self-employed, there are different strategies you can use for increasing your income. Pay less: There are legal ways to pay fewer taxes. Learn them. Invest wisely : You have potential to see massive returns. FINALLY, FLIP YOUR TRIANGLE Ultimately, you want to be in a position where you’re not worrying about money, and instead are spending time thinking about making more money. Imagine that you have a triangle in front of you, divided into three pieces. The vast majority of the population exists at the base; their income is in direct relation to their salary. They exchange time for money. Moving up to the middle of the triangle, there is cash flow. This is money earned from investments. Whether it be collecting interest on a loan or renting out one of your properties. People who reach this point can use cash flow to improve their lifestyle or use the money to buy more assets.
At the top of the triangle are assets and investments, and they contribute heavily to your net worth. What does flipping the triangle look like? In a perfect world, the base of the triangle would be filled with assets — real estate, stocks, bonds, cash, collectibles, and companies. These things must have tangible value, and they need to create cash flow. When you flip the triangle and add the value of your assets, it should be greater than that of your cash flow. And in turn, that value should be greater than your income. Ultimately, when you retire and your income goes to zero, you will still be able to live comfortably.
Assets
Assets
Cash Flow
Cash Flow
Ben is a businessman, real estate agent, and bestselling author with offices throughout the United States, Canada, and the United Kingdom.
Income
Income
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