Episode 354: How to Create Different Streams of Income and Why Budgeting Will Never Make Us Rich w/Natali Morris
We’re all told we should save more and spend less. Budgeting is certainly important, but does it build wealth? Why should we take a close look at our assets and liabilities instead? How can we put our money in investments that generate income instead of just paying off loans?
In this episode, Natali Morris shares how to build wealth by adding more performing assets to our lives.
For most people, their only performing asset is their body. -Natali Morris
3 Things We Learned From This Episode
Budgeting doesn’t build wealth (10:35-11:22)
Saving money keeps us afloat, but it doesn’t bring financial freedom. Instead of budgeting intensely and trying to save each penny, we should look into what we can do to grow our income.
Avoid throwing your income at liabilities (25:50-27:00)
Most of our income goes towards our liabilities to pay for assets that don’t generate any income. Instead of throwing money at assets that don’t generate money, we need to look into ways to increase the number of assets we have. Most of us have one asset: our labor.
Identify your limiting beliefs (27:49-30:06)
Every journey should begin with identifying limiting beliefs about how much income we can generate. Otherwise, we’ll end up repeating the same financial patterns. We also have to come up with a freedom number. How much money do we have to make in order to leave our day job?
Natalie Morris is a broadcaster, writer, the anchor of Code Forward on MSNBC, and a contributor for CNBC.
Her specialties are business, technology, and personal finance, and her mission is to share with others how they can generate income, invest, and build wealth.
Her writing was published in Consumer Reports, WIRED, Variety Magazine, MarketWatch, TechCrunch, The San Francisco Examiner, PC Magazine, ELLEgirl, and many others
You can find her book How To Pay Off Your Mortgage In 5 Years here.
RXBAR is a whole food protein bar. What does that mean? Our bars are made with real, whole ingredients. We couldn’t find a bar out there that wasn’t full of artificial ingredients, fillers, preservatives and just general B.S. That’s why we set out to create a bar with a few simple, clean ingredients where each ingredient serves a purpose. RXBAR is offering you an exclusive pack of 6 Adult bars and 4 Kid bars so the whole family is able to enjoy! For 25% off your first order, visit RXBAR.com/bossmom and enter promo code: BOSSMOM at checkout.