Becoming Entrefied with Patrick Hughes

ENT 74: 78% of People Live Paycheck to Paycheck - Learn More Ways to Create Cashflow

February 23, 2020 Episode 74
Becoming Entrefied with Patrick Hughes
ENT 74: 78% of People Live Paycheck to Paycheck - Learn More Ways to Create Cashflow
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Becoming Entrefied with Patrick Hughes
ENT 74: 78% of People Live Paycheck to Paycheck - Learn More Ways to Create Cashflow
Feb 23, 2020 Episode 74
Patrick Hughes

In a study conducted last year, 78% of US workers live paycheck to paycheck.

This is a very scary statistic. Many Americans live paycheck to paycheck and have only 1 income source. Once your well runs dry, it’s over. We saw this with many Americans during the government shutdown last January.

 

When you build multiple income streams, they combine to make a river, which then leads to an ocean of wealth. I have built an income stream with websites, stocks, and weekend military drills. I have created multiple flows over the years, such as college and real estate, and I constantly am looking for ways to increase income.

 

College, a better job, a more lucrative business, is extremely risky if you bet the farm on that 1 skill or product. If your business is 100% youtube ads and one day youtube says it’s over, then you are in a bad situation.

 

ACTION STEPS – Reflect on yourself. Do you have 1 income stream? How long could you last without it?

Recommend Read: The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness

Show Notes Transcript

In a study conducted last year, 78% of US workers live paycheck to paycheck.

This is a very scary statistic. Many Americans live paycheck to paycheck and have only 1 income source. Once your well runs dry, it’s over. We saw this with many Americans during the government shutdown last January.

 

When you build multiple income streams, they combine to make a river, which then leads to an ocean of wealth. I have built an income stream with websites, stocks, and weekend military drills. I have created multiple flows over the years, such as college and real estate, and I constantly am looking for ways to increase income.

 

College, a better job, a more lucrative business, is extremely risky if you bet the farm on that 1 skill or product. If your business is 100% youtube ads and one day youtube says it’s over, then you are in a bad situation.

 

ACTION STEPS – Reflect on yourself. Do you have 1 income stream? How long could you last without it?

Recommend Read: The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness

Support the show (https://podcast.entrefied.com/gift)

