The topic on Learning For Legacy this week is generating recurring income from scratch and creating assets that can produce recurring income for us and our families. Afam will be discussing the 3 types of income, being a personal brand, the sources of recurring income, and deciding which asset classes are right for you.
KEY TAKEAWAYS
- Linear income - Active income you receive through, for example, a job in order to fund an asset. This is the planting stage, working hard up front to earn big later down the line.
- Recurring income - Ongoing income that will keep coming month to month. For example from licences or contracts that you have in place. This is something that is built up over time.
- Passive income - creating an asset once and subsequently getting paid for it. It can be less consistent than recurring income, but money will be coming in from it. This could be a book for example or writing a song.
- One source of recurring income can be from your own personal brand. A subscription channel is a good example of this.
- Another source of recurring income is from products. These can be sold via e-commerce and can be your own products or other people's products you sell for them as an affiliate. You can also own a product and sell it through your own personal social media channels that can be stored and sent digitally and printed on demand.
- A third source of recurring income can come from information. This can be via royalties from songs or other digital media.
BEST MOMENTS
‘It's wisdom that helps create assets'
‘With these three sources you can create multiple recurring incomes'
‘It's important to identify what asset classes are out there and deciding if that class works best for you'
‘Spend 70% of your time on your main asset, 20% on your secondary, and 10% on your third asset'
VALUABLE RESOURCES
Subscribe to Legacy Learning TV on YouTube https://www.youtube.com/user/LegacyLearningTV
Sign up for a free Wealth Report on the Legacy Learning homepage https://www.legacylearning.co.uk
ABOUT THE HOST
Afam is passionate about people building generational wealth for their households. In this respect, his aim is to provide information and insights for lifestyle design, leadership and economic empowerment. Afam is encouraged when he sees others building a legacy for themselves.
linktr.ee/afamo
legacylearning.co.uk
LinkedIn: linkedin.com/in/afamo
Instagram: instagram.com/afam4legacy
Patreon: patreon.com/legacylearning
PODCAST DESCRIPTION
A topical & interview podcast all about the concept of making generational wealth understandable, practical and accessible. It's important to break down what it really is & isn't. Talks including ethics, character, leadership, strategies, history, case studies, sad stories made good, fun stories making to uplift, left field stories making you think, discovering stories/examples around the world. Including interviews with community & business leaders, thinkers, celebrities and everyday people.
This show was brought to you by Progressive Media
Hosted on Acast. See acast.com/privacy for more information.
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