How to Increase Your Income & Uncover "Mattress Money"

Hey, everybody. Flip and Danny here, founders of the Freedom Real Estate Group family of companies. And welcome to our podcast, which is.

Entitled Freedom Through Passive Income.

And another episode in today's episode is called Freedom Through Passive Income. No, that was the other day.

Today we're going to talk about increasing your income and also deciding how much that you want to invest. So we always like to say, and we've said this in many podcasts and videos, where people say, what do you, how do you define true financial freedom? And I said, true financial freedom is not $1 million in the bank.

That's nice.

That's wonderful.

But not.

But not true financial freedom. True financial freedom really is that passive income that's coming in every single month like clockwork, that's taken care of of your bills in order for you to do what you want, when you want, with whom you want.

Right.

Which is said so very, very often. So that's what we're going to be talking about today.

Now, we put together a worksheet, and that worksheet is located on our website, which is Freedom Capital Investments, Plural Investments, FreedomCapitalInvestments.com worksheet. So if you haven't got that already, just go ahead, press pause, head on over there, download the worksheet, and then go back and press play.

And if you're in the car, don't do any of that.

Don't do any of that.

And when you get home or to your office, then go ahead and download the worksheet and you can listen to this again. That's why we keep them short. So we're going to talk about the bottom half of the sheets, the very half of the sheet we talked about yesterday, and how to find your freedom number, which was actually pretty simple. But we talked about two different freedom numbers. Today. We're going to talk about the next part, which is your income. So there's a place for you to talk about what do you make right now. And it could be your main job, it could be whatever else that you're doing to actively bring income right now. And then the next box is a brainstorm session of how do you increase it. And there's many ways to increase it. Almost anybody can increase their income, like a paper rope. Yes. A walking dog or babysitter, or if you're a doctor, I'm sure there's something you can specialize in in a private way in order to increase your income, or if you're an attorney, exact same thing. So it depends on who you are, what your lifestyle is what your career is as to how you can increase it, but you can increase it always by bringing more value or something different. That's niche. And not a lot of people do because they don't have expertise. And so you're going to answer all those questions. Why are we having you answer all those questions? Because this is how you increase your income so that you can invest more and get to your freedom number and get that passive income coming in faster than you would otherwise if you just stayed doing the exact same thing that you're doing right now. And then part three is where we talk about the other resources that you have to invest. Right? Because you got to get started at some point in time. You've got to get that money out of the bank or you got to get it out of the stock market or out of your 401k or wherever. It's just sitting, not making a lot of money. You need to move it and put it somewhere where it is going to be making more money. So again, you can hit that freedom number. So we talk about what are the resources that you have right now? Do you have retirement accounts, what's in it? You have savings account, what's in it? Do you have whole life cash, cash value, life insurance, what's in it? Stocks, what's in it? So you're going to list all those things. You can see what your available resources are to invest. And then I think that that's when we decide, oh, what can you do to increase those resources? And it could be self stuff. Right. Is this something you talked about on a previous thing? So do you want to touch on that at all?

Yeah, just fine tuning everything that you have and anything that you might have in your house that, hey, I don't use that anymore. Let's sell it. You know, there's so many Facebook marketplaces, there's so many places to sell things so quickly now. So it's just going through and getting rid of the clutter.

Yeah, I was about to say decluttering.

Decluttering.

Wow, that feels good all by itself.

Yes, it does.

And it increases your savings account and the amount that you can invest in order to start building this passive income and get to your freedom number so you can choose to work, choose not to work, do whatever it is that you want. So that's the last part of that. And from that section down there, that's when you decide how much of these resources that I just identified do I now want to invest. And so that's what that worksheet is all about it's really good exercise. So I encourage you to go and. And download that. Just like flips it.

Yep. And one of the things that I think we heard this like, right when we first got into real estate investing. Investing is do today what others won't so that tomorrow you can do what others can't.

That's right.

And it's hit home so many times ever since we started.

That's right.

And it's one of the things that we constantly live by. So again, do today what others won't. So tomorrow you can do what others can't. Forget that.

Yes, we've worked hard, worked our butts off, built five companies. We've sold stuff. We've decreased expenses. Even though there are cool things that we like, we said we didn't need them.

Yeah. We kept Netflix, though. Yes, we did keep Netflix.

But he's. I mean, that's just to hit. Hit it home. Right. Because in five years, you don't want to feel like you just. You're still where you were five years ago. Right. It's the most frustrating thing ever. And. Yeah. So I love that statement. I just wanted to give some real life examples of things that we've done because we said the same thing. Do it now. Do it now. Keep on going. Keep on going. Do not give up.

Yep.

So that we could be right here where we are today.

Now, don't forget, we do have our private Facebook group. Again, that's facebook.com groups, freedom through passive Income. And it's right up top here. And if you don't have a Facebook account or if you don't do Facebook, that's cool. We understand. Right down here is our website. Head on over to our website, which is Freedom Capital Investments, plural. And that's right down here. And make sure. While you're watching these, make sure. Well, not while you're driving. If you're driving, don't do this, do this later. But while you're watching this, make sure you hit the love button. Hit the like button, hit the comments. Tell us what you think, tell us what questions you may have. But don't forget to do that as well.

And leave us a great review. We like them.

Yes, we do. But again, we always like to end all of these episodes with Invest Smart, Live happy. Bye, everybody.

Nothing on the show should be considered specific personal or professional advice. Please consult an appropriate tax, legal, real estate, financial or business professional for individualized advice. Opinions and information on the show are not guaranteed. All investment strategies have the potential for profit or loss.