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Are you ready to be entre Vied? Let's break free of the life we're told to live, create freedom and well, by adding value to others live, challenge traditions, challenge authority and get onto ified. Hey, guys, Happy Sunday. Welcome to the show. Hope you're ready to get entre fied today we have some really amazing content about how 78% of U. S workers live paycheck to paycheck. That is, that really blows my mind. Guys, are you one of those? If you are, that's that's very scary. That is very scary in a very bad place to be. I would be very afraid right now, because look it. Last year's government shutdown in January with government in America, they shut down for almost the whole thing with the whole month and so many people were without and having so many issues, and they were blaming the government. But the real fact of the matter is, and don't hate on me guys, but it wasn't the government's fault. It was the employee's fault because they didn't prepare for this moment. They didn't prepare jobs. Air Justus risky as investments and businesses that you can lose a job in seconds. In fact, I think jobs are more risky than businesses. You can lose the job. Like I said in a couple of seconds, somebody say, Hey, buddy, Hey, buddy, you're fired. That's it. Go on. So before I keep digging too far in that thanks for all subscribers. Go ahead. Subscribe with show Like it. Leave a review. I love you guys onto five. We're here to impact the world by removing the traditional limitations that have been placed in society in the work environment. You know, whether you're in business, whatever we're here. D'oh, to make that better for you to make your situation in life. Better to add income streams, too. To become more successful in the realms of business money management. That's what you need to do. We need be more successful, and this statistic is very scary. 78% of Americans live paycheck to paycheck. If you pull that rug out from under somebody one of those 78 percenters, they're gonna eat the dirt, and that's not a good thing at all. And most people fall back on credit cards. That's even more scary. So many Americans live paycheck to paycheck and have only one income source, maybe two. If you're married, that's not a lot. That's not a lot at all. A company like Amazon has probably, I don't know, 20 income sources. Look at Google. Probably 10 20 income sources. Not just ads. Facebook multiple income sources. They have instagram. They have, Ah, messenger. I mean, they're totally They're totally, you know, if their core business models started failing, they have other alternatives. And that's what you That's the way you need to build your life, too. Once your well runs dry, it's over. If you only have one income source, maybe, too. It's over. And as we see with many Americans in the government shutdown, like I said, those guys they're well, ran dry. They went thirsty, and that's not good. You need to do something about that. You need to be ready for that situation, and I'm just gonna give a shout out to Dave Ramsey. He does have a really good program. I agree with some of it. I believe that you should definitely pay off all your debts and have an emergency fund, and that's as far as I would go with that guy. I don't know if I'd listen any more of this stuff. But I do believe that that is very good. Sound advice. Um and so I would definitely check into Dave Ramsey. That's all I'm gonna say. I'm not gonna put him on a pedestal because he's not perfect and his stuff is definitely It's OK, some of it. But some of what I wouldn't listen to. I'll just say that much. It's killing the case with a lot of different courses, So just go. You should definitely have an emergency fund of some kind of cash built up to protect you. In case you do lose your job or your business goes under, you need to at least probably 3 to 6 months money to buy yourself some time to get your stuff together. That's definitely sound advice, and a lot of people say I don't have any extra money. I guarantee you do have extra money. Yeah, I live by the pay myself first rule. So in my business, for I make money, Um, let's say if I'm making money, I don't know the end of the month I look at my money and I'll give myself 10% 1st before I give anybody any money? Yes, I pay myself 10% before I pay my bills. Why? Because if there's more left, I'll hustle harder. I'll go harder to find that money. I need to pay the bills. So if I make two grand in a week, I'll get myself $200. And that's paying myself, because I am the person that is making this money. So I live by the mentality of if you have. You know, if if you have a bushel of apples and sorry, you have a basket and every week you get 10 apples. If you're always given your 10 apples away, your bushels gonna stay empty. But if you keep one apple back for yourself eventually, your bushel will overflow with apples. Simple math problem. Um, so anyway, to get back on track here, when you build in multiple income streams, they combined to make a river. So you have multiple tiny streams of income coming in, and then boom. Next thing you know, you got a river going, and next thing you know, that river leads to an ocean of wealth. A massive amount of well, I have built an income stream with websites, stocks, military. I do that on the weekends. Um, I've created multiple flows over the year. I've used college to make money off college, and I'm constantly looking for new ways to generate income. You know, businesses, investments. There's all kinds of opportunities out there, and a lot of people have a very scarce mindset, and I'm gonna make episode about this. Cause is very big. It's very big issue. There is a scarcity mindset, and there's an abundance mindset. And my mind said, is there's an abundance of resource is in this world. A lot of people are freaking out over global warming and all this other things. I'm not saying there are important, but if you go back 34 years, they were saying global warming just in a different phrase. They were saying, I don't know global heating or whatever. It's the same thing. Same thing 40 years ago. You can look at it, even even office. I was watching the show, the office. I love that show and they were talking about global warming, and it was 2005 when the office was made, so it's not a new issue. It's not a new thing. We're progressing really well to handle it and take care of it. But it's not something new that's just now coming up and people freak out over it. But my point is, is you She's totally got off the off the