The love of money is the root of all evil? .. or Cash is King?
How do you view money?
If you had an abundance of cash, what would you do?
Would your character be different?
Do you have more than 1 source of income?
What are some ways to increase your revenue?
Whats your stance on investing?
Do you have a budget? Do you stick to it?
What’s the debt to income ratio?
Do you spend it faster than you earn it?
Do you teach others responsibility?
What is your [realistic] desired income?
Are you in debt because you help others?
Does money equal power?
Do you trade time for money?
If you became rich today, and lost it all next month, do you think you’d have saved some for your new bills?
What are some money drains? – Do you really need netflix, hulu, amazon prime, apple music, showtime, and youtube premium?
I like when money makes a difference, but dont make you different.
financial literacy is something that only we can develop! It takes time, practice and patience
Whats your relationship like with money?
What are your spending habits like?
With an abundance of cash, what would you do/buy?
Earned Income is the money that you earn by doing something or by spending your time e.g. the money that you make in your job. This is where your quality of life will suffer the most, because you will be trading your time for money. In most cases, jobs will pay you just enough to stay over broke + this is a comfort zone.
Profit Income is $ that you earn by selling something for more than it costs you to make. e.g. Businesses selling their goods at a profit, as distributor.
Interest Income money is the money you get as a result of lending your money to someone else. e.g. putting it in the bank, lending it to the government in the form of buying Treasury Bills.
Dividend Income is passive income and not only that, it also makes you a shareholder of a company. This is the money that you get as a return on shares of a company you own. For e.g. the dividend that most companies announce at the year end. The better this stream of income sounds, the more ignored and neglected is this source of income.
Rental Income is the money that you get as a result of renting out an asset that you have, like a house, or a building. Now, this income is even better but there are inherent drawbacks of this kind of income over the above 4 types of incomes. Drawbacks include the amount of money required to start. The (il)liquidity of the asset. It is difficult to liquefy this asset quickly in times of need.
Capital Gains This is the money that you get as a result of increase in value of an asset that you own. For e.g. when you buy shares at $10 and sell them at $11 – the $1 is capital gains, or if you buy your house for $200,000 and sell it for $220,000 the $20,000 is your capital gain.
Royalty Income is the money you get as a result of letting someone use your products, ideas, or processes. They make all the revenues, they do all the hard work and you get a small percentage of what ever they earn. Ie: If you are a writer, you get paid for every copy of the book sold.
[[Swipe]] 👉👉 what is your relationship with money?
What are your spending habits?