which I created a video about on my YouTube channel) to help my viewers identify and overcome their imposters within.
💻 Website – NounProject. People often ask me where I get the icons from for my YouTube thumbnails and other graphic design work. Noun Project prides itself on having icons and photos for everything!
🎥 My New Videos
🎯 How to Achieve Your Goals: Secrets of the 8% 🚀 | Goal-Setting Strategies and Actionable Tips – Based on an Inc Article that talks about proven habits of the ultra-successful like Gates, Bezos, and Musk. This video highlights the 7 habits that you can adopt today to be like the top 8% that achieve their goals.
🚨Spoil Alert - here are the 7 habits and the timestamps where I talk more in detail about each of them:
01:31 1️⃣ Set specific and measurable goals
01:51 2️⃣ Break goals down into manageable tasks
02:05 3️⃣ Track progress to stay motivated
02:20 4️⃣ Practice positive self-talk like a supportive friend
02:46 5️⃣ Find an accountability partner (sorry, Mom!)
03:07 6️⃣ Cultivate a growth mindset for continuous improvement
03:24 7️⃣ Celebrate victories along the way
🎁 Quote of the Week
“We want you to take from us. We want you, at first, to steal from us, because you can’t steal. You will take what we give you and you will put in in your own voice and that’s how you will find your voice. And that’s how you begin. And then one day someone will steal from you.” - Fracis Ford Coppola
From Stealing Like an Artist: 10 Things Nobody Told You About Being Creative by Austin Kleon