reservation. They're getting back on track. You know, having multiple income flows protects you in case you're well does run dry. You have a second. Well, it may not be as plentiful as the 1st 1 but you have a backup source. So you're working your job, you're in, you're going in. You're making three grand Well, on the side, you have a business of freelancing and you don't make websites and you make $1000 a month doing that. Well, you lose your $3000 job, you still have income that $1000. So then you decide. I'm gonna turn this $1000 into a full business, and then you make 5000 with that money, and then you say, Okay, I'm gonna take 1000 of this and put it into some stocks and start generating, you know, dividends and investments. And then that's another income stream. And so you just kind of have to feed into different streams. Now. Don't be too thin. Don't spread too thin. I'm saying if you have one income in your household, you should probably look into getting a second stream going. If you have two incomes, look, getting four streams going. You need to look at this as a big picture situation. You know, some I've heard so many stories about people that are, you know, they made it to the highest, highest paid amount in their company and they're fired, and then they go to the new company. Well, that experience doesn't translate to that do company, so their cellars are cut in half and they're like, Oh, my God, how am I going to survive and look at business is your business owner. You have a really good business model. You're selling stuff, um, through YouTube, you got, you know, ads. And in all that you have revenue coming through YouTube and then one day, YouTube shut your channel down, you're screwed. I saw a guy who got shut down a few weeks back and he was complaining. I was like, Buddy, that's your problem. And I know that sounds wrong when people are like, Oh my God, you're so mean. No, no, if you only have one one place that you are building your audience and that's on somebody else's platform, you you should have known they have full control over what you say and do. You can't just do whatever you want, and even if you are doing the right thing, they can still shut you down. They own it. So when you build your content on someone else's medium, it can easily be shut down and destroyed. You're not in control of it. So even if you are making massive amounts of money off YouTube instagram your instagram influencer, they can pull the rug out from under you in the snap of a finger. And that's it gone bye bye. And then you lose that sweet $5000 a month you were making. So you have to take that into account and build your own brand. Build your own products, have everything always linking back to what you own, which is a website. You on that conduct. It's your website, your stuff. But if you're putting on YouTube, they own your videos. They own your channel. Um, I don't know actually do They own your body. I don't know about that. But I do know they own your channel and they can shut your channel down just like that. So don't waste your time, um, disputing these things because you should have already seen him coming. I mean, let's say you have a massive YouTube audience. You should be migrating audience into your email list or people on your website. You know, some kind of some kind of fan a podcast him, Ellis somebody to retain those people. Because if you get shut down, you lose touch with every single person you had built a 20 million person audience. If you get shut down and you don't have an email list or ah, blogger or a website or some way for them to stay following you, you just lost 20 million customers or people that we're watching. So really, really important that you don't put all your eggs in one basket. I mean, you dropped that basket of eggs, they're all gonna crack. You're screwed, man. So just take it from for me. I've been there where I've lost. I've had a one basket of eggs and I've dropped it don't be that guy. It's really sucks. So college. The main point is college a better job, a more lucrative business. It's extremely risky. You're putting everything in one basket. Let's say you have a massive degree. You want to go back to school, get a doctorate. Well, that's great. But you're still powering up that that one skill you have, you're not creating a secondary income source. You're on Lee feeding into that one source. So let's say you're really, really good at coal mining. And then people are like a cold bath, the environment. Guess what you are. Shut down, buddy. People were gonna flock to the guy who has been building electric cars. So don't be that coal miner. That's koban ing against all these global warming, um, advocates and just be just realized that Hey, I should not be I shouldn't be putting all my eggs in this one basket. I should be saying I'm cold money because it's lucrative being good money. Okay, so what is my second thing gonna be that I'm going to do that is going to pick up the slack in case this goes down? Because eventually it's gonna go down I mean, I don't want to be that guy, but businesses rise and fall jobs come and go just the way the world turns. So here's the action steps I have for you guys. Just reflect, reflect inwards toward yourself. Do you only have one income stream? How long could you last without it? Those are the two most important questions you should ask. All right. And if you're scared, you don't know what to do. Text me. 6154318389 Just text me Patrick Hughes. I'll answer you. It's my personal phone. 6154318389 Because I care about you. And I care that you have a secondary source of income in case yours goes out and you're stuck in the middle of I don't know. You have a debt crisis. You're about to lose your house. You don't need these things that happen. Guys, we don't want these things happen. I don't want these things happen to you. I don't want to see you lose your house or I don't want to see you go hungry or have debt pile up. I'll do whatever it takes. So you have to You have to be looking out for other people and be cognisant that you only have one income source. You need to. I can't stress that enough so they should listen to show my number. 6154318389 Hit me up. Let me know what you need. Any help getting that secondary income stream? Thanks for listening to show. Have a great day. Are you feeling entre fied yet? We hope so. For more information and news updates, check us out at www dot entre five dot com for contact Patrick directly on facebook dot com slash patrick Hughes 9000
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