Gus Tucker introduces the practices and habits of being an entrepreneur and creating financial independence.
What is entrepenuring and what is entrepreneurship?
Entreprenuring is working at your current job and creating more value by innovating and then making more money. And then entrepreneurship is about owning a business and therefore being able to drive your income to any levels that you want to because financial independence is all about managing your cash flow in such a way that your money starts to work for you versus you having to work for your money.
How do I create financial independence?
Here’s the whole thing about financial independence. It’s about creating passive income. I know you hear about that all the time, creating passive income, residual income. And when we talked about the cash quadrants, having a business or having investments are the only way to make that happen. If you have a job, you can’t create passive income because you have to go to work to make the money. If you’re, self-employed, it’s very tough to create passive income because you go do the work to create the income. So you have to get your money working for you, or you have to get your assets working for you. Okay? So you can have investments through currency or real assets, like real estate, a business that you own, intellectual property, that you’ve created. Something that people pay you royalties to use real assets that are creating income for you.
How do I get started creating passive income?
The first thing is to understand the seven money milestones. I want you to do what’s called a zero based budget. What does that mean? Look at your last three months expenses. Look at every dollar you’re spending. Create two columns. One titled non-discretionary and one titled discretionary. The first thing that goes in non-discretionary is, um, giving money. Second thing is, you’ve heard this is called pay yourself first. The first thing you’re gonna do is you’re gonna look at your income and look at what percentage of your income are your non-discretionary items. Okay? Because if there isn’t a lot of money left, then this whole list of discretionary stuff (stuf you are not required to pay) has gotta come down quite a bit. We want to have a plan for our money.
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Gus talks more in depth about the seven money milestones and creating income to assure financial independence. For more information, Click the link: https://www.facebook.com/BlackDoctor.org/videos/1049521235886924
