Episode 2: The Seven Sources of Residual Income
One of the cornerstones of how we work with clients at Uncommon Wealth Partners is to go beyond the traditional financial planning of investment advice and really roll up our sleeves and help our clients think through a much broader money strategy.
A topic that we always explore is the idea of residual income. Residual or passive income is money you continue to earn after the work is complete. (For most of us our jobs are active income – they only pay us if we keep showing up).
If you listened to the last episode, you’ll remember we mentioning the seven sources of residual income and in this podcast, we wanted to dive a little deeper into each. We explored the seven most common types of residual income and how you can begin to explore which ones might fit your family’s long-term financial plan.
You’ll quickly see that there are many ways that you can leverage your money to get you to retirement, or time freedom as we like to say, faster. It’s not about using them in order or using all of them, it’s more about finding the right options to help you meet your own personal goals of time freedom.
We, Phillip Ramsey and Bryan Dewhurst, are the founders of Uncommon Wealth Partners. We think differently about money.
Our philosophy is simple. We help people no matter where they are today. It’s about where you want to go that matters. We do this by helping each one of our clients define their goals, implement a plan, create wealth, and ultimately create time freedom. There are probably a lot of financial planners who promise the same thing. It’s how we get you there that is different.
We believe that one of the most significant gifts we can give to our clients in the getting to know you phase is to not talk about their money! Instead, we want to know what motivates you? If money were no object what would you do with your time? We believe answering those kinds of questions will help us when we finally talk about your money.
What you’ll learn about in this episode:
- What exactly is residual income?
- Residual Income Source #1 – Insurance
- Residual Income Source #2 – Rental Property
- Residual Income Source #3 – Investments
- Residual Income Source #4 – Small Business
- Residual Income Source #5 – Subscription Business Model
- Residual Income Source #6 – Royalties
- Residual Income Source #7 – Network Marketing
Ways to contact Phillip Ramsey and Bryan Dewhurst:
● Email: email@example.com
● Email: firstname.lastname@example